HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

Originally Posted by coffeebreak

You can't withdraw money from ING and then redeposit and get the 4.75% rate. Withdrawls are subtracted.

Here's what they say:

To determine what portion of your Orange Savings Account balance will earn the 4.75% APY, during the Sale Period we add up all of your new deposits from an external source and then subtract all withdrawals from the account (whether internal or external) from that total. If that amount is greater than zero, it is eligible for the 4.75% APY.

not surprised at that one bit (thanks for following up)

all the more reason to be glad I left


fratkid, debit card arrived Friday, that would put it at about 10 real days after opening. of course I screwed up the activation and had to wait until Saturday for that part.

during my initial attempt at activation it asked for the PIN, I had just called them the day before I think about the direct deposit problem and had to set a PIN in their phone system. naturally my brain thinks its the same PIN, three tries later it locks the card and tells me to go away. turns out they were referring to the PIN in the unopened envelope sitting in front of me on my desk.



but the folks at GMAC's toll free number fixed me right up and it activated with no trouble today.

[fratkid21]

rex-

cool, well i am looking forward to my atm, checks, and pin... let me know how your first atm withdrawal goes!

[fratkid21]

Originally Posted by rexdart

crud fratkid, I forgot you were waiting...my checks arrived agreed about the ease of use on the web site, but let's remember, ED and ING (I don't know anything about HSBC) are so difficult to get into for a reason....multiple layers of security but I'm not too worried about it.

HSBC has the most layers of security, and is more of a pain in the a**, and is the slowest in copmarison to all the other 3 banks.... however, their web site is great, and they aslo provide an atm card, and I have access to it at the local branches here in FL.....

[fratkid21]

I need help with math:

If you have $100K in HSBC, at 4.7% int (yield is 4.8), how much interest should you get after 30 days??????? Am I calculating in wrong, or are they screwing us over?

I got roughly $361, shouldn't it calculate out to be roughly $386?

[sweeps]

Don't forget there were only 28 days in February.

[Russell]

Sweeps is correct.

100k x .047 = $4700 interest per yr
4700 / 365 (days in a yr) = $12.8 interest per day
12.8 x 28 days = $360.5 interest for 28 days

[fratkid21]

ahhh, my oversight... thats why i am not a business man! thx.

[Ima saver]

That is what I got too!

[fratkid21]

FYI: GM/GMAC news:

http://www.bloomberg.com/apps/news?p..._E6_A&refer=us

http://www.bloomberg.com/apps/news?p...ZqbJ0&refer=us

Is there any reason to be concerned about GMAC bank with this news?

[kdc]

does anyone know if HSBC still has a valid $25 code? i called them and they were not much help . . .

can't seem to figure it out on thier website either . . .

[fratkid21]

try "start"

[JoyJoy]

Yes "start" is the pw I have too. Good luck!

[kdc]

thanks a lot guys! i'm going to try that! great forum you all have here!

[mrvirgo]

I tried "start" on March 23 when I opened my HSBC account but nothing happened. I telephoned and the rep said the bonus offer had ended. Ten days later (4/3/2006) the account is set up, funded but I am waiting for HSBC to send me my PIN number via snail mail. Without it I can't log on to my internet savings account even though I know it's established since I phoned to make sure it was. It's all a matter of security with HSBC. It's frustrating but at the same time comforting to know they take a lot of precautions to prevent fraud.

[genchan]

Is HSBC offering any type of bonus now? I signed up for the $25 one when it was available and have a friend looking for a bonus to sign up. Any help would be appreciated. Thanks

[robby]

I don't think they currently have a bonus. Have any of the online banks raised their rates since the Fed raised interest rates?

[sweeps]

Presidential Bank has. 4.87% for balances up to $35,000. Unfortunately their web site is way too amateurish for my tastes though. Bank Deals has more info.

[sweeps]

HSBC going to 4.65% APY. According to Bank Deals.

[parafly]

Originally Posted by Sweepsplayer

HSBC going to 4.65% APY. According to Bank Deals.

Sweet. Any idea as to why they didn't just go to 4.65% APY when their promotional APY ended April 31, 2006?

[sweeps]

I'm not sure, but here are some possibilities:

1. Since people would be upset about a drop anyway, they figured they would low-ball it at 4.5%, so when they "raised" it to 4.65% it would seem like a good thing.

2. They were waiting out results on inflation data to gauge whether the Fed will continue to raise rates. (Looks like the Fed will be raising rates at least 2 or 3 more times.)

3. They were losing a lot of deposits to other investments (such as GMAC MMA) and felt they had to go back up a little to stop the hemorrhaging.