HSBC 6.0% promotion

[goodtosave]

Originally Posted by Aleta

Thanks Sweeps. I opened one up today. There are no minimums, but you have to keep the account there for 6 months as long as you keep $1. balance. As far as float times, it doesn't matter if you're already transferring out of a savings account. You're still earning interest.

When HSBC floats your funds for 3-4 days, you do not earn interest. For example, they debit $100 out of your account 1/8/07 and you receive credit to your destination account on 1/11/07, you will have lost 3 days of interest from 1/8/2007 to 1/10/2007.

These may not matter but it's 0.14 interest a day(assuming 5%) for every $1000.

[sweeps]

Originally Posted by goodtosave

When HSBC floats your funds for 3-4 days, you do not earn interest. For example, they debit $100 out of your account 1/8/07 and you receive credit to your destination account on 1/11/07, you will have lost 3 days of interest from 1/8/2007 to 1/10/2007.

These may not matter but it's 0.14 interest a day(assuming 5%) for every $1000.

True. Contrast that with GMAC which actually shows your deposit BEFORE it's been withdrawn from the source bank. Theoretically you get interest in both places for a day.

[vsjhoc]

I just opened the account. It looks like they may have done a "hard" credit pull. Does anyone know? The security questions were about my mortgage and were the same questions that one of the credit bureaus uses. I will not be a happy camper if it generated another inquiry.

[poundwise]

I checked a few sources online and it seems that HSBC only uses your credit info to verify your identity. Apparently they perform ChexSystems review only.

[Coleroo]

I just saw this commercial today! I liked it.. nice commecrcial, i thought.

I definately dont care for HSBC's lag time. It takes a week for money to show up in my bank of america account. For instance, I'll request withdrawal on Tuesday, it wont show in my other bank till the following Monday. I've done it 3 times, with the same timing on each one ..4 to 5 business days. In the mean time, the money will "look" like it's gone from your HSBC account, yet it'll be days before you see it again in the target account. I got scared that it was lost the first time I did it! Definately not like ING (which only takes one business day for me usually). I dont like the interface too much - ING's is much simpler and user friendly. HSBC also does not show a running tally of potentially accrued interest either and they go by an "average daily balance" when doing APR.

But.. for the most part.. HSBC is a great "hard to get to" bank if you just want to leave your money sitting there for a while and not look at it too often! (which I have a tendancy to want to do every day .. just to "peek" and make sure its still there..haha..kinda like the kid who pulls money out of his piggy bank every day JUST to count it again, then puts it back. :-D)

[jlvkfyang]

Just verified my trial deposits. We will see how long it takes from here.

My joint app is my mom. She doesn't have a credit history. I think that might cause a problem. Her portion is still pending.

[HiImSeth]

I just verified my trial deposits as well. I'm looking forward to getting some money transferred around but as someone else mentioned I'm waiting until tomorrow to transfer current balance from ING to my checking account. Is it true that if you do it before the month ends you lose some accrued interest?

[Aleta]

Anytime that I have closed out an account before the statement date, I have lost my interest. Might be good just to keep a small amount in your account and not close it out completely. That was for a money market deposit account and for an interest bearing account as well. They have their little tricks so you have to ask questions and find out how much you should leave in there. Then, go the next day and take out the rest.

[bjl584]

I just opened an account. I am not able to access it yet. The sales rep. told me that an email will be sent to me with login info within a day or two. Does this sound normal? It sounds ok to me, but I was just wondering the procedure that others have experienced. Thanks.

[Aleta]

To: bjl584 I received the Email with the temporary registration number and said that I would receive the password in the days to come. It seems like it's just alot of trouble. But, we'll see. Tomorrow, I'm going to transfer some money from my account to ING and to Emigrant to see how long it takes. I'll do the same with the new account as soon as it's set up. I have to say though that the customer service people are very nice and helpful. They don't make you feel stupid. So, far, I like their service people.

If I find that the lag time is too long, I will write and complain.

[bjl584]

Thanks Aleta. I will keep you posted as to how long it takes me to get up and running with my new account. I have a few thousand in a low yielding account that I want to transfer into my HSBC account ASAP

[vsjhoc]

Originally Posted by poundwise

I checked a few sources online and it seems that HSBC only uses your credit info to verify your identity. Apparently they perform ChexSystems review only.

As it should be. Thanks for checking.

[Coleroo]

Originally Posted by bjl584

I just opened an account. I am not able to access it yet. The sales rep. told me that an email will be sent to me with login info within a day or two. Does this sound normal? It sounds ok to me, but I was just wondering the procedure that others have experienced. Thanks.

I opened mine back in March of 2006. It took forever, it seemed - there are so many "security" features that it makes it seem like almost too much trouble. From what I remember, when I submitted my app, i received the email and was told my password would arrive in US MAIL. I received my welcome package a week later and my password about 10 days later. Then you have to set up a username, a new password, a security question, and another password (security "key") that is punched in on a virtual keyboard. If you accidentally forget your password, you have to call them and they send out yet another password in the US MAIL (meaning no account access for 2 weeks)

[Duchesse]

Originally Posted by goodtosave

When HSBC floats your funds for 3-4 days, you do not earn interest. For example, they debit $100 out of your account 1/8/07 and you receive credit to your destination account on 1/11/07, you will have lost 3 days of interest from 1/8/2007 to 1/10/2007.

These may not matter but it's 0.14 interest a day(assuming 5%) for every $1000.

With the above calculation if you transferred $20k you would lose $2.80 while the funds are waiting to post? I take it you consider this a bad deal? It could be. Would this offer of 6% be worth the loss? This offer is for funds transferred before 4/29/07, how long is the rate good for? when will it return to the current rate of 5%? Sometimes you're making such a small amount of money for the move it may or may not be worth it. It all depends on the amount of funds you have.


Before long everyone will have 10 online MM accounts and just hop from one to the other everytime there's a rate change.

[Aleta]

It's good that they are doing this because they are competing against other savings accounts and they will have to try to compete with this bank. It's still a good deal though. The rate will go back to the 5.05 after April . At that time you only have to leave $1. though. What I watch for is if the bank has dormant fees and it's a good idea to do some kind of transaction so often to keep it active.

You can't get 6% for a year CD right now.

[Duchesse]

Originally Posted by Aleta

It's good that they are doing this because they are competing against other savings accounts and they will have to try to compete with this bank. It's still a good deal though. The rate will go back to the 5.05 after April . At that time you only have to leave $1. though. What I watch for is if the bank has dormant fees and it's a good idea to do some kind of transaction so often to keep it active.

You can't get 6% for a year CD right now.

That's why two heads are better than one You're right, technically it's a 3month CD.

[divinemsn]

I am having a hard time trying to figure out how to actually transfer moey from my bank to HSBC. I have verified the trial deposits but I cant still figure it out. Can anyone help?

[BTC]

Originally Posted by divinemsn

I am having a hard time trying to figure out how to actually transfer moey from my bank to HSBC. I have verified the trial deposits but I cant still figure it out. Can anyone help?

On HSBC's site, you should see a bank to bank transfers link on the left hand menu.

[divinemsn]

I see it now. I think that it took sometime between when I validated my account and it showing up on my HSBC page. Thanks.

[Aleta]

This is definitely not an easy and user friendly bank site. Hopefully, they will improve if they want to keep their customers.