HSBC 6.0% promotion - Page 3

BTC · #41 (**permalink**) 01-31-2007, 02:19 PM

For me, it's all about the yield. If I can get my money into and out of my accounts, that's all I'm really worried about.

HSBC's transfer times are considerably longer than ELoan, Emigrant & ING. Those are the only banks where I can draw upon personal experience. It's enough to make you think twice when considering transfers due to yield differentials and maybe that's their plan.

Aleta · #42 (**permalink**) 01-31-2007, 02:30 PM

But just remember that you have to have the account for 6 months. You could keep a $1 there from what they told me. I think like you ; to be able to get in and get most of your money out is what's important at the yield that you want. I just like the fact that I can add to it.

BTC · #43 (**permalink**) 01-31-2007, 03:53 PM

I've had my account with HSBC for a while. Unless I'm overlooking it, I don't see the six month stipulation in the offer. Is that a general HSBC savings account rule?

Aleta · #44 (**permalink**) 01-31-2007, 04:28 PM

This is what I was told by the Customer Relations Person. I think because this is a special promotion, it is to keep you there a little longer. I'm seeing this with a few banks now.

sweeps · #45 (**permalink**) 01-31-2007, 08:15 PM

The only thing I see about 6 months is that your account must be open for 6 months or you get charged a $25 fee. You can always draw your account down to $1 at the end of the 3 months if you want.

Aleta · #46 (**permalink**) 02-01-2007, 09:19 AM

That is what I said in an earlier post. You can withdraw it all down except a $1. Who knows maybe they will do another promotion after that if it was successful.

BTC · #47 (**permalink**) 02-01-2007, 09:25 AM

Has anyone mentioned that HSBC's transfer times suck?

Aleta · #48 (**permalink**) 02-01-2007, 09:35 AM

I did my application on the 29th and by the next day, I received my two small deposits which I verified within the same day. They sent me my registration account #, but I'm now having to wait for the password to come in the mail.

Meanwhile, back at the ranch, I checked my bank account this morning and saw that my initial deposit into HSBC had been deducted yesterday on the 31st. Cannot check my new account because (of course), I haven't received the password and I'll have to set up all of my password and security questions.

I transferred money this morning from my account to ING and EMIGRANT to see how long their process really takes.

I would have to make another transfer in order to judge their transfer times. Maybe in the beginning, it is a little slower. Also, if it continues being a problem, call them or write them and complain.

BTC · #49 (**permalink**) 02-01-2007, 10:39 AM

In the year or so that I've had my HSBC account, their transfer times have always been consistently slow. The 6.0% offer is the only reason I'm putting money into that account now. They've debited my checking account, but it will be tomorrow or Monday before they credit my account.

I believe their transfers are actually setup to take at least 3 business days.

vsjhoc · #50 (**permalink**) 02-01-2007, 11:01 AM

Quote:

Originally Posted by BTC

I believe their transfers are actually setup to take at least 3 business days.

Yes. This is how they make money.

BTC · #51 (**permalink**) 02-01-2007, 12:10 PM

I'm glad the other banks have more creative ways of making money. Like lending at a higher rate than they pay.

divinemsn · #52 (**permalink**) 02-01-2007, 02:51 PM

I read the HSBC reported a loss last quarter. I just hope that they hang around

BTC · #53 (**permalink**) 02-02-2007, 06:50 AM

They're one of the largest banks in the world. I doubt they're going anywhere prior to 04/30, which is all I really care about right now. Also, my account was credited with my transfer last night. I probably lost about 3-4 days of good interest, which isn't too bad. My checking account pays .75%.

Aleta · #54 (**permalink**) 02-02-2007, 09:14 AM

I spoke with the customer service person and she said that my account was credited on the 30th. How much faster do you want it to be? This is what she said, I will have to check it out for myself as soon as I get the password. I also like the fact that they have some brick and mortar places where you can make a deposit, or use your ATM.

BTC · #55 (**permalink**) 02-02-2007, 11:04 AM

Anything less than 3-5 business days would be an improvement from my standpoint.

fake_usa · #56 (**permalink**) 02-04-2007, 12:39 PM

i was think about doing this but the delay time and lossing interest might only make me break even at the end of the 3 months plus.. ehhh.. I don't know..

For anyone considering this, I'd highly recommend looking into Everbank, they have the same promotion rate (6.01%) for thier checking and money market account. (new customers only.. so I can't do it again)

anonymous_saver · #57 (**permalink**) 02-06-2007, 02:19 PM

http://www.mymoneyblog.com/archives/...alculator.html

This site can help you determine whether switching your money from one bank to another is worth the days of lost interest. Also, it tells you how many days you would have to keep the money in the new account in order to at least break even.

I think it's a pretty good site.

markusk · #58 (**permalink**) 02-07-2007, 05:16 PM

A hard lesson learned so far....

1/31 (Wed): Applied for an account from HSBC to take advantage of the higher interest rate and linked my non-interest bearing checking (with initial $100 deposit) to HSBC. Also transfered money out of EmigrantDirect to my non-interest bearing checking account in anticipation of moving it to my new HSBC account. Meanwhile, my checking account received the "account verification deposits" from HSBC.

2/1 (Thurs): Received temporary registration ID from HSBC via email and a noticed that I must wait for a "temporary password" to be sent via snail mail (ie, letter). Realized that my checking account received the "account verification deposits" from HSBC yesterday (I thought "wow, that was fast!) and used the deposits to verify that the transactions when through.

2/2 (Fri): My checking account received the EmigrantDirect transfer.

2/5 (Mon): Received HSBC ATM cards via snail mail.

2/7 (Wed): Called HSBC customer service to inquired about my temporary password -- was told it may arrive by 2/9 (Fri).

So far lost 7 days of interest, likely an additional 2 days for the temporary password to arrive. This is not including the additional days for the transfers to go thru from my checking to HSBC.....

I guess what I should have done was to have the entire deposit to HSBC available for deposit upon the initial online application....

This is what I get for being an interest ho'

vsjhoc · #59 (**permalink**) 02-08-2007, 08:28 AM

Quote:

Originally Posted by anonymous_saver

http://www.mymoneyblog.com/archives/...alculator.html

This site can help you determine whether switching your money from one bank to another is worth the days of lost interest. Also, it tells you how many days you would have to keep the money in the new account in order to at least break even.

I think it's a pretty good site.

Thanks for providing this link. This is very helpful!

jlvkfyang · #60 (**permalink**) 02-09-2007, 07:27 AM

The money was taken from my account on Feb 1st, and didn't show up until Feb 5th on HSBC's end. I just finally got access to my online accounts today after 1 phone call and 1 email. Yeah, i agree that the transfer time sucks. For the 2 days it was in my savings account, i earned $12. Sucks for me.