HSBC 6.0% promotion

[sweeps]

New money transferred to your HSBC account will earn 6.0% from 1/29-4/30. After that time, it will revert back to the standard rate (currently 5.05%).

[bigsaver]

Shoot, just put some money into igobanking. Oh well, next month my money will go to HSBC.

[Langlo Family]

Wow. That's cool. Is there a minimum to open up the account?

[sweeps]

Minimum $1. Maximum $2,000,000.

[risknothing]

How is HSBC's interface and features? The summary says they have slow transfers.

[bigsaver]

I have had HSBC for about a year now and kind of split money between them and emigrant. I personally think both of their transfer times are about the same. HSBC may be a day or two longer, so with this promotion a day or two in transfer times would not be a big deal. Both HSBC and emigrant are pretty similar to use, except emigrant has longer passwords and I think it was a little longer to set up HSBC because I had to wait for deposits times two since I had to also link my bank along with opening up the HSBC account.

[aurielle]

I was happy to see this since I just opened up a savings account with them last week and they've already sent me everything I need except my PIN# for my ATM card.

I'll be able to transfer some money to them on Friday. Woohoo!

[JoyJoy]

Great news! Thanks Sweeps!

[HiImSeth]

So HSBC transfer times are longer than ING? I've been thinking about making the switch (from ING to HSBC) and this promo might move me to go ahead and do it. But, since it's pretty much our emergency fund, I'd rather it not be tied up TOO long transferring if/when we need to grab some money from it.

[sweeps]

HSBC transfer schedule

[catlinye_maker]

HSBC transfers take 4 to 5 business days for my account. In these days of electronic transfers that's really a very long time. It is, IMO, part of where they are making the money to pay the 5-and-a-bit (temporarily 6) percent interest. That said, I don't mind the long transfer time; it helps prevent me from pulling the money out of my account for a "want-it-NOW" item.

[HiImSeth]

Thanks for the responses guys, that helps to know. Buuut, I think it is worth it as I don't expect to be taking any out unless I absolutely have to.

[BTC]

I'm debating whether to transfer my money to HSBC. I really hate missing out on a great rate, but there is always considerable float time when talking about HSBC. I'm figuring at least 10 days of float to get my money into HSBC and then back out after the promotion. In the end, it may not even be worth the trouble. But, I'm probably going to do it anyway. Maybe if ELoan hears a giant sucking sound they will up their rates.

[HiImSeth]

One more question, has anyone ever used their ING account as the intial funding account for an HSBC account? I'd like to transfer money straight across from one to the other w/o passing through a checking account and taking additional time. I was curious how ING handled the trial deposits from HSBC and if anyone else had done this same thing with no problems at all?

Thanks!

[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.

[BTC]

Alright. The transfer from ELoan to my checking account posted next business day(I'm impressed). After HSBC is allowed 5-10 business days to handle the transfer on their side I'll be earning 6.0 APY. Yeah, baby.

[Aleta]

I think that it's a great rate for 3 months. I was going to go to a bank and open up a CD for 4 months which had a rate at 5.55. Plus, you can add to this unlike a CD. My two small deposits were in my bank within the next day which I thought was pretty fast. I saved myself time to dress up to go to the bank, drive time, gas, and the whole application bit and usually if you want someone else's name on the CD or bank account; that person has to come in person as well and sign their signature. Then, when your CD matures, you have to go back in person and go throught the same process again, wait for your check, and listen to a sales pitch to keep your money with them. Going on-line is so much easier. Plus, you can have an ATM card and they have locations in various areas so that's not bad.

[sweeps]

It's even better than a 3-month CD because you can get out if you want/need to with no penalty.

[Aleta]

That's the best part of being able to get out of it and with that rate, you're definitely going to be adding more money in which you can't normally do with a CD.

BTW, I asked them abour the daily rate and it is 5.84% and APY is 6%. Where can you get 5.84%.

[goodtosave]

HSBC allows your funds to be transferred out using another bank's EFT. So if you have emigrant or ING or other banks that allows initiation of bank transfers, then you can initiate the transfer from that bank. If I recall correctly, emigrant takes a day so you can initiate the withdrawal of HSBC from emigrant. Losing a day's of interest is better than 3-4 days of interest.