HSBC 6.0% promotion

[bjl584]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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

[BTC]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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]

Re: HSBC 6.0% promotion

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.