hsbc $25 bonus when you open new high interest account

[ccyk]

I just walked by a hsbc branch 10 mins ago and saw this poster saying $25 bonus when a new high interest account is opened between may 29th and june something. i just opened one last week and wonder if there is anyway i can get this $25. anyone from hsbc has more details?

[kfc]

any more details? is there a minimum deposit amount?

EDIT:

FYI: Just saw on HSBC.com website:

Debits (except transfers from High Rate Savings Account to another HSBC account in the same name) = $5 FEE

So basically it's easy to transfer in but expensive to transfer the money out.

So I'd recommend opening account getting the $25 free, but then you lose $5 to transfer the money out :(

[Badger]

Funny enough, transferring into another institution is free though.

What it meant is if you withdraw directly from high interest savings, its $5 per debit, if you transfer it to chequing then withdraw, then its different. Just like PC Financial.

[Sparhawk]

Hm didn't see any 25$ bonus when I passed by the one in the mall, so its either new, just a local thing or they weren't advertising it much at the branch I saw.

As for their new high interest rate plan, yeah it's 3.10%, and plastered on the front page of their web site. I guess they are loosing too much to banks like ING who have 2.9%. It's about time banks start giving interest for savings accounts again.

However, ING gives you 13 $ for each of your friends that you refer who sign up for an account, and they've been giving 2.9% for a while now.

The diff between 2.9 and 3.1% isn't much.

EDIT: I stand corrected. ING is now 3.15%! :-0

If you really want more interest, you can also try ICICI Bank Canada. They give you 20$ free and give you 3.5% interest.

[ratpacker]

ING pays 3.15% with the new rate hike.

[Sparhawk]

Wow, when did ING raise their rate to 3.15? Did they do this to compete with HSBC's new 3.10% offer?

Still though Icici gives a bit more with 3.50% and a 20$ bonus.
Anyone try them? I just looked them up.

Open a new savings account with them and they will deposit 20$ extra into your account. Minimum 100$ deposit. The "HiSAVE" savings account has a 3.5% interest rate which is pretty good, better than many banks 1 Year GICs!

I went and looked to see if ICICI is a CIDC (http://www.cdic.ca/?id=5#I) member (yes they are).

Anyone try ICICI?

[robskot]

Wow, when did ING raise their rate to 3.15?

Happened about 10 days ago or so.

For those that haven't been watching way too much hockey on CBC, ING have started running an add that mocks "BANKS THAT CHARGE $5 to make a withdrawl", but don't name any names of course...

[GiantBear]

ahhh.. opened this account when it first came out. (sometime in april)!

Gotta find a way to get the $25 if this is true.

[doombox414]

got this at school

http://img148.imageshack.us/img148/345/cci000192qy.th.jpg (http://img148.imageshack.us/my.php?image=cci000192qy.jpg)

OR

http://img148.imageshack.us/img148/1824/cci000198zp.th.jpg (http://img148.imageshack.us/my.php?image=cci000198zp.jpg)

[Jon Lai]

I think it's only valid at the Victoria Park and Finch branch - my dad opened a High interest savings account on the weekend and I didn't hear anything bonus from him.

And please don't reply saying "he doesn't have to tell you everything."

[ratpacker]

Wow, when did ING raise their rate to 3.15? Did they do this to compete with HSBC's new 3.10% offer?

Still though Icici gives a bit more with 3.50% and a 20$ bonus.
Anyone try them? I just looked them up.

Open a new savings account with them and they will deposit 20$ extra into your account. Minimum 100$ deposit. The "HiSAVE" savings account has a 3.5% interest rate which is pretty good, better than many banks 1 Year GICs!

I went and looked to see if ICICI is a CIDC (http://www.cdic.ca/?id=5#I) member (yes they are).

Anyone try ICICI?

no, they did it b/c the bank of canada raised its interest rate. that's why bank interest rates goes up/down, they are governed by the bank of canada.

[majesus]

That would be pretty sweet if any HSBC in Canada was giving $25 for sign up.

[MrDisco]

http://www.hsbc.ca/hsbc/personal_en/accounts/savings/high-rate-savings-account?cp=/public/canada/personal/promotions/en/hrsasale.html&prm=HRSAopen_en

minimum $100 has to be deposited. the $25 is deposited by August 15

edit: one more carrot. "The first 2,000 new HSBC customers to open a High Rate Savings Account will receive FREE Chequing for 1 year***"

[j1108]

According to our circulars (working in HSBC PFS side myself) $5 fee would not apply if you transfer between the High Rate Saving Acct under your name to regular chequing/saving acct you have under the same name in this case.
3.10% is a good deal given it's a bank with physical branches. 0.05% is the premium that one give up for its convenience.

Hope that helps.

[vincevoltaire]

Debits (except transfers from High Rate Savings Account to another HSBC account in the same name) = $5 FEE
So basically it's easy to transfer in but expensive to transfer the money out.

Unless you're one of the first 2000 customers to open a High Rate Savings Account and you get free chequing for a year; otherwise, you pay $6.50 per month for the cheques. So you end up getting $20 after 3 months (August 15 is when they deposit it).

[Jon Lai]

Unless you're one of the first 2000 customers to open a High Rate Savings Account and you get free chequing for a year; otherwise, you pay $6.50 per month for the cheques. So you end up getting $20 after 3 months (August 15 is when they deposit it).

You don't need cheques to open an account...

[vincevoltaire]

You don't need cheques to open an account...
Sorry, I guess the context of my response was not clear - especially since you removed the original quote I was responding to ;). The poster was saying that you will end up forking back $5 if you want to transfer your money to your 'other' bank account. That's actually incorrect as if you are one of the first 2000 to sign up, you will get a 1-year free chequing account. If you get the 1-year free chequing account, then you can just use a cheque to transfer the money (i.e., no need to pay $5).

[zwanzig]

can I do that if I open a new chequeing account?

I'll get the free $25, then off I go to TD BANK!

[vincevoltaire]

can I do that if I open a new chequeing account?

I'll get the free $25, then off I go to TD BANK!
No. Ok, here's how I understand the deal to work (correct me if I am wrong as I am only going by what I read on the HSBC website):

a) Sign-up for the High Rate Savings Account before June 30, 2006.
b) If you are one of the first 2000 to sign-up, you will also get (automatically?) a no-fee-for-1-year Chequing account.
c) You will need to deposit at least $100 to your account - I'm not sure for how long the money needs to be in that account.
d) On August 15, you should see the $25 they deposited to your account.
e) How to withdraw the money:
e.1) If you were lucky enough to get the no-fee-for-1-year Chequing account, use the cheque to withdraw the money at no cost. Note that if you forget to close your Chequing account next year (a year after you open the account), you will start getting charged $6.50 per month).
e.2) If you did not get the no-fee chequing account, then withdraw everything except for $5 as the bank will charge you $5. You can withdraw by transferring the money online or by using a bank card.
f) Close the account (or keep it if you really like it).

[Jon Lai]

Sorry, I guess the context of my response was not clear - especially since you removed the original quote I was responding to ;). The poster was saying that you will end up forking back $5 if you want to transfer your money to your 'other' bank account. That's actually incorrect as if you are one of the first 2000 to sign up, you will get a 1-year free chequing account. If you get the 1-year free chequing account, then you can just use a cheque to transfer the money (i.e., no need to pay $5).

Well yes, but you can get chequing account free of monthly charges with a $5000 deposit (correct me if I'm wrong). Savings is like $1000, and transferring funds to either will drop you out of a possible $5 transfer fee.

[yetanotherposter]

*&%@! and to think i just opened up the high-rate account with them less than 2 weeks ago.

[contact]

Sorry, I guess the context of my response was not clear - especially since you removed the original quote I was responding to ;). The poster was saying that you will end up forking back $5 if you want to transfer your money to your 'other' bank account. That's actually incorrect as if you are one of the first 2000 to sign up, you will get a 1-year free chequing account. If you get the 1-year free chequing account, then you can just use a cheque to transfer the money (i.e., no need to pay $5).

You may use a cheque to transfer the fund. But ordering a cheque book at HSBC may already costs you $25.

[mrken]

You may use a cheque to transfer the fund. But ordering a cheque book at HSBC may already costs you $25.
So cheques are not free, even with the Performance Chequing account?

(I guess I am getting used to PCF's free cheques.)

[mahjongmaniac]

any more details? is there a minimum deposit amount?

EDIT:

FYI: Just saw on HSBC.com website:

Debits (except transfers from High Rate Savings Account to another HSBC account in the same name) = $5 FEE

So basically it's easy to transfer in but expensive to transfer the money out.

So I'd recommend opening account getting the $25 free, but then you lose $5 to transfer the money out :(

IMO it's still not that bad...

think of it as "$20 free" then :)

[Sgt_Strider]

No. Ok, here's how I understand the deal to work (correct me if I am wrong as I am only going by what I read on the HSBC website):

a) Sign-up for the High Rate Savings Account before June 30, 2006.
b) If you are one of the first 2000 to sign-up, you will also get (automatically?) a no-fee-for-1-year Chequing account.
c) You will need to deposit at least $100 to your account - I'm not sure for how long the money needs to be in that account.
d) On August 15, you should see the $25 they deposited to your account.
e) How to withdraw the money:
e.1) If you were lucky enough to get the no-fee-for-1-year Chequing account, use the cheque to withdraw the money at no cost. Note that if you forget to close your Chequing account next year (a year after you open the account), you will start getting charged $6.50 per month).
e.2) If you did not get the no-fee chequing account, then withdraw everything except for $5 as the bank will charge you $5. You can withdraw by transferring the money online or by using a bank card.
f) Close the account (or keep it if you really like it).

So basically to avoid being charged the $5 fee and if I didn't get the free chequing, then I would need to go to the ATM machine to withdraw my money for free?

[porkchopbread]

i called and here's what i made out of it....you can open up a regular savings account for free and then the high interest account too (so 2 accounts). you can transfer between accounts (no fee if it's under the same name). so if you ever wanted to take money out, just transfer it from your high interest account into your regular account and then no $5 fee...

but honestly, was looking for a good savings account. this seems to be a good deal. need to have the access to a branch unlike ICICI or ING where I have no idea where the branches even are in the west coast....

[ccyk]

my friend called telephone banking. the rep told him that as long as the balance of the account is $100+ by the time the offer ends and maintained till 15/8, $25 will be deposited into the account. the date the account was opened doesnt matter.

someone can double check it.

[Headhunter]

Thanks, posted!

[red_red]

Correct me if I am wrong... but when you transfer $$ between this hi-savings account into your other acct ie... say chequings acct.... yes, you will NOT
incur any fee BUT, that would mean you would have to open the chequings account to tranfer $$ to... and this account I believe charges a monthly fee.

[ynchu]

They are advertising 3.15% as well now.

In addition, HSBC mentioned no "administrative" fee on their website... anyone can confirm?

[B40]

According to our circulars (working in HSBC PFS side myself) $5 fee would not apply if you transfer between the High Rate Saving Acct under your name to regular chequing/saving acct you have under the same name in this case.
3.10% is a good deal given it's a bank with physical branches. 0.05% is the premium that one give up for its convenience.

Hope that helps.

How does this compare to ING?

Can I open the account online and just mail in a check?

And to transfer money to/from the account, can it all be done online?

Edit: Looks like it's free.. http://www.hsbc.ca/hsbc/personal_en/accounts/savings/high-rate-savings-account

Where is the online signup form? I can't find it :|

[ynchu]

How does this compare to ING?

Can I open the account online and just mail in a check?

And to transfer money to/from the account, can it all be done online?

Edit: Looks like it's free.. http://www.hsbc.ca/hsbc/personal_en/accounts/savings/high-rate-savings-account

Where is the online signup form? I can't find it :|

Log in into your account (with their latest greatest security feature, so secure that half the time I have to second guess my password) and on the left, "open a new account."

[GerryDavid]

Hmm, I dont really need yet another bank account, but the idea of $25 free is interesting, hehe.

Can you link the savings account to a checking account at another bank? Like you do with ing? Ive never seen a hsbc booth/branch/machine.

[smartcdn]

It is nothing like ING except that it is a "high interest savings account."

HSBC is a B&M (Bricks & Mortar) bank, so you will get real people dealing with you.

As far as the link, no. They said you need to open an accompanying chequing account (you will be charged monthly fees) to be able to transfer money from the Hi Interest account.

Do take note that the monthly fees on the chequing account that you can open (but don't have to) can be waived if you maintain $2000 or more.

If you want a better account, you need like $4000 to get it for free per month.

Hope this helps...