HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%) | Page 6 | HSBC | Discussion forum

Yup-- my bonus interest showed up sometime this evening
So, as others have pointed out, bonus interest posted the day after regular interest is posted

InterestThis said
Of course interest would be compounded, once its deposited into the account. Just the same as if you made a deposit.  

It sb as there is no fine print describing interest earned is not, which is what tangerine buried into their print as another poster pointed out in the tang discussion.

mustang said
Yup-- my bonus interest showed up sometime this evening
So, as others have pointed out, bonus interest posted the day after regular interest is posted  

Has anyone actually verified the interest amount to ensure they are getting the 4.90% on the full balance?

I was worried about EFT with HSBC and had asked in this thread before opening the account. I thought I'll be able to link my Tangerine account with HSBC through EFT. But EFT failed and so I'm now wondering how I can fix this.

Here's my experience:
I opened the HSBC HRSA (and chequing account) to benefit from their 4.90% promo and then linked their HRSA to my Tangerine account through EFT. The two micro deposits from Tangerine to HRSA went just fine and thus the external account link was established successfully. However, when I initiated the first transfer (push) from Tangerine to HSBC HRSA, Tangerine first debited my account and showed 'EFT Withdrawal to HSBC BANK CANADA,' but then it reversed the transaction after 2 days. A Tangerine CSR told me that the account number I entered might be incomplete or missing a digit. They asked me to call HSBC to confirm the bank account details. I was sure of the details I entered but I still called only to learn that my the institution code, transit number, and account number are all correct. When I told the HSBC rep that I was doing an EFT, she said that they only do INTERAC e-Transfer and wire transfer. I called Tangerine again and spoke with a manager and she told me that maybe HSBC may have a different account number for EFT. I don't think this could be the case and didn't bother calling HSBC again.

So I'd like to know whether others who might have opened HSBC HRSA to avail this promo were able to transfer funds through EFT.

Do you think the problem could be that I'm trying to link HSBC HRSA, and maybe I could link my HSBC chequing account? If so, I'll try that too. But I was under the impression that if an institution has those three things (institution code, transit number, and account number), the EFT is possible and it doesn't matter whether it's a chequing or savings account, as I've successfully linked my savings accounts at other institutions.

At least good that I transferred most of my funds by depositing a Tangerine cheque into HSBC the day I opened the account. But I wanted to set this up so that I'm able to pull the funds out of HSBC after the promotion ends. Otherwise I'll have to do a wire transfer or write a HSBC cheque to withdraw my funds in a day as the HSBC INTERAC e-Transfer limits are far lower. Also, if I understand correctly their daily / weekly / and monthly limits on outgoing funds are only applicable for INTERAC e-Transfer, and in worst case I'll be able to transfer funds out of HSBC through wire transfer or cheque in a single transaction (no upper limit).

The displayed account number has some extra digits. Use the direct deposit numbers, and then mine worked.

Be sure to enter the account number as presented in the Direct Deposit, otherwise the transfer will get bounced out. Mine is now working from Tang both ways.

Once signed in, the details are available on the HSBC website, under the Direct Deposit and Automatic Payment Form / Void Cheque
https://www.hsbc.ca/online-banking/payroll-direct-deposit/

LK said

See https://www.highinterestsavings.ca/forum/tangerine-bank/has-tangerine-promotional-interest-calculation-changed/  

Thanks for that, yes that is different. I guess that applies to some "new money" promotions? I just read the legal for my current Tang promotion, and that is not there.
Maybe that is there for people who drop 1-5 million into the account, and make thousands a month in promo-interest?

dickyran333 said So I'd like to know whether others who might have opened HSBC HRSA to avail this promo were able to transfer funds through EFT.

I've had no problem linking Tang to either HSBC Chq or Sav accounts.

Institution: 016
(My) branch: 10039
Acct: ######### - nine digits

If your micro-deposits went through, then the info should be correct. If you aren't pressed for time, you might want to try deleting the link and re-creating it. Also, you might just want to try a second transfer, in case the first denial was just a glitch.

InterestThis said

Actually, my micro-deposits went through 2x, but bounced the ETF both times, until I used the correct info from the Direct deposit.  

How was the info different from the Direct deposit info? What was missing?

Thank you all for your posts. I think my issue will get resolved now.

As it happened with InterestThis, the HSBC agent gave me a 12 digit account number. I see the same 12-digit account number through online banking too. Furthermore, the account number printed on deposit receipts given by the HSBC branch teller have the same 12 digits. However, the downloaded PAD form shows a 9-digit account number.

Looking at my account details, I hypothesize that HSBC Canada prefixes the actual 9-digit account number with the last 3 digits of the transit number. At least they are both same in my case. If a few other HSBC account holders can confirm if this is the case with them as well then we can ascertain this as HSBC's business rule for account number generation.

@InterestThis: By any chance, are the first 3 digits of your 12-digit account number 039 (last 3 digits of the transit number)?

It's weird though that my micro-deposits went through with the 12-digit account number. Anyway, I've now created a new external link with the 9-digit account number and waiting for Tangerine's micro-deposits.

Lesson Learned: While creating an external account link, always use the account details from the PAD form or a void cheque. (Thanks Norman1)

Anyone get a phone call and email from HSBC after depositing money into this account, for an "Annual Review".
I found the call and email off-putting, obviously trying to sell mutual funds or something? Anyone else get contacted?
Their wording hints that is a part of having the account, sure don't like those kinds of sales tactics.