HSBC 1.75% for 3 months | HSBC | Discussion forum

It appears that the 1.75% applies from the first new dollar. In the past, they had tiered rates.

I tried unsuccessfully to-day to find out if the 1.75% only kicks in after you deposit $100,000 or some higher amount. That is how I remember their previous promotions.

Update: Got the HSBC email after I posted the above. Still not 100% clear if the 1.75% starts with the first dollar.

COIN said
I tried unsuccessfully to-day to find out if the 1.75% only kicks in after you deposit $100,000 or some higher amount. That is how I remember their previous promotions.

Update: Got the HSBC email after I posted the above. Still not 100% clear if the 1.75% starts with the first dollar.  

From Example 1 in here in terms and conditions it seems to me it applies to every dollar.

I called HSBC and made absolutely clear that my current GIC deposit about to mature would not qualify for the promo rate, because it is not considered new money.

I believe they use the Total Balance concept, meaning they combine all the money at HSBC, regardless of the account. New money is any over the current balance.

geotabs said
I have confirmed twice by phoning in to clarify, and it is what I thought.
If you move money to your checking account then to savings it's considered not new funds and will not receive the bonus interest, so if you want to transfer funds in the link it to your savings account!
  

This happened to me in a slightly different situation a few years ago. I had to transfer "new" money to my Invest Direct account. There is no way to transfer money directly to the Invest Direct account without going through an HSBC chequing account. Anyway, the branch manager intervened and confirmed that it was indeed "new" money.

Ok, so yesterday I also called HSBC’s phone line. Like experiments. And they also told me that you have to somehow transfer directly into the HISA account without using your HSBC chequing account. I directed them to T&Cs which talk about promotional rate being applied as long as the total in your chequing and saving accounts goes up.

The lady at the other end talked to her supervisor and then said she has to email someone to find out. Today she called back and confirmed that the promotional rate will apply to any new money regardless of whether it passes via chequing account or not.

Their Operators can be relied upon to get it wrong.

COIN said

It also took me forever to get someone to confirm that there is no tier structure and the 1.75% applies from the first new dollar. Doesn't give me a lot of comfort when there appears to be confusion at the staff level.  

They have some very attractive products and services. As long as your relationship manager is OK you should be fine.

People on the other end of the phone line… I can only imagine its because they are international, the operators are located across the globe and are looking after several countries. Or just disorganized. Or both.

It's been a while with HSBC, i forgot how the electronic fund transfer works.
I only linked the HSBC saving to Tang (one way only) so I assume I can do a pull at HSBC site to move money from Tang to HSBC.

At the end of the promo, can I do a push at HSBC site to move it back to Tang?

Thanks