HSBC 2.40% to 3.00% on new deposits until September 3, 2019 | Page 2 | HSBC | Discussion forum

So, for those of you who accepted this offer, what happened at the end of April? Did you get the interest you expected?

Also, has anyone confirmed that withdrawals are possible by pulling from other FIs such as Hubert, as suggested by Norman?

Loonie said
So, for those of you who accepted this offer, what happened at the end of April? Did you get the interest you expected?

Also, has anyone confirmed that withdrawals are possible by pulling from other FIs such as Hubert, as suggested b y Norman?  

Yes, as I worked for HSBC, you can definitely pull money externally from HSBC, but that's the only way since they eliminated bank-to-bank transfers in summer 2016 or summer 2017, I believe. They will be treated as a pre-authorized debit from that account, which is a 'chargeable' debit transaction; however, I think their High Rate Savings does offer 3 free debit transactions per month (overlimit $5.00 each).

Cheers,
Doug

Slybanking said

As mention before, I opened a CAD account for that promotion. Waited a couple of days after the end of April and called HSBC cause I did not see any credits for the interest. The rep told me that the date of the credit deposit of the interest vary depending of the client cycle date. In my case it is the 13th of each month, same as my other HSBC account. So lets wait and see.  

Yes, that's a good point, Slybanking. HSBC doesn't use an "end of the month" statement date like so many financial institutions do. When I worked there, I actually thought that was more common.

One's statement date is determined by the date on which they open their first account with HSBC. There's probably about 20-25 different possible statement cycle dates. For example, mine was sometime between the 17th and 23rd when I opened my account.

Also, in or around 2011 or 2012, HSBC made it so all new bank accounts were opened under a composite statement. That is, all sole and joint accounts are included as part of a single printed statement or e-Statement. Accounts opened prior to then may receive separate account e-Statements or printed statements, but you can submit a secure message request or telephone the Contact Centre to request you be migrated to a composite statement.

Cheers,
Doug

Thanks for the detailed explanation Doug.

In April 2018, DBRS confirmed HSBC Bank Canada's debt rating of A(high). That's two notches below Bank of Montreal, TD Bank, and Royal Bank of Canada, all three at AA.

Estimated risk is about that of the Province of Nova Scotia, which DBRS also rates as A(high). Estimated risk is higher than that of the Province of Ontario at AA(low).

On the balance, DBRS think fairly well of HSBC Bank Canada:

On an intrinsic basis, HSBC Canada’s local franchise has well established relationships with multinationals, an affluent retail client base and relatively good operating efficiency. These positive attributes are offset by the Bank’s high dividend payout to the Group, the geographic concentration of loans in Western Canada, including high exposure to the real estate and energy sectors and relatively low market shares in retail banking and wealth management.