HSBC High Interest Savings Bonus Rate of up to 6.35% till January 12, 2024 | Page 3 | HSBC | Discussion forum

COIN said
"In my view, "backing things up" doesn't just mean another computer (although that's a good idea); it means an extra medium."

I back up critical info using a computer that is never connected to the Internet. My only concern is that the harddrive might "blow up" one day and I lose the stored data.  

And I use the cloud to store my critical info.

InterestThis said
You can transfer in/out of HSBC using Tangerine for free, I just did it.
But only 3 free withdrawals a month.

Here is a review just posted.
https://www.savvynewcanadians.com/hsbc-high-rate-savings-account  

new deposits, not necessarily new clients though?

The Rock said

How did you achieve this? By check? Electronically?  

I had eLinks from Tang and EQ and moved them electronically.

I did not encounter any such restriction on amounts.

RetirEd said
I keep all my financial information on a computer with no connections to anything else - not other local computers, not the internet. All my data is copied to a floppy (the last 10 years fit on one) and then to an external disk (35+years) when I exit the spreadsheet.

External disks are easily saved in a disaster and are not vulnerable to most hacking attempts (if only mounted when off-line), and can't be snooped by repair/service techs. (Referencing CBC MARKETPLACE's dismal results privacy-testing repaired computers.) Why didn't anyone tell Hunter Biden?

Cloud? Are you serious? Everything goes over the internet and then gets stored... er... nobody knows where!  

FLOPPY !!

RetirEd said
I keep all my financial information on a computer with no connections to anything else - not other local computers, not the internet. All my data is copied to a floppy (the last 10 years fit on one) and then to an external disk (35+years) when I exit the spreadsheet.

External disks are easily saved in a disaster and are not vulnerable to most hacking attempts (if only mounted when off-line), and can't be snooped by repair/service techs. (Referencing CBC MARKETPLACE's dismal results privacy-testing repaired computers.) Why didn't anyone tell Hunter Biden?

Cloud? Are you serious? Everything goes over the internet and then gets stored... er... nobody knows where!  

where is ur bunker ? 🙂

althisa said
Bring the conversation back to HSBC and interest rates ...
"Poilievre pointed out that some mortgage rates are currently lower at HSBC Canada than they are at RBC for the same product."
https://www.bnnbloomberg.ca/poilievre-says-freeland-should-block-rbc-hsbc-canada-takeover-1.1987346

It is not clear how HSBC can offer the highest savings rate account, and the lowest mortgage rate. It seems to be the opposite of other FIs.

Maybe a banker out here can explain
Is it because HSBC being a large global bank, the rates for savings accts and mortgages in Canada is a small drop in the bucket compared to their global operations, so they can use either/both as loss leaders?  

HSBC is simply more competitive. The RBC takeover is a major loss to competitive banking.

Goldtooth said
Can you move money to HSBC by writing a check from your other bank?  

I do this. I write a cheque payable to myself and put my HSBC account number on the back. Then I use the HSBC app to do the deposit by taking a photo of front and back of cheque. Clears in about 2 business days. Easy - once you have an HSBC account, have the app configured, etc.

That's right, one day to push the money from Tang. But I think there is a hold when its pulled out, don't recall how long.

When we had a mortgage, it was with HSBC. 13 years. It was really, really good. Good rate, but also very flexible. Once we took a break. Generally we overpaid. And when we repaid it all in 2017, the penalty was tiny. Surprised me.

In 2004, when we first came to Canada, I approached RBC and TD first. They kinda rejected us. By that I mean that they demanded a large no interest deposit to even give a credit card. And Scotia didn’t want us at all because I came on a work permit. I had a good job and decent net worth but no Canadian credit history. HSBC treated us very well. Premier status and all. They wanted my business and provided great service. I have tried other Canadian banks since but still use and prefer HSBC for everyday banking. Better value.

Would be a real shame to lose them. We already have an oligopoly. Even if market share is low, HSBC has an impact by pushing everyone else. A bit of meaningful competition rather than anti-competitive practices used by the big four.

I know; its off topic.