HSBC High Interest Savings Bonus Rate of up to 6.35% till January 12, 2024 | Page 4 | HSBC | Discussion forum

Nirvana7734 said

Yes, I can also confirm that dealing with HSBC is a pain in the ass. Nevertheless, the hassle will be worth my while to take the 6.35%.  

I just go to my local ATM and deposit a cheque directly to my savings account. Where's the PITA?

Nirvana7734 said

Yes, I can also confirm that dealing with HSBC is a pain in the ass. Nevertheless, the hassle will be worth my while to take the 6.35%.  

Same here, but I'll put up with it for a couple of months.

Dang, I miss Ally. No rate teasing, daily compound interest, monthly payout and they answered the phone on the first ring every time.

Anyone try to link Tangerine to HSBC recently ? Twice it happened that the 2 micro deposits went thru succesfully and says link completed. But when I try to do an actual transfer, both times it failed.
Long story short, i recd a total of 4 micro deposits at HSBC (2 verification attempts), account was linked successfully twice. Yet real transfer failed and was reversed twice.
It is almost like Tangerine is trying to prevent me to transfer from them over to HSBC for the 6.35%....

savemoresaveoften said
Anyone try to link Tangerine to HSBC recently ? Twice it happened that the 2 micro deposits went thru succesfully and says link completed. But when I try to do an actual transfer, both times it failed.
Long story short, i recd a total of 4 micro deposits at HSBC (2 verification attempts), account was linked successfully twice. Yet real transfer failed and was reversed twice.
It is almost like Tangerine is trying to prevent me to transfer from them over to HSBC for the 6.35%....  

yes, I did this the past week using void cheque data, do not include 3 pre account numbers

savemoresaveoften said
Anyone try to link Tangerine to HSBC recently ? Twice it happened that the 2 micro deposits went thru succesfully and says link completed. But when I try to do an actual transfer, both times it failed.

I just made the exact same link last week with no problem. Sorry to hear that you are having problems.

The way I understand it is as follows.

bonus interest is on new money, not old money.

If your balance is above 25,000, you are in the second tier, and would be getting the 6.35% which includes the bonus, on the new money.

If your balance is below 25,000, you are in the first tier and would be getting the lower rate plus the bonus, on the new money.

I had accounts with them, closed them, and re-opened a HISA for the good rate. Be very careful on what / which account you select. They try to trick you to keeping accounts open that you may not need.

For example, some promos require you to maintain an account for one year after the promo pays. That means you must either keep large funds at the bank in order to qualify for free account or else pay high monthly acct fees.

In my case, I came for a promo, moved large amounts, got the promo paid out to me, and then tried to move the funds out only find that they were essentially 'frozen'/locked in HSBC because removal would drop me below the level required for waiver of fees. I opened a Premier acct because it was recommended and the funds qualified me. However, I could not get out of it without significant penalties. In the end, I kept the funds at HSBC for another year and the HSBC promos were equal to the interest I missed, had I been able to move the funds elsewhere for better promos. So, be verry, verrry careful to read all the fine print.

When I returned for HSBC's latest promo, they tried the same scam to get me to open a Premier acct. I refused and selected the free HISA and nothing else. I am limited to 3 trans / month and that is sufficient.

HermanH said
I had accounts with them, closed them, and re-opened a HISA for the good rate. Be very careful on what / which account you select. They try to trick you to keeping accounts open that you may not need.

For example, some promos require you to maintain an account for one year after the promo pays. That means you must either keep large funds at the bank in order to qualify for free account or else pay high monthly acct fees.

In my case, I came for a promo, moved large amounts, got the promo paid out to me, and then tried to move the funds out only find that they were essentially 'frozen'/locked in HSBC because removal would drop me below the level required for waiver of fees. I opened a Premier acct because it was recommended and the funds qualified me. However, I could not get out of it without significant penalties. In the end, I kept the funds at HSBC for another year and the HSBC promos were equal to the interest I missed, had I been able to move the funds elsewhere for better promos. So, be verry, verrry careful to read all the fine print.

When I returned for HSBC's latest promo, they tried the same scam to get me to open a Premier acct. I refused and selected the free HISA and nothing else. I am limited to 3 trans / month and that is sufficient.  

Thanks Herman. I'm not going to bother with opening an account with them. Looks like too much hassle and as I said trying to eliminate some institutions to make life a little easier. I can always go with GIC direct to get GIC's in the 6% range at a later date if need be. I appreciate all your helpful posts.

Can pull at least 45K from Tang to HSBC per transaction