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Email this4:57 pm
Thanks HSBC to screw your current customers. I am moving my money out! If you want it back give me this promotion!
5:08 pm
May 15, 2007
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I'm not sure, but based on the wording that says "new deposits" it doesn't seem to be limited to new accounts only 🙂
5:20 pm
Yes, it is also for current customers but for new money only. so if you have your money with them you get 2.75% ... how can you get new money if you already have it now with them!
5:28 pm
May 15, 2007
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Right, good point. Sadly, the banks aren't giving us any reasons to be loyal -- it seems as though they'd rather have us switch endlessly.
5:44 pm
right, don't think you can withdraw your money and then re-deposit it to get the rate promotion, as after reading the fine print, within the fine print reveals:
All New Money deposited into any Promotional Account during the Promotional Period will earn daily interest at the Bonus Rate from the day of deposit until the end of the Promotional Period, provided:
* (i) the customer's Net Overall Deposit Balance during the Promotional Period is greater than the customer's Net Overall Deposit Balance as at November 21, 2008; and
* (ii) there have been no withdrawals from any of the customer's Deposit Accounts
If, on any Promotional Day, a customer's Net Overall Deposit Balance is less than the customer's Net Overall Deposit Balance on November 21, 2008, the
-
Bonus Rate will not be applied to any New Money in the customer's Promotional Account(s)
5:58 pm
They are not smart ... They screw their customers twice by decreasing the rates and to not allow them "mostly" enjoy their new promo! The current rate is less than many places around ... CTFS or citizens or PCFS ... why would someone stay with them!
2:19 pm
I learned about HSBC's politics last year so this year I kept all my money in my ICICI account.
Now I'm moving all my money from ICICI to HSBC. Took advantage of the 3.40% rate of ICICI while it lasted, now going for a 3.75% rate!
No loyalty at all, I'm just going where they give me a bang for my buck.
3:36 pm
December 12, 2008
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I believe this rule only applies to the account.
Just do like I did with the last promo they had, open up another Direct Savings account and move the money there.
djino
"<-- opens up his 3rd Direct Savings Account :)"
4:36 pm
djino:
They are not stupid to accept this or everyone just move all of his money to a new account and gets the 3.75% for all what he has! OK, Can I close my account and open another one and then get the 3.75% ??? NO. NO. NO. This will not work. Their idea is to screw their current customers and collect more new money ... Can you please tell me how your idea can help them?
8:42 pm
Djino:
Do they allow you to open multiple accounts under the same name? YOu just have to go through the procedure of writing a cheque and all?
11:55 am
December 12, 2008
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I suppose I could be wrong in my loophole attempt at getting 3.75%. But it doesn't hurt to try.
Jan: You can create a new account by simply loggin into your existing HSBC profile and click on create new account.
djino
"yup"
7:09 pm
November 26, 2008
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Since the Banks of Canada rate has lowered, if HSBC lowers it's promotional rate too, do we still get 3.75% over our savings till March 12th or we will get the basic rate +1.00%?
The day you become free is the day you work for fun.
7:26 pm
May 15, 2007
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Max said:
Since the Banks of Canada rate has lowered, if HSBC lowers it's promotional rate too, do we still get 3.75% over our savings till March 12th or we will get the basic rate +1.00%?
Their fine print makes it seems as though it's basic rate + 1%:
"Comprised of the current everyday rate of 2.75% + bonus rate of 1.00% on new deposits up to $500,000 from November 24, 2008 - March 16, 2009. Everyday rate subject to change without notice."
10:05 am
December 12, 2009
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Actually, the "new money" bonus applies to existing accounts. Your overall deposit balance based on your term deposits, savings and chequing accounts with HSBC was taken November 21st, 2008, and any monies over that balance in your account after that date will receive the bonus interest. Any times it is less than that balance, no bonus interest will be paid.
Hopefully that helps,
Doug
1:18 pm
Just called HSBC and they can drop the everyday rate (2.75%) any time, so there's no guarantee you're going to get the full 3.75% for long. I just had that happen to me at TD Canada Trust where I opened a savings account at 3.5% (2.25% bonus on top of 1.25% rate). Yesterday I went in to make a deposit and was told the the "everyday rate" had dropped to 0.75% and from now on I would be earning just 3.0%. I'm fairly new to High Interest Savings, so I will chalk this up to a learning experience.
Earl
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