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Email this11:17 pm
December 12, 2009
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hi Everyone,
HSBC Bank Canada announced on Friday that, effective August 16th, 2010, it would increase the rates paid on its savings accounts (located at: http://www.hsbc.ca/1/2/en/pers.....s-accounts). You'll have to check the rates on Monday for the specific tiered interest rates on the High Rate Savings and High Rate TFSA accounts (http://www.hsbc.ca/1/2/en/pers.....ount-rates) but essentially, the one we're all watching, the HSBC Advance Savings is returning to 1.0%. Same with both the HSBC Advance TFSA and HSBC High Rate TFSA, if memory serves me correctly.
Still, they're ranked near the bottom but at least we can say we're tied with VanCity and Coast Capital Savings.
Cheers,
Doug
1:59 am
March 25, 2009
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Better late than never. HSBC was our #1 bank a few months ago, then we moved 95% out to another due to the .8% rate, so 5% of our money is making the 1% now, but HSBC lost 95% by being late to the party as the money moved elsewhere.
Good to see they raised the rates, could have raised them to 1.1 or 1.2% though to keep up.
Have a great day
6:58 am
December 12, 2008
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+1
Totally agree Mike,
djino
5:35 pm
December 12, 2009
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hey djino,
Good to hear from you again! Do you mind if I ask if you still utilize HSBC's Advance Savings account for day-to-day banking (cash management, online payments, pre-authorized payments, etc.)?
I totally agree it's not a competitive account in terms of rates paid on deposits. It is a good day-to-day banking, for those fortunate enough to have opened one before it became only available as part of the HSBC Advance package (which is a good all-in-one package of products for those fortunate enough to have $25,000 in deposits and registered or non-registered investments).
Cheers,
Doug
1:21 am
March 25, 2009
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Doug said:
hey djino,
Good to hear from you again! Do you mind if I ask if you still utilize HSBC's Advance Savings account for day-to-day banking (cash management, online payments, pre-authorized payments, etc.)?
Doug, we still use our HSBC's Advance Savings account and enjoy Premier status with HSBC. We would have kept our money in HSBC if they were more competitive with savings rates.
Have a great day
12:46 pm
I'm still using the HSBC Advance account as my primary account as well. My pay gets deposited into it and my bill payments all come out of it. I was one of the lucky ones to open an account just three months before they limited it to being accessible only to people who have $25,000 in assets at HSBC.
Sure beats the 0% others offer on day to day banking/chequing accounts. Now with the new ING Direct Thrive chequing account, I will stop using Mastercard Cheques for the occasional time I need to write a cheque, or if I need bank drafts once every five years. INGs rate of 0.25% on the balance is still too low for me to move to ING being my primary chequing/payroll/bills account though.
Anything beyond the amount needed for bills in my HSBC Advance account I transfer out to Ally which offers double the interest rate.
1:16 pm
December 12, 2008
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Doug said:
hey djino,
Good to hear from you again! Do you mind if I ask if you still utilize HSBC's Advance Savings account for day-to-day banking (cash management, online payments, pre-authorized payments, etc.)?
Yes, I still use the Advance Savings account. I also have my pay deposited in it, but my money doesn't stay there long. I use it for pre-authorized payments and bill payments to credit cards/etc. And the rest get sent to higher interest savings accounts at other banks.
But now with ING coming out with their Checking account along with Free EMTs, 20 free Cheques, etc, their savings account paying more than the Advance savings account, I'm not sure if I'll continue to use HSBC as my primary account.
Time will tell, and I'll need to see what happens with ING.
djino
6:01 pm
December 12, 2009
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HSBC Bank Canada announced that, effective Sept. 20th, the rates on its HSBC Advance Savings, HSBC Advance TFSA, High Rate Savings and High Rate TFSA would increase to 1.10% from the current 1.0%, which was increased a few weeks ago.
Cheers,
Doug
3:46 am
March 25, 2009
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HSBC Bank Canada announced that, effective Sept. 20th, the rates on its HSBC Advance Savings, HSBC Advance TFSA, High Rate Savings and High Rate TFSA would increase to 1.10% from the current 1.0%, which was increased a few weeks ago. Cheers, Doug
LOL, that's ironic because I was getting ready to move the money out of HSBC again into another bank that would give more competitive savings rates. HSBC has become the "withdrawl" back and not the savings back for us. I still might take the cash out of HSBC. We only use HSBC for it's international banking Premier feature but really, it's not worth the extra .2-.4% less rates just so we can go into another country and have free coffee at a HSBC Premier office. ATB just increased their rates to 1.3% and PCF 1.5%. 1.1% is a little "behind the times".
I am thinking in a year's time we will close our HSBC accounts entirely due to their uncompetitiveness in the market.
But it's good to see rates go up, it will make everyones rates that little bit better.
Have a great day
1:55 am
March 25, 2009
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I wrote this to HSBC today via my Premier Account:
-------------------------------------------------------------
To whom is may concern,
As an international HSBC Premier customer we have to say HSBC has become very uncompetitive in the marketplace. Savings rates and GIC rates are below average. As such we have moved out over ---- from HSBC to another bank and will continue to move out large amounts from HSBC till competitiveness increases. We will give you a year then we will move out the other ---- and close down our Premier accounts.
At this point in time, HSBC would not be recommended to our business friends.
Signed,
Not a happy Premier customer.
-------------------------------------------------------------
Let's see how they respond.
Have a great day
6:14 pm
December 12, 2009
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HSBC Premier is really targeted more to those who are affluent but very fee-conscious and like the idea of all-inclusive, personalized service with no monthly banking fees or fees for certain sundry services (i.e., cheque orders or bank drafts). Free international HSBC account opening and access to Global View including free self-to-self global transfers (a savings of $35 each time) are other huge benefits to HSBC Premier.
Nonetheless, if you're only concerned about savings account rates and aren't using the other services of HSBC Premier, it may not be for you. Perhaps you'd want to discuss leaving just $25,000 in order to qualify for HSBC Advance (including a personalized HSBC Advance debit card and HSBC Advance MasterCard) and its free features and not have to worry that they may institute the $28.00/month fee for HSBC Premier members who are non-qualified?
Cheers,
Doug
5:58 pm
December 12, 2009
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For what it's worth, HSBC Bank Canada announced today it is raising the rates on its savings account, the third or fourth such increase in the past couple months.
Effective Oct. 19th, 2010, the rates are as follows:
HSBC Advance Savings* 1.25%
HSBC Advance TFSA* 1.25%
HSBC High Rate TFSA 1.25%
HSBC High Rate Savings Below $50,000 1%
Below $100,000 1.05%
Over $100,000 1.40%
*Available only to HSBC Advance and HSBC Premier customers and to those customers who previously had the Direct Savings Account. No in-branch access allowed
8:26 am
March 25, 2009
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Could it have been so many of us threatening to withdrawl our money and put it with another bank to have HSBC raise their rates?
That aside, it's good to see HSBC did raise their rates, hopefully other banks follow. We really need to encourage SAVERS here to save for their future, not breed more DEBTORS that consider debt = wealth.
Have a great day
5:26 pm
December 12, 2009
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mike, are you the HSBC Premier client who moved money to ATB Financial?
If so, HSBC Bank Canada has a "new money" promotion from Oct. 18th until sometime in mid- to late-January 2011 whereby any Net New Monies deposited into your joint or sole HSBC Advance Savings, HSBC Advance TFSA or HSBC High Rate TFSA between those time period will earn an extra 1% on top of the recently raised regular deposit rate of 1.25% so you'd earn 2.25% during that period. It's not a bad promotion and, since you pulled your money out prior to Oct. 18th when they took snapshots of everyone's account balances, you'd be entitled to the bonus on anything exceeding your HSBC account balances as of that date. 🙂
The "new money" promotion is for HSBC Premier and HSBC Advance customers only.
Cheers,
Doug
8:23 pm
Doug:
Do you mean you have to have both HSBC Premier and HSBC Advance to get the 1% rate bonus, or can you only have one of these 2 to qualify?
2:42 am
March 25, 2009
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Yes sir, that's me.
Do you have a link for this (I'll google it now and see if I can find one to post here)? An extra 1% today is welcome news. Would I move back for 1%, sure.
Thanks for the info Doug, it's greatly appreciated.
mike, are you the HSBC Premier client who moved money to ATB Financial? If so, HSBC Bank Canada has a "new money" promotion from Oct. 18th until sometime in mid- to late-January 2011 whereby any Net New Monies deposited into your joint or sole HSBC Advance Savings, HSBC Advance TFSA or HSBC High Rate TFSA between those time period will earn an extra 1% on top of the recently raised regular deposit rate of 1.25% so you'd earn 2.25% during that period. It's not a bad promotion and, since you pulled your money out prior to Oct. 18th when they took snapshots of everyone's account balances, you'd be entitled to the bonus on anything exceeding your HSBC account balances as of that date. 🙂 The "new money" promotion is for HSBC Premier and HSBC Advance customers only. Cheers, Doug
Have a great day
2:48 am
March 25, 2009
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Here is what I've found so far:
Exclusive rates for HSBC Advance customers
1% Bonus Interest *(*Bonus interest rate of 1.00% on new deposits up to a maximum of $500,000 until January 28, 2011.)
Earn 1% bonus interest from October 18, 2010 to January 28, 2011 on your Advance Savings Account and Advance TFSA.
Already have an Advance Savings Account?
Deposit more today
Not an HSBC Advance customer?
Apply now
https://www.hsbc.ca/1/2/en/personal/hsbc-advance/exclusive-rates
Have a great day
7:20 am
December 12, 2009
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It does apply to HSBC Premier customers as well, since they're one level above HSBC Advance and can have an HSBC Advance Savings just like HSBC Advance customers.
Cheers,
Doug
7:49 am
December 12, 2008
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So I was just checking back on my Advance savings account for October 18th.
I began the day with a $0 Balance. During the evening (I'd say around 8pm EST), I made a deposit of $1000 at an ATM, and made a bill payment of $1000 towards a credit card. So I began and ended the day with a $0 Balance.
Will HSBC use $0 or $1000 as my Balance for October 18th? Just so I know what I need to deposit to take advantage of this bonus interest rate.
djino
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