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Email this6:57 pm
@djino - the cutoff for the ATM date is roughly 10pm EST (very approximate time) so you would have made a deposit on Oct.18th before that time, the interest would accrue on the account. however, if you paid the bill before 10pm EST, then it wouldn't accrue b/c interest only accrues once it has passed the time. but if you make your bill payment after 10pm, it will be processed as of Oct.19th (delaying your payment by a day). i hope that makes sense.
7:01 pm
I don't get the fine print? Do you need a minimum of $25,000 on deposit in order to avoid the $25 per month service charge?
1 The HSBC Advance package is comprised of 4 products-- HSBC Advance Chequing account, HSBC Advance Savings account, HSBC Advance MasterCard® and a personal line of credit with an introductory credit limit of $5,000. The chequing account, MasterCard and line of credit products are subject to credit adjudication and approval. If you do not maintain a minimum of $25,000 in personal assets held in personal deposit and/or investments with HSBC Bank Canada or its subsidiaries, a monthly fee of $25 will be charged to your HSBC Advance Chequing account. The HSBC Advance package includes Telephone and Personal Internet Banking withdrawals, bill payments, pre-authorized debits, Interac®2 payments, cheques and unlimited deposits and withdrawals from any HSBC Bank Canada and THE EXCHANGE®3 ATMs. Transaction fees will be charged for other services not included in the package, please refer to the Advance Mastercard® Rates & Fees as well as the Personal Service Charges brochure.If you do not wish to apply for the HSBC Advance suite of products, similar products are available separately by calling 1.888.310.4722 or visit a branch.
When I called, I got someone from Indonesia who barely spoke English and he didn't seem to know much. I got the feeling that he wasn't sure. 😕
10:06 pm
December 12, 2009
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The short answer is, if you don't already have an HSBC Advance Savings account, yes you'd need to qualify for the Advance or Premier package to open the HSBC Advance Savings account.
If you had this account prior to it being made available exclusively to Advance and Premier package customers, then you are included in the "new money" promotion, despite not technically being an Advance customer.
Cheers,
Doug
8:02 pm
For what it's worth, the HSBC Advance Savings account is paying 1.35% so up by 10bps.
2:37 am
March 25, 2009
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For what it's worth, the HSBC Advance Savings account is paying 1.35% so up by 10bps.
You just beat me to posting that as I noticed it this morning as well. I immediately checked PCF and ATB, no rise (yet).
Have a great day
1:09 pm
December 12, 2009
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It was actually raised to 1.35% several weeks ago. 🙂
Cheers,
Doug
1:16 pm
December 12, 2008
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Although I've still kept my HSBC advance savings account, I have moved most all of my assets to ING (they are currently at 1.5%) as I have been using their thrive checking account (in combination with the investment savings) for my primary banking.
HSBC will have to do better if they want my business back.
djino
4:40 pm
December 12, 2009
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It does appear that HSBC's strategy vis-a-vis retail banking customers has shifted away from that market, djino, and that you may not be their target client any longer. Essentially, unless you have at least $25,000 in assets with HSBC, they won't even really bother with you - except to solicit you for additional business. I am pleased to see you've found a good financial institution for your day-to-day banking and high-interest savings needs in ING Direct and am certain you'll be well-served there. 🙂
Cheers,
Doug
6:13 pm
HSBC Advance Savings is 1.15%. Dropped 20bps in the last month, I just noticed.
5:16 am
December 12, 2008
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HSBC Advance Savings is 1.15%. Dropped 20bps in the last month, I just noticed.
Damn! I'm glad I made the switch to ING. Even RBC's eSavings account can do better than that.
djino
5:46 pm
December 12, 2009
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Yes, HSBC is changing the structure of the interest rates paid on deposits. They're going to be gradually reducing their savings accounts rates to be on par or better than the basic, "no frills" savings accounts with the "Big Five" banks but they aren't going to compete on price with the "virtual" banks. Their strategy is that they hope to target the affluent (Premier) and emerging affluent (Advance) client with superior GIC rates (posted rates aren't that great, but there is a fair bit of discretionary pricing based on total dollars being brought over - i.e., I think that Premier customers could potentially get a 5-year GIC rate on par with or better than Ally's 5-year GIC rate).
Cheers,
Doug
8:28 pm
December 12, 2009
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Further to my post above, I can now confirm that HSBC will launching a tiered interest rate structure on May 20th (this Friday) for its HSBC Advance Savings account, much like its High Rate Savings Account. It's unclear what that rates will look like but I can confirm the following:
A fourth tier is being added at the bottom, for deposits from $0.01 to $24,999.99 and the other tiers would be from $25,0000 to $49,999.99, $50,000 to $99,999.00 and deposits greater than $100,000.00. Deposits over $1 million would continue the practice of not paying interest (that being said, you would get some pretty decent GIC rates when you factor in the preferential pricing you wouldn't want it in a savings account)
The new tiered structure would also apply to HRSA.
For what it's worth, the HSBC Advance TFSA and HSBC High Rate TFSA would continue without a tiered rate structure and, as far as I know, the current rates for those would remain at 1.50%.
Keep posted for the rates on Friday but I have a feeling for amounts under $25,000.00, the rates would drop substantially, perhaps to something like 0.25% or 0%.
Cheers,
Doug
12:54 pm
March 25, 2009
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Doug said:
Yes, HSBC is changing the structure of the interest rates paid on deposits. They're going to be gradually reducing their savings accounts rates to be on par or better than the basic, "no frills" savings accounts with the "Big Five" banks but they aren't going to compete on price with the "virtual" banks. Their strategy is that they hope to target the affluent (Premier) and emerging affluent (Advance) client
Well I can tell HSBC this, they will be losing this Premier affluent customer by the end of this year as I close all 4 of the premier HSBC accounts (both domestic and international) and move to a different bank.
HSBC is not competitive anymore IMO.
Have a great day
12:55 pm
December 12, 2008
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mike said:
Doug said:
Yes, HSBC is changing the structure of the interest rates paid on deposits. They're going to be gradually reducing their savings accounts rates to be on par or better than the basic, "no frills" savings accounts with the "Big Five" banks but they aren't going to compete on price with the "virtual" banks. Their strategy is that they hope to target the affluent (Premier) and emerging affluent (Advance) client
Well I can tell HSBC this, they will be losing this Premier affluent customer by the end of this year as I close all 4 of the premier HSBC accounts (both domestic and international) and move to a different bank.
HSBC is not competitive anymore IMO.
+1.
djino
5:37 pm
I also have to agree with Mike. Premier customers or not, there rates are a long way behind.
6:08 pm
December 12, 2009
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I think the rates will be competitive with the online banks if you keep at least $100,000 on deposit. They may even increase for that upper tier.
However, I do agree with you both that HSBC rates are not competitive with the market for retail banking customers with less than say, $25,000 or even $50,000 on deposit. Mind you, I guess that's in line with the company's strategy in targeting the affluent market.
Cheers,
Doug
10:07 pm
December 12, 2009
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The HSBC Advance TFSA and HSBC High Rate TFSA rates are dropping from 1.50% to 1.30%, effective May 20th/2011, in conjunction with the expansion of tiered rates.
Cheers,
Doug
7:17 am
December 12, 2009
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As previously indicated, the new HSBC savings account rate structure has been released:
https://www.hsbc.ca/1/2/en/personal/todays-rates/personal-account-rates
Surprises: The Advance Savings rates were not made the same as the High Rate Savings, they are lower. The upper-most tier for balances over $100,000 was not increased but simply stayed the same.
In the lower tier for entire balances under $25,000, the Advance Savings drops to 0.75% from 1.15%. The High Rate Savings falls a tad from 0.90% to 0.80%.
Cheers,
Doug
9:47 pm
That's it. I'm finished with HSBC. They are useless. And I'm tired of hearing that they are catering to their affluent Premier customer base. Rich people didn't get to be that way by taking less, nor being naive, or stupid. In effect, HSBC is essentially catering to the naive and stupid crowd who actually are too lazy to move their money out, thereby esentially cherry picking their Premier customer base from among the dumbest of clientel. This is a totally bad strategy in my opinion that will cost them market share in the end.
6:34 am
March 25, 2009
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Thanks Doug for the heads up. I have moved my account from the Advance Savings to the HSBC High Rate Savings.
By the end of the year I'll be closing down my HSBC accounts and moving to another bank as I am tired of HSBC being so uncompetitve.
Interesting note, when I called the HSBC Premier center I didn't get someone located in North America, but in India who didn't speak or understand English well.
Have a great day
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