Special 5.5% rate for HSBC migrated High Interest Savings Account | RBC Royal Bank | Discussion forum

I didn’t get this email. I have 4 savings account migrated from HSBC, 2 CAD, USD and GBP. The fine print suggests this is for “all” CAD accounts.

Does RBC provide current interest rates applied to the account? Can’t see it under details.

The Rock said

jorno319 said
Received the following by email:

Grow your savings faster with this special rate.

Your migrated High Interest Savings Account will earn 5.5% interest from April 1 to June 28, 2024 (on balances up to $1,000,000).

  

I already had an RBC HISA before the HSBC migration. Now I have have my original RBC HISA from several years ago and the new migrated HISA from HSBC. I'm wondering if the new HSBC migrated HISA will receive the 5.5% promo. I doubt it as it probably applies to new RBC clients.  

Similar situation, only difference is, I've closed the migrated HISA a couple of days ago. Oh well, got other options so it's not a lose.

savemoresaveoften said

Were u able to close the migrated HISA over the phone or have to go to a branch ? RBC was giving me the go around and make it difficult for me to close the account...  

Did you already have a HISA with RBC, and if so did you inquire if the 5.5% promo was active in the migrated HSBC account?

JohnnyCash said

I went into a branch ( previously an HSBC ) and had the migrated HISA closed.

I have to admit, I miss HSBC Canada already.   

I went a few days ago to a branch (after they say they cant do it over the phone). Then at the branch I was told they are able to close it just yet even tho its past Apr 1. If you dont mind sharing, what exact date did u go ? i will try again. Thanks

JohnnyCash said

The 8th.  

thank you. I will call in and try tomorrow and see what new story they will give me to deny me from closing my account 🙂

savemoresaveoften said

thank you. I will call in and try tomorrow and see what new story they will give me to deny me from closing my account 🙂  

@johnnycash, thanks for sharing your info re closing the HSBC migrated account.

I called this morning and the person who picked up the phone said since that is the only account I have, if I close it over the phone with her, there will be a $20 charge, or if I go to a branch, they can close it without charge. I said 'No, I already went to the branch, there is a note on my file the teller put down that once the whole migration is done, I can simply call in to cancel, and not in person". At first she was adament there is nothing she can do about the fee, but when I pressed to ask to speak to her manager, she softened and says "she will put in the request to close, and hope there is no fee charged". Tod her "I dont deal with banks based on hope, especially after I already called them 3 times and went to the brance once". Put me on a long hold, and she came back and says 95% sure all will be fine. I thank her for it, and within 30mins, recd a email confirmation that the request was processed.
While the person on the phone today and the teller I spoke to at the branch are very nice and seems genuine, RBC needs to step up when it comes to providing the "actual" customer service. I cant help but feel their tactics of making it very difficult for the customer to close an account, to increase the chance of the customer ends up using it. For the record, HSBC closed the account back in Feb but somehow RBC still created new account for me regardless...

Lots of misinformation and confusion regarding the migrated HSBC accounts.

For starters, I was told there is no fee (online. telephone, or in-branch) to close the account.

Migrated HSBC accounts are not eligible as the offer is for NEW RBC accounts, not existing.

Additionally, good luck in getting RBC to disclose the actual interest rate on any accounts. I suggest you write to them and get everything in writing. When things go sideways, you have the backup to support what you were told (via messaging) to the Ombudsman.

Finally, there is a $5 surcharge to withdrawal from any RBC eSavings account (migrated from HSBC included)

Hmm said

Migrated HSBC accounts are not eligible as the offer is for NEW RBC accounts, not existing.

That's what I figured even though I received an email stating that the migrated HISA is eligible for the promo.

I have no idea what rate applies to my HSBC-transferred savings accounts.

So far finding that RBC isn’t quite as terrible as feared, at least over the next 12 months while the “free” VIP status is applied to the account.

Still, their platform is in the wrong century compared to the likes of Wealthsimple. For example WS provides interest rate, and the dollar amounts earned so far this month as soon as you click on each account. Its the same for other useful info - WS provides answers to questions that bother me without having to call, at my fingertips.

And there are no fees for anything that I need. And all external transfers are a day faster than RBC’s.

My suspicion is that, like with mortgages, our major banks are deliberately coy with information because transparency causes competition and generates better deals for the other side. Either that or RBC is incapable of designing good interface.

RBC does have some advantages though. For example my HSBC line of credit is still linked to my chequing account, effectively creating a “free” authorized overdraft capacity.

jorno319 said
For those wondering the same as below:

The answer is yes, the new HSBC migrated HISA does receive the 5.5% promotional interest rate.

I received the regular interest on May 1 and the promotional interest on May 13.  

I saw that on the 13th went the interest was paid. Had I been sure I would have moved my money in sooner.