HSBC Direct still safe? | HSBC Direct | Discussion forum
I still don't like HSBC's website – very frustrating to use and not user friendly. Have my money there now, only til the end of their promotional rate of 4.75% is over 2 May. Then I will switch.
Would have locked into a higher 1 yr GIC, but will need access to my $ later this year for a big purchase.
December 12, 2008
So let me get this straight, based on a couple of opinion pieces on the web by private individuals, HSBC is in trouble and we all could lose our money? LOL! Even if those websites weren't crap, there's a little thing in Canada called the CDIC.
Think of any company, any, and google "company" sucks, you'll almost certainly find a website (or 2 or 3) telling tales of woe of how the big bad corporate giant squashed the little guy.
There are not lots of banks offering way better rates out there. There are a few, very few, offering equal or better rates, but none come close to the accessibility the HSBC Direct Savings offers while giving you 3% daily interest.
Every bank has its disgruntled customers, and I'm harldy trying to be an apologist for HSBC, but the "evidence" here of its demise, and the promise of larger, greener pastures elsewhere in today's economic climate, are simply false.
i like hsbc more than any of the 5 Canadian majors although i prefer dealing with our local credit unions.
hsbc has already taken some write downs and with their diversified business platform ( in many countries and a concentration on retail banking) should be in good shape –and certainly better than the US banks—
i agree with the previous post on this bank–
December 12, 2008
I still prefer Canadian Tire's High Interest acct in terms of speed of transactions, user-friendliness and rates. Have no complaints about them at all, and may switch to them if I don't tempted to "risk" moving my money to ICICI for their 3.6% (or was it 3.5?)…
..as we are probably all familiar with the complaints on them..!
December 12, 2009
Actually, HSBC Bank Canada is, in addition to being a member institution of the Canada Deposit Insurance Corporation, backed by and is an indirect wholly-owned subsidiary of one of the world's largest, most conservative and best capitalized financial institutions, HSBC Holdings plc. It isn't going anywhere and your deposits are fully protected and guaranteed. It's as safe, if not more than, as putting your money in RBC Financial Group or TD Bank Financial Group or any of the "Big Five" banks.
If anything, I worry about some of the upstarts, like this Peoples Trust Company of Canada. If any financial institution were to fail, it would be that one. One only needs to look at their website. Financial institutions in Canada do fail from time to time and if you look at the history, with the exception of the Bank of British Columbia (a provincial Crown corporation) in the mid 1980s, on the CDIC's website, they've all been small institutions and trust companies. Interestingly, the Bank of British Columbia's depositors and loan holders were saved by HSBC Group when HSBC swooped in and acquired the assets and liabilities of the Bank of British Columbia.
So not to worry, HSBC Direct, the direct banking operation of HSBC Bank Canada, is absolutely safe.
Hope this helps,
Well said about HSBC, as I have dealt with them for years originally with my mortgage and day to day banking, moving more of my savings from them, VanCity & BMO to Achieva Financial. Prior to moving my primary savings to Achieva I did my own research on the financial performance and deposit guarantee of many institutions. HSBC is very sound and protected by the CDIC — they just couldn't match the rates at Achieva. However, I too would avoid the Peoples Trust and ICIC given their exposure to a very loosly regulated environment in other geographic regions over seas.
Yes, HSBC is safe.
Here is the link for BankRate.com for online savings and money markets.