Canadian High Interest Savings Bank Accounts

Yes, Max, I believe it would. Since you can't actually contribute to any TFSA until January 2nd, 2009, even though ING (like other banks) is aggressively promoting their TFSA, opening a TFSA with them does not oblige you to contribute. You just may or may not get the bonus interest with ING but then again, with the healthy and good-looking bonus offered by HSBC, you shouldn't need it.

I really can't say enough good things about HSBC's products. The Direct Savings Account is, arguably, the best day-to-day banking and savings account all-in-one offered by any institution anywhere in Canada. HSBC has the largest surcharge-free ABM network in Canada which includes BMO Bank of Montreal, The Exchange (most credit unions, particularly those in B.C., Ontario, and some in Saskatchewan; National Bank, Citizens Bank), and HSBC. You get unlimited online or ABM bill payments, transfers, pre-authorized payments, Interac Direct Payments (so, yes, getting cash back at a Wal-Mart cashier is another way of getting surcharge-free access to your money), and ABM withdrawals. It consistently pays among the highest interest rates in Canada and parent company HSBC Holdings is among the, if not the, strongest banks in the world. It has never taken any injection of capital from a government.

Another great HSBC product is, for the affluent clients, HSBC Premier.

You can also open a Regular Savings or basic chequing account with HSBC and then you transfer money at the ABM and come into any HSBC branch in Canada for assistance, something the so-called direct banks in Canada don't offer. That's why I like HSBC's business model of being a "direct bank with branches". It's the largest foreign-owned bank in Canada, with something like $20 billion in deposits.

Cheers,
Doug M.

Disclosure: I work for HSBC Bank Canada.

The promotional offers for the High Rate Savings Account, Tax-Free HRSA, Direct Savings Account and Direct TFSA are ending March 16th, 2009. HSBC may have other "new money" promo offers in 2009 but none have been announced as yet as far as I'm aware. So, come March 17th, the rate will just be the current rate of 2.25% (assuming it doesn't go down before then and I don't think it will; HSBC generally waits till month end to lower deposit rates on the TFSAs).

Cheers,
Doug