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HSBC 2.40% to 3.00% on new deposits until September 3, 2019
April 16, 2019
7:28 pm
hotmony
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Looks like hsbc has a new high rate savings account promo anyone else hear?

Cad 25k-50k total 2.9%
100k+ 3%

till Sept 3 up to 1mill

significant for those not targeted on other deals

provides some breathing room

https://www.hsbc.ca/savings-accounts/savings-offer/

April 16, 2019
8:41 pm
Ed
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hotmony said
Looks like hsbc has a new high rate savings account promo anyone else hear?

Cad 25k-50k total 2.9%
100k+ 3%

till Sept 3 up to 1mill

significant for those not targeted on other deals

provides some breathing room  

HSBC website says: “Get up to a 3.00% total interest rate per annum on New Deposits to your CAD HSBC High Rate Savings Account from April 15 – September 3, 2019. That’s a bonus interest rate of 1.85% until the end of the promotion period in addition to your regular interest rate on all New Deposits.”
The 3% rate is good on the entire savings amount if your new deposit is $50,000.00 or more.

April 17, 2019
7:25 am
Peter
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The full chart is:

$0 to $24,999 of total funds: 2.40% on new deposits
$25,000 to $49,999 of total funds: 2.90% on new deposits
$50,000+ of total funds: 3.00% on new deposits up to $1,000,000

April 17, 2019
8:26 pm
One-up
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Sounds interesting (pun intended).
Does anyone know if the money can be transferred electronically in one large or several large amounts (50K +) to another institution?
Do they have a chequing account option as well to write a counter check as a transfer should the day come and I find a better deal?
Is there a special hold time for the funds or you can withdraw/add any time without penalty?
Are the branches easy to work with?
Any other catches anyone knows about?

April 17, 2019
8:50 pm
Norman1
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According to page 8 of HSBC Bank of Canada Personal Service Charges/Statement of Disclosure document, the Canadian Dollar High Rate Savings Account supports Interac Debit, ATM withdrawals, pre-authorized debits, and bill payments.

First three debit transactions each month are free. After that, they are $5 each.

So, it would be possible to pull the funds out from another financial institution, like Hubert Financial, or push the funds out to a biller.

With a relationship balance over $5,000, HSBC will waive the $25/month fee on their HSBC Advance banking package, that includes an Advance Chequing account with free personalized cheques and unlimted free chequing, withdrawals, and pre-authorized debits.

April 19, 2019
2:02 pm
butterflycharm
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WHY aren't these rates available in TFSA? are the banks restricted with what they do with the money that they mostly make it available to HISA type of accounts and less to TFSA?
sf-yell

April 23, 2019
4:18 pm
Slybanking
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Just opened an HISA at HSBC. Moving the money required a bit of effort. I had to bring a check to the branch. Mobile check deposit is limited to $25,000.

April 23, 2019
4:59 pm
Doug
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Slybanking said
Just opened an HISA at HSBC. Moving the money required a bit of effort. I had to bring a check to the branch. Mobile check deposit is limited to $25,000.  

A big reason I wouldn't re-create an HSBC account: they eliminated bank-to-bank transfer functionality in either 2016 or 2017. So, yes, you have to use mobile cheque deposits or, if located near an HSBC or Exchange ATM, an ATM to deposit your funds. 🙁

There just isn't a lot of advantage to them.

Cheers,
Doug

April 23, 2019
11:24 pm
speedwagen
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Doug,

I still have my acc't & have participated in all their recent promos, but as you alluded, they eliminated the b-to-b function & if that wasn't bad enough, they've recently changed their posting protocol for pushing funds in. They used to be really good at posting PAC's as early as noon same day for ACH files transmitted that morning...now they hold off & won't post PAC's until late same day dated the next day, so you're now guaranteed to lose at least a day unless you go to a branch, which I don't have access to. I completed a test transfer on Apr18 (Thurs), they posted it late Apr18, dated Apr22 (Mon) a la Simplii...that's 4 days lost interest!!

Considering that a few FI's have improved the timeliness of their postings (Tangerine comes to mind), they're the only FI I've seen go the other way. I'm going to guess that they're opting for interest-free loans & I'm also going to guess that it's fully within accepted guidelines or they wouldn't be doing it. I'm not sure if that means that they're going broke & could use all the extra breaks they can squeeze, but I find it disgraceful that we have to lose money to invest with them.

I might call the nearby branch mgr & see if she'd be willing to credit any lost interest, presuming that she's even aware of their recent subterfuge.

April 24, 2019
11:58 am
rqs
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Re. HISA "upto 35" rate promotion ...
Does anyone know (for sure) ....Assuming a $100,000 new deposit, is 3.00% payable on full amount or is it
2.40% on first $24,999
2.90% on next $25,000
and 3.00% on remaining $50,000
for an average 2.82% rate?
Pardon my skepticism but wording of offer is a little unclear and after dealing with BNS' shady "upto"offer, I take nothing for granted.

April 24, 2019
12:43 pm
Slybanking
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The 1.85% bonus interest is paid on all new money after April 15. The regular interest goes up according to the amount in your account. So like Peter detailed in his reply $50,000 or more of new money get you the 3% rate till Sept 3 on of all of your new money.

April 24, 2019
12:55 pm
rqs
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Slybanking..
I appreciate your interpretation but it's only an interpretation expecting a logical outcome. "$50,000+ of total funds: 3.00% on new deposits up to $1,000,000" does not necessarily mean 100% of total funds. You probably did not experience Scotiabank's HISA "upto" promotion where the outcome was not logical.
Has anyone actually made the HSBC deposit and has confirmation that 3% will be paid on the full $100,000 (or more)?

April 24, 2019
2:24 pm
Slybanking
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Hi RQS, I was there to open an account two days ago but I did not ask this specific question. Here is what my experience so far. I deposit $75,000 2 days ago. My accrued interest so far shoes 4.73 so 1.15% for 2 days. If you click the link of the offer that was post by hotmony you can see that the bonus interest of 1.85% is offer on any new money amount from 0 to 1,000,000 and is paid monthly.

I think it is safe to say that you will get the 3% on all the amount if you put 50,000 or more. I will confirm it for sure when I go Friday deposit some more money.

April 24, 2019
4:28 pm
Doug
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speedwagen said
Doug,

I still have my acc't & have participated in all their recent promos, but as you alluded, they eliminated the b-to-b function & if that wasn't bad enough, they've recently changed their posting protocol for pushing funds in. They used to be really good at posting PAC's as early as noon same day for ACH files transmitted that morning...now they hold off & won't post PAC's until late same day dated the next day, so you're now guaranteed to lose at least a day unless you go to a branch, which I don't have access to. I completed a test transfer on Apr18 (Thurs), they posted it late Apr18, dated Apr22 (Mon) a la Simplii...that's 4 days lost interest!!

Considering that a few FI's have improved the timeliness of their postings (Tangerine comes to mind), they're the only FI I've seen go the other way. I'm going to guess that they're opting for interest-free loans & I'm also going to guess that it's fully within accepted guidelines or they wouldn't be doing it. I'm not sure if that means that they're going broke & could use all the extra breaks they can squeeze, but I find it disgraceful that we have to lose money to invest with them.

I might call the nearby branch mgr & see if she'd be willing to credit any lost interest, presuming that she's even aware of their recent subterfuge.  

Interesting, Slybanking...

I will say, from my experience working there, is too incompetent to be that Machiavellian in trying to give themselves, as you put it, an interest-free loan on your funds for a few days. Most likely is they either (a) changed clearing providers from BMO Bank of Montreal (who they used when I was there or (b) have otherwise changed their processes, likely to streamline things and save money, than any intentional effort to avoid paying an extra day or two's lost interest.

You could complain to the Branch Manager - depends on the Branch Manager how they'll handle it. I know that when I was there, even Personal Bankers (CSRs) had the authority to reverse service charges up to $50 or provide goodwill gestures of up to $50 and Branch Managers had an even higher authority level. Some are "stick in the muds," though, and likely won't do anything.

You've solidified it for me, though...I won't be re-opening an HSBC account ever. sf-cool

Cheers,
Doug

April 25, 2019
2:18 pm
rqs
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Slybanking said
Hi RQS, I was there to open an account two days ago but I did not ask this specific question. Here is what my experience so far. I deposit $75,000 2 days ago. My accrued interest so far shoes 4.73 so 1.15% for 2 days. If you click the link of the offer that was post by hotmony you can see that the bonus interest of 1.85% is offer on any new money amount from 0 to 1,000,000 and is paid monthly.

I think it is safe to say that you will get the 3% on all the amount if you put 50,000 or more. I will confirm it for sure when I go Friday deposit some more money.  

I was just on "chat" with HSBC rep. I asked if I deposit $24,000 on day 1 and then $75,000 on day 2, what would I earn? They replied that I would not earn 3% on the full $100,000. but 2.40% on the "new deposit" of $24K and 3.00% on the "new deposit" of $75K . a little tricky!

April 25, 2019
6:17 pm
Slybanking
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rqs said

I was just on "chat" with HSBC rep. I asked if I deposit $24,000 on day 1 and then $75,000 on day 2, what would I earn? They replied that I would not earn 3% on the full $100,000. but 2.40% on the "new deposit" of $24K and 3.00% on the "new deposit" of $75K . a little tricky!  

Tricky but weird too...I made a couple of deposits in the last 3 days. (both over 25k). I will let you know at the end of the month how much interest my account is showing. Only way to know for sure I guess.

April 25, 2019
6:38 pm
Doug
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As a former HSBC Bank Canada employee, I can confirm you have to watch them with their offers. They can indeed be very tricky! They may only be counting your initial deposit as "new money," not subsequent "initial" deposits made within the bonus offer period. From this former HSBC Bank Canada employee, you have been fairly warned. sf-cool

Cheers,
Doug

April 26, 2019
10:39 am
Jowett
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I have recently contributed 2 sets of money on 2 different days. The offer clearly notes that "Total interest rate on new deposits (%) during promotion period" would be 3 per cent.
The "during promotion period" would be from Apr 15 to Sep 3rd. I don't think it could really be any clearer.
The definition of "new deposits" is also clarified further in their terms and conditions small print. No mention is made with distinction between initial and subsequent deposits.
I fully expect to receive the full 3 per cent on all recently added funds for the number of days they have been deposited.

April 26, 2019
12:32 pm
Slybanking
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Jowett said
I have recently contributed 2 sets of money on 2 different days. The offer clearly notes that "Total interest rate on new deposits (%) during promotion period" would be 3 per cent.
The "during promotion period" would be from Apr 15 to Sep 3rd. I don't think it could really be any clearer.
The definition of "new deposits" is also clarified further in their terms and conditions small print. No mention is made with distinction between initial and subsequent deposits.
I fully expect to receive the full 3 per cent on all recently added funds for the number of days they have been deposited.  

I agree with you a 100% and will know for sure at the end of the month.

May 6, 2019
10:51 am
hotmony
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The bonus interest:

0 - 24,999 total 2.4%
25,000 - 49,999 2.9%
50,000 - 99,999 3%
100,000 up to 1mill 3%

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