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HSBC 2.40% to 3.00% on new deposits until September 3, 2019
May 8, 2019
1:41 am
Loonie
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So, for those of you who accepted this offer, what happened at the end of April? Did you get the interest you expected?

Also, has anyone confirmed that withdrawals are possible by pulling from other FIs such as Hubert, as suggested by Norman?

May 8, 2019
9:47 am
Doug
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Just do add, HSBC can be quite challenging to deal with, particularly since they eliminated self-to-self bank-to-bank transfers in summer 2016 or summer 2017, I believe.

For that reason, and the higher promo rate, I'd tend to favour the Manulife Bank offer being discussed in this thread.

If you're a Canadian Tire Bank customer and received a targeted offer, that one is also great.

Cheers,
Doug

May 8, 2019
9:49 am
Doug
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Loonie said
So, for those of you who accepted this offer, what happened at the end of April? Did you get the interest you expected?

Also, has anyone confirmed that withdrawals are possible by pulling from other FIs such as Hubert, as suggested b y Norman?  

Yes, as I worked for HSBC, you can definitely pull money externally from HSBC, but that's the only way since they eliminated bank-to-bank transfers in summer 2016 or summer 2017, I believe. They will be treated as a pre-authorized debit from that account, which is a 'chargeable' debit transaction; however, I think their High Rate Savings does offer 3 free debit transactions per month (overlimit $5.00 each).

Cheers,
Doug

May 8, 2019
11:43 am
Slybanking
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Loonie said
So, for those of you who accepted this offer, what happened at the end of April? Did you get the interest you expected?

Also, has anyone confirmed that withdrawals are possible by pulling from other FIs such as Hubert, as suggested by Norman?  

As mention before, I opened a CAD account for that promotion. Waited a couple of days after the end of April and called HSBC cause I did not see any credits for the interest. The rep told me that the date of the credit deposit of the interest vary depending of the client cycle date. In my case it is the 13th of each month, same as my other HSBC account. So lets wait and see.

May 8, 2019
12:32 pm
Doug
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Slybanking said

As mention before, I opened a CAD account for that promotion. Waited a couple of days after the end of April and called HSBC cause I did not see any credits for the interest. The rep told me that the date of the credit deposit of the interest vary depending of the client cycle date. In my case it is the 13th of each month, same as my other HSBC account. So lets wait and see.  

Yes, that's a good point, Slybanking. HSBC doesn't use an "end of the month" statement date like so many financial institutions do. When I worked there, I actually thought that was more common.

One's statement date is determined by the date on which they open their first account with HSBC. There's probably about 20-25 different possible statement cycle dates. For example, mine was sometime between the 17th and 23rd when I opened my account.

Also, in or around 2011 or 2012, HSBC made it so all new bank accounts were opened under a composite statement. That is, all sole and joint accounts are included as part of a single printed statement or e-Statement. Accounts opened prior to then may receive separate account e-Statements or printed statements, but you can submit a secure message request or telephone the Contact Centre to request you be migrated to a composite statement.

Cheers,
Doug

May 8, 2019
6:31 pm
Loonie
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Thanks for the updates.

May 9, 2019
8:33 am
Slybanking
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Thanks for the detailed explanation Doug.

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