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Email this10:22 pm
My girlfriend wanted to open a HSBC account to get the interests promotion rate of 1% extra for the first month. She asked me if I wanted my name on the account so we could have our common account for the future when we'll have to pay our transactions we both make on our credit card.
However, since I already had an account with HSBC they do not let her have the 1% promotional rate even is she's the main owner of the account.
Now I understand why bank are rich, they have some loosy politics they fit to their needs when it arranges them.
1:29 am
December 12, 2009
Offline
All banks do this, even PC Financial or ING Direct, for their promotional interest rate. They take your outstanding balance just before the promotional period begins and only count new money to the bank (anything above that balance) when calculating your promotional or bonus interest. It's pretty standard practice. It'd be nice if you could transfer money out and then bring it all in but that's the way they do it. We just have to live with it. 🙁
Hope that helps,
Doug
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