Yes, HSBC website does suck. It goes down too often. But I think it has improved somewhat recently as I haven't experienced any server issue lately. I just moved a chuck of my money out of HSBC without any problem. My plan is to move it to my citizens bank account. I will agree with the previous posters though, I think citizens will lower their rate soon. I'm hoping that it'll still be higher than either ING or HSBC... which are the other 2 accounts.
Speaking of the HSBC interface, does anybody want to do a review of it? It would be something like this but with more screenshots:
The gist of it would be: here is the interface, here are the basic things you can do, here are the cool things, here are some things that are difficult to do, here are some things that you might not know you can do.
It's not sneaky at all how HSBC dropped their rate to 3%. The BoC prime rate sank by Â½% and virtually every bank in Canada dropped their prime (and correspondingly savings) rate accordingly. Not only was HSBC one of the last to drop their rate, they only dropped it .3% as opposed to the .5% most others did.
December 12, 2008
I'm waiting til HSBC adds in my interest before I transfer out.
Call me paranoid..!
Not certain if I will transfer to ICICI or not, to take advantage of their 3.6% rate. Too many bad reviews, but we shall see a I plan strictly to deal with them online basis.
Canadian Tire is 3.05%, and I enjoy their handling/efficiency the best!
Same here Bob, I'm waiting to see if HSBC calculates the interest correctly before transferring out. In my case, the interest was supposed to be posted today, but it's not there yet.
ICICI is down to 3.40% now, but they're still at or near the top of the interest rate pile. Getting an account set up was a nightmare for me (others apparently didn't have as hard of a time), but I've been with them for about 7 months now and I really have no complaints about the essential services (transferring money, proper interest rate calculation). As long as you don't have to pick up a phone and talk to someone there, you should be OK.
December 12, 2008
You were right, the interest was posted this morning. I guess I never really paid close attention to the exact date the interest was credited to my account. Common sense says that if interest is posted on "May 9", then the interest should be there on "May 9", but as we all know common-sense and the financial services industry are usually mutually-exclusive.
I was about to submit the same complaint/comment about the interest as mine is normall scheduled for the 13th of each month, and I checked both yesterday and today only to find it NOT added yet..!
Was planning on calling them this afternoon, but based on comments above, will wait "one" more day..
Wanted to wait until I saw the actual interest "posted/added" to my acct before transferring the whole sum out!!! Yep, still paranoid about them..AND...I still HATE the way their website works - particularly how frustrating/finicky it is when I am simply trying to log on!!!
I wanted to open a direct savings account with HSBC but could not find some of the information I wanted on their site. If I were to pull not only some but all of my money say 2 years from now. Are there any penalties/fees? Also, I don't think there is a mimimum initial deposit, but can anyone confirm that this is true?