HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%) | Page 2 | HSBC | Discussion forum

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HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%)
October 25, 2022
9:50 am
HermanH
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savemoresaveoften said but when u withdraw, u need the ability to write a check from HSBC account.  

I was able to withdraw all my funds electronically to Tang before closing the account.

October 25, 2022
12:09 pm
HermanH
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Hmm said
I just opened up a savings account. But I see no option to link external accounts to transfer funds back and forth. Is the option only available for chequing accounts?

just got a call from HSBC and they confirmed that as long as the transfers are initiated by/via Tang e-links, there are no limitations or charges from HSBC. Bank links cannot be created from HSBC; members can only create new 'Payees' (i.e. utility companies, CRA, insurance) and send them money like paying bills.

October 25, 2022
6:24 pm
Hmm
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savemoresaveoften said

but when u withdraw, u need the ability to write a check from HSBC account.  

And you'll incur an NSF charge. That's happened before.

Well, I might as well cancel this HSBC account if I can't link it to an external account.

The funds I need to transfer are more than $25K and I can't take the chance of the pull/push being an issue if I transfer to/from Tangerine or EQ Bank to HSBC.

If there's another workaround that doesn't cost anything and there's no cheques involved with much hassle or left. Please post. Thanks

October 25, 2022
6:25 pm
Hmm
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HermanH said

Hmm said
I just opened up a savings account. But I see no option to link external accounts to transfer funds back and forth. Is the option only available for chequing accounts?

just got a call from HSBC and they confirmed that as long as the transfers are initiated by/via Tang e-links, there are no limitations or charges from HSBC. Bank links cannot be created from HSBC; members can only create new 'Payees' (i.e. utility companies, CRA, insurance) and send them money like paying bills.  

That's good to know! Thanks for sharing.

October 25, 2022
6:37 pm
Hmm
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Has anyone been able to link HSBC with EQ Bank? I'm stuck in the "sending credentials" loop.

October 25, 2022
8:36 pm
mordko
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Hmm said
Has anyone been able to link HSBC with EQ Bank? I'm stuck in the "sending credentials" loop.  

I have HSBC linked from EQ. Either pull or push to initiate the transfer.

November 3, 2022
8:09 pm
karenspring
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does hsbc high rate saving account promo also offer bonus like HSBC Invest Direct? hsbc invest direct runs cash bonus payment for transfer in new funds, wondering if the high rate saving account promo has anything like that?

November 4, 2022
5:50 am
agit
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Up -

4.90% $25,000 or more
4.40% $0 to $24,999

November 4, 2022
6:53 am
COIN
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agit said
Up -

4.90% $25,000 or more
4.40% $0 to $24,999  

When is the 4.90% effective?

November 4, 2022
7:37 am
bali
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Has anyone received the HRSA bonus and actually done the calculation to verify whether the bonus is tiered or if the same bonus is simply applied across the entire balance?

November 4, 2022
7:41 am
COIN
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"HOW BONUS INTEREST WILL BE PAID
1. Bonus interest is earned on New Deposits of up to CAD 1,000,000 in your HRSA at the annual rate of 3.50%
during the promotion Period. Bonus interest is calculated daily on the daily closing balance of New Deposits
and is paid monthly.
2. Bonus interest will be earned on New Deposits of up to CAD 1,000,000 in your HRSA, in addition to regular
interest. The sum of regular interest and bonus interest will determine the total interest payable during the
promotion period on New Deposits. For example:
* Annual interest rates as of November 4, 2022; subject to change. Visit http://www.hsbc.ca and click “View Toda y’s Ra tes”
for current posted rates for HSBC High Rate Savings Account (CAD).
3. Bonus interest will be shown separately from your regular interest on your statements.
4. If you have multiple HRSAs under the same Customer Account Number:
CHANGE IN NEW DEPOSITS
(Amounts eligible to earn
BONUS INTEREST) HRSA BALANCE
GIC or TERM DEPOSIT
BALANCE TOTAL DEPOSITS
+$150,000 -$150,000** $0 $0
+$10,000 -$16,000 -$6,000 $0
+$0 +$250,000*** $250,000 $0
HRSA Balance Tier
Regular Interest Rate (%)*
(paid on the entire HRSA
balance)
Bonus Interest Rate
(%)*
(paid on New Deposits
only)
Total Interest Rate on
New Deposits
During Promotion Period
(%)
CAD 0 to 24,999 0.90% 3.50% 4.40%
CAD 25,000 or more 1.40%
3.50% on New Deposits
up to CAD 1,000,000
4.90% on New Deposits
up to CAD 1,000,00"

It's not clear to me if the new 4.90% applies to funds deposited between October 17th and November 3rd.

November 4, 2022
7:42 am
agit
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COIN said

When is the 4.90% effective?  

Nov 4, 2022

November 4, 2022
8:01 am
mordko
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COIN said
"HOW BONUS INTEREST WILL BE PAID
1. Bonus interest is earned on New Deposits of up to CAD 1,000,000 in your HRSA at the annual rate of 3.50%
during the promotion Period. Bonus interest is calculated daily on the daily closing balance of New Deposits
and is paid monthly.
2. Bonus interest will be earned on New Deposits of up to CAD 1,000,000 in your HRSA, in addition to regular
interest. The sum of regular interest and bonus interest will determine the total interest payable during the
promotion period on New Deposits. For example:
* Annual interest rates as of November 4, 2022; subject to change. Visit http://www.hsbc.ca and click “View Toda y’s Ra tes”
for current posted rates for HSBC High Rate Savings Account (CAD).
3. Bonus interest will be shown separately from your regular interest on your statements.
4. If you have multiple HRSAs under the same Customer Account Number:
CHANGE IN NEW DEPOSITS
(Amounts eligible to earn
BONUS INTEREST) HRSA BALANCE
GIC or TERM DEPOSIT
BALANCE TOTAL DEPOSITS
+$150,000 -$150,000** $0 $0
+$10,000 -$16,000 -$6,000 $0
+$0 +$250,000*** $250,000 $0
HRSA Balance Tier
Regular Interest Rate (%)*
(paid on the entire HRSA
balance)
Bonus Interest Rate
(%)*
(paid on New Deposits
only)
Total Interest Rate on
New Deposits
During Promotion Period
(%)
CAD 0 to 24,999 0.90% 3.50% 4.40%
CAD 25,000 or more 1.40%
3.50% on New Deposits
up to CAD 1,000,000
4.90% on New Deposits
up to CAD 1,000,00"

It's not clear to me if the new 4.90% applies to funds deposited between October 17th and November 3rd.  

Yes. The bonus rate stays the same for all funds deposited from Oct 17th onwards. The regular rate goes up for everyone, even if its not the new money.

November 4, 2022
9:34 am
COIN
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mordko said

Yes. The bonus rate stays the same for all funds deposited from Oct 17th onwards. The regular rate goes up for everyone, even if its not the new money.  

Ok. Whew!
1) New funds deposited between October 17th and November 3, 2022 get 4.75% until November 3rd.

2) These same funds (see above) start getting 4.90% starting November 4th.

P.S. Ooooop! Not so fast. Here is the answer I got from someone in HSBC.
"The new rate is for the new deposits onward, and the existing deposit will be at 4.75%."

November 4, 2022
11:04 am
mordko
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COIN said

Ok. Whew!
1) New funds deposited between October 17th and November 3, 2022 get 4.75% until November 3rd.

2) These same funds (see above) start getting 4.90% starting November 4th.

P.S. Ooooop! Not so fast. Here is the answer I got from someone in HSBC.
"The new rate is for the new deposits onward, and the existing deposit will be at 4.75%."  

We’ll see. My experience is that HSBC call staff are clueless about their deals. Reading the terms carefully works a lot better than calling. Staff read from the same source anyway.

November 4, 2022
12:39 pm
HermanH
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I thought that the Terms stated,

Tier1 $0 - $24,999 post rate 0.75% + bonus rate
Tier2 $25,000+ post rate 1.25% + bonus rate

but I checked two days after I made a large deposit and found that they appear to have calculated 1.25% on the entire sum. They have a new function. I clicked on the 'Show Accrued Interest' option. It only displays the normal interest and not any Bonus interest calculation.

So, the staff told me that there would be a two-tier calculation (as does the T&C), but it appears that I get the blanket 1.25% for the entire balance. My fingers are crossed in hopes of actually receiving the 3.5% promo rate.

I will also check whether the normal rate increases to 1.4%, as of Nov 4, or if it remains at 1.25% (without any new funds.)

November 4, 2022
12:46 pm
mordko
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HermanH said
I thought that the Terms stated,

Tier1 $0 - $24,999 post rate 0.75% + bonus rate
Tier2 $25,000+ post rate 1.25% + bonus rate

but I checked two days after I made a large deposit and found that they appear to have calculated 1.25% on the entire sum. They have a new function. I clicked on the 'Show Accrued Interest' option. It only displays the normal interest and not any Bonus interest calculation.

So, the staff told me that there would be a two-tier calculation (as does the T&C), but it appears that I get the blanket 1.25% for the entire balance. My fingers are crossed in hopes of actually receiving the 3.5% promo rate.

I will also check whether the normal rate increases to 1.4%, as of Nov 4, or if it remains at 1.25% (without any new funds.)  

See post 2 but the actual table rather than your comment. The terms say that the same interest will apply to the entire balance. As long as you are in the higher tier (over 25K), the higher rate applies to all your money in the account. That’s what words “paid on the entire balance” really mean.

November 4, 2022
12:57 pm
COIN
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mordko said
The terms say that the same interest will apply to the entire balance. As long as you are in the higher tier (over 25K), the higher rate applies to all your money in the account.   

Yes, that is my understanding as well. But, I fear HSBC has now created two classes of "new" money. "Old" new money deposited between October 17th and November 3rd earn 4.75%. "New" new money deposited after November 3rd earn 4.90%.

November 4, 2022
1:13 pm
JohnnyCash
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COIN said

Yes, that is my understanding as well. But, I fear HSBC has now created two classes of "new" money. "Old" new money deposited between October 17th and November 3rd earn 4.75%. "New" new money deposited after November 3rd earn 4.90%.  

HSBC, Manulife and Meridian promotional rate payouts are floating subject to base rate changes, cuts both ways. The aforementioned banks differ from Tangerine and Simplii promos where it's fixed for the duration, irrespective of how the base rate moves during the term. To speak to the recent 0.15% increase on the HSBC promo, it applies to all existing funds on deposit that were eligible for the promo from when it launched.

November 4, 2022
1:13 pm
mordko
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COIN said

Yes, that is my understanding as well. But, I fear HSBC has now created two classes of "new" money. "Old" new money deposited between October 17th and November 3rd earn 4.75%. "New" new money deposited after November 3rd earn 4.90%.  

Understand the concern but their regular rate has increased and (I think) it increased for everyone. It is shown on their website: https://www.hsbc.ca/savings-accounts/rates/

So, for the two classes to exist, October savings must have had their bonus rate reduced. Does not seem likely or aligned with the terms but we’ll find out soon.

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