HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%) | Page 3 | HSBC | Discussion forum

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HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%)
November 4, 2022
1:17 pm
Primus
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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%.  

The following is from T&C:

“New Deposits” means a portion of the daily closing balance of your HRSA balance during the Promotion Period which is the lower of two amounts: 1) Increase in total deposits, calculated starting from the close of business on October 14, 2022 and 2) Increase in HRSA balance, calculated starting from the close of business on October 14, 2022. If the lower of the two amounts is zero, then the New Deposits are zero. Deposits at the close of business on October 14, 2022 are not New Deposits.

November 5, 2022
3:23 am
HermanH
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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%.  

I do not believe this to be the case.
I made a deposit on Oct 20th. I was previously earning 1.25% regular interest on it.

As of Nov 4th, I earned 1.4% on the entire balance. So, I believe that there is only one rule for new money. I should be earning 3.5% promo rate throughout the same period.

November 5, 2022
6:49 am
savemoresaveoften
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They post reg interest and then bonus interest on the next day in terms of interest credit entry.
One thing I find super lame is that the account statement is based on your account cycle, not a standard month end like most banks. Unnecessarily complicated if you ask me. I am not sure why my account cycle is for example the 3rd of each month...

November 5, 2022
7:03 am
bali
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T&C
10. Customers can only participate in one High Rate Savings Account New Deposits promotion at any one time.
If another High Rate Savings Account New Deposits promotion is advertised with overlapping dates,
participation in that other promotion begins only once this promotion ends and will be subject to all terms
and conditions of that promotion

November 5, 2022
7:47 am
mordko
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bali said
T&C
10. Customers can only participate in one High Rate Savings Account New Deposits promotion at any one time.
If another High Rate Savings Account New Deposits promotion is advertised with overlapping dates,
participation in that other promotion begins only once this promotion ends and will be subject to all terms
and conditions of that promotion  

A true but irrelevant quote.

November 5, 2022
7:55 am
JohnnyCash
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savemoresaveoften said
I am not sure why my account cycle is for example the 3rd of each month...  

It was once explained to me that it's based on the day of the month the account was opened, not entirely sure if that's true, it does apply in my case.

November 5, 2022
8:06 am
davidgeorge
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What are bank and transit numbers for HSBC online savings account? Thanks.

November 5, 2022
9:42 am
InterestThis
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A good place to find the HSBC details is from the Void cheque page.
https://dco-ao.hsbc.ca/forms/void-cheque

November 5, 2022
12:35 pm
HermanH
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davidgeorge said
What are bank and transit numbers for HSBC online savings account? Thanks.  

Institution 016
Transit 10039 (at least for my Edm branch)

November 5, 2022
12:38 pm
HermanH
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savemoresaveoften said
They post reg interest and then bonus interest on the next day in terms of interest credit entry.

The new "Credit interest Accrued" function is helpful, as you can track the change daily. That's how I knew they calculated the normal interest is on the entire balance and not on Tier 1 and Tier 2.HSBC-2.jpg

savemoresaveoften said
One thing I find super lame is that the account statement is based on your account cycle, not a standard month end like most banks. Unnecessarily complicated if you ask me. I am not sure why my account cycle is for example the 3rd of each month...

If you think that is bizarre, National Bank has an account cycle generated according to the customer's date of birth.

November 5, 2022
12:55 pm
mordko
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HermanH said
Institution 016
Transit 10039 (at least for my Edm branch)  

I have a different transit number. This is the kind of information one gets by logging in.

November 5, 2022
4:03 pm
InterestThis
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I had 2 failed attempts to EFT deposit from Tang to HSBC, it linked but then rejected it. But I saw on another forum to use the 9-digit account number from the Void cheque page. So hopefully that works.
And that interest accrued is great, that is how they all should be!
(unlike Simplii which hides everything).

November 5, 2022
4:39 pm
davidgeorge
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Thanks to all who provided information about HSBC bank and transit numbers. My transit number is 10031.

November 5, 2022
5:42 pm
HermanH
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InterestThis said
And that interest accrued is great, that is how they all should be!
(unlike Simplii which hides everything).  

It is a good feature, but not perfect. It only shows the normal interest. Any promo interest is still unknown. I can only anxiously await my statement to confirm if I got the correct (or any) promo interest. sf-frown

November 5, 2022
7:49 pm
InterestThis
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Ah ok, so just the standard interest.
But HSBC is very clear in their documents right now, over 25K is 4.9%.

November 6, 2022
11:46 am
dickyran333
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I was thinking of opening my very first HSBC HRSA to avail their 4.9% offer until Jan 27. While gathering more information, their CSR told me that HSBC doesn't offer EFT to link an external bank account. The only options available to transfer funds from HRSA to another bank are either INTERAC e-Transfer or wire transfer. He also mentioned the daily ($7K), weekly ($10K), and monthly ($40K) limits on transfer amounts. So I'm wondering if it's worth to open HRSA if, after the promo is over, it would take me many months to withdraw my amount from HRSA given their transfer limits. So far I've been transferring funds between my banks using EFT and have never ever used the INTERAC e-Transfer.

Do folks here have any suggestions on how I can withdraw funds from my HSBC HRSA after the promo period is over?

I think if I have a HSBC chequing account, then the daily/weekly/monthly limits won't be applicable and I'll be allowed to write a cheque of the entire amount and deposit it at another bank. OR would HSBC limits apply even for cheque withdrawals?

Frankly, I'd like to avoid opening a HSBC chequing account if there's a way to transfer a higher amount to another bank directly from my HSBC HRSA without their wire transfer as I hate to pay the wire transfer (or, for that matter, any) fees.

Any bank other than Simplii offering a HISA promo of 4.9% or 5%? (existing Simplii account and hence not eligible for their promo)

November 6, 2022
11:58 am
HermanH
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dickyran333 said
I was thinking of opening my very first HSBC HRSA to avail their 4.9% offer until Jan 27. While gathering more information, their CSR told me that HSBC doesn't offer EFT to link an external bank account. The only options available to transfer funds from HRSA to another bank are either INTERAC e-Transfer or wire transfer. He also mentioned the daily ($7K), weekly ($10K), and monthly ($40K) limits on transfer amounts. So I'm wondering if it's worth to open HRSA if, after the promo is over, it would take me many months to withdraw my amount from HRSA given their transfer limits. So far I've been transferring funds between my banks using EFT and have never ever used the INTERAC e-Transfer.

Do folks here have any suggestions on how I can withdraw funds from my HSBC HRSA after the promo period is over?

I have had HSBC accounts before. I closed them at the end of 2021. I was always able to move 6-figure amounts to and from the bank with no problem. I used links established from Tangerine to push/pull the funds from HSBC. I believe the constraints are not enforced upon eFT. The only constraint(s) would have been enforced by Tangerine, when I made the requests.

November 6, 2022
12:06 pm
Norman1
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dickyran333 said
… While gathering more information, their CSR told me that HSBC doesn't offer EFT to link an external bank account. The only options available to transfer funds from HRSA to another bank are either INTERAC e-Transfer or wire transfer. He also mentioned the daily ($7K), weekly ($10K), and monthly ($40K) limits on transfer amounts. …

Those are limits only when one is trying to push the money out at HSBC using Interac e-Transfer or wire transfer.

If the HSRA supports pre-authorized debits, then, as HermanH described, one can link to the HSRA at another financial institution. One can then originate pre-authorized debits at the other financial institution to pull the funds out.

November 6, 2022
12:22 pm
Loonie
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All the major banks and several other FIs as well will all tell you that these tare the only mechanisms for withdrawal. Sometimes they also mention that they have chequing accounts, so you can transfer to chequing and then write a cheque to deposit elsewhere, but these chequing accounts often cost money.

They are only able to tell you what their particular FI can offer you.

In reality, there are other FIs which are willing and able to set up a link from their end through which you can make withdrawals ("pulls"). These will be subject to Hold periods, usually up to two weeks, and sometimes there are incoming dollar limits. Some may require that the link be to a chequing account. Get all the details straight before you depend on this, but don't bother asking HSBC again as they will likely act like it doesn't exist.

You can also just go into HSBC branch and get a bank draft, I think, but you will have to ask them about that. They can't put a limit on a bank draft if the funds are cleared. There will almost certainly be a fee.

It's ludicrous, when you think about it. These are major banks with international reach and significant commercial dealings, and they can't figure out how to transfer 100k for you? It's not that they can't; it's that they won't.

November 6, 2022
12:25 pm
HermanH
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Loonie said You can also just go into HSBC branch and get a bank draft, I think, but you will have to ask them about that. They can't put a limit on a bank draft if the funds are cleared. There will almost certainly be a fee.

IIRC, senior citizens can open a no-fee account and receive drafts for free. I do not believe it has changed.

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