HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%) | Page 4 | HSBC | Discussion forum

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HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%)
November 6, 2022
3:37 pm
InterestThis
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HSBC also told me that about the "wire transfer". But they are not even Canadian's CSR's, and don't know what an EFT is. An EFT is a domestic wire transfer.
-------------------------------
What is the difference between an EFT transfer and a wire transfer?
An EFT transfer is a way to transfer money between two accounts that are both located in Canada. A wire transfer is a transfer between two accounts – but they aren't required to both reside in Canada.

November 6, 2022
7:52 pm
mustang
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Yes, I opened a no fee checking account for precisely this purpose-- i.e., to be able to get the money out when the promo expires

November 6, 2022
9:26 pm
Norman1
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EFT is not the name for those "push" and "pull" transactions.

In business banking, they are known as customer automated fund transfers (CAFT). Don't ask a retail banking CSR about CAFT's. He/she won't know what you're talking about; CAFT is usually offered to business banking clients only. It's what employers use to direct deposit paycheques and billers use to pull/collect monthly payments from customers for, for example, utility bills.

A retail banking CSR should know about direct deposits and pre-authorized debits (PAD). Ask the CSR if the HSBC HRSA can accept pre-authorized debits.

If yes, then ask for the transit, institution, and account numbers of the HRSA that would be needed to set up pre-authorized debits with a biller. Those numbers can also be used to create a link to the HRSA at an online bank.

According to their Personal Service Charges Statement of Disclosure, a bank draft is $7.50.

November 7, 2022
1:45 am
InterestThis
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EFT just means electronic funds transfer, bank to bank is listed as an EFT.
The CSR gave the incorrect account number, as they included the extra numbers displayed in the bank account.
Once signed in, the details are available on the HSBC website, under the Direct Deposit and Automatic Payment Form / Void Cheque
https://www.hsbc.ca/online-banking/payroll-direct-deposit/

November 7, 2022
2:00 am
HermanH
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One of the nice things about the HSRA feature showing 'Credit Interest Accrued' is that on Friday, they added the amounts for Friday, Sat, and Sun. It doesn't mean much (unless you make an ATM withdrawal during the weekend, perhaps), but it is interesting to see that they calculate the weekend beforehand so that you can make a withdrawal immediately on Monday (and not wait for the end of Monday business to update.)

November 7, 2022
2:27 pm
InterestThis
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After entering the account numbers correctly, the direct transfer from Tangerine to HSBC worked, took 1 day. Same day actually, sent after midnight, appeared, end of business day.

November 7, 2022
2:38 pm
InterestThis
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also confirmed the interest rate in the live chat, based on balance. And can save that chat from the print menu. 4.9% total.

November 7, 2022
4:00 pm
c
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mustang said
Yes, I opened a no fee checking account for precisely this purpose-- i.e., to be able to get the money out when the promo expires  

If you recently opened a no-fee checking acct with HSBC do you have the name of that account handy? I was just on a chat with an HSBC rep regarding their options for checking accounts but was told they don't have a no-fee option. Thanks in advance.

November 7, 2022
5:30 pm
mustang
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It shows on the website as "Performance Statement"
They sent me free checks as well
Perhaps only available to seniors?

November 7, 2022
6:25 pm
Norman1
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Free cheques are part of the Performance Chequing Unlimited account. That account is only free for customers age 60 or over. Otherwise, there is a monthly fee of $14.95.

November 7, 2022
6:41 pm
can
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Norman1 said
Free cheques are part of the Performance Chequing Unlimited account. That account is only free for customers age 60 or over. Otherwise, there is a monthly fee of $14.95.  

Thanks Mustang and Norman1 for confirming, much appreciated.

November 7, 2022
6:55 pm
mordko
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Norman1 said
Free cheques are part of the Performance Chequing Unlimited account. That account is only free for customers age 60 or over. Otherwise, there is a monthly fee of $14.95.  

You also get free cheques with HSBC Premier. You need to have $100K in savings or investments at HSBC to get it free. Or $6500 monthly income. No age constraints.

November 7, 2022
7:23 pm
savemoresaveoften
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anyone rec their first round of bonus interest yet ?

November 7, 2022
8:45 pm
mustang
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I won't see mine until the 18th, when they issue statement
I guess it coincides with date account opened
I've been trying to monitor interest based on the accrued interest shown on the website. Haven't done well figuring that out yet

November 7, 2022
9:09 pm
HermanH
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I have been tracking according to the accrued interest and it has been off 2 cents, probably due to rounding differences. Otherwise, I am seeing 1.4% annualized interest as a daily increase. I can only keep my fingers crossed for the additional 3.5% bonus interest.

November 7, 2022
9:25 pm
InterestThis
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The accrued interest is the 1.4%.
Just ask your total rate from the live-chat when signed in. They confirmed its a total of 4.9%, its in writing, and its saved.

November 8, 2022
4:58 am
savemoresaveoften
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The interest calculation is unnecessarily complicated due to:

Reg interest is based on your account cycle date, so for example, mine has reg interest to Nov 3rd, entry posted Nov 4th.

Bonus interest is finally posted with posting date Nov7, but no mention of the cutoff date is Nov6 or ? I assume it sb Nov6.

It does looks like the whole amount is at the higher rate as long as its above $25k, as the wording suggests the same.

At 4.9% until Jan, a no brainer place to park cash and wait. Especially for those that are not loved by Tangerine and no 4.75% promo.

November 8, 2022
6:11 am
COIN
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"It does looks like the whole amount is at the higher rate as long as its above $25k, as the wording suggests the same."

So, 4.90% on the full balance as long as the full balance is greater than $25,000?

November 8, 2022
11:18 am
HermanH
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COIN said
"It does looks like the whole amount is at the higher rate as long as its above $25k, as the wording suggests the same."

So, 4.90% on the full balance as long as the full balance is greater than $25,000?  

I believe that is how my account is being calculated.

November 8, 2022
11:33 am
savemoresaveoften
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COIN said
"It does looks like the whole amount is at the higher rate as long as its above $25k, as the wording suggests the same."

So, 4.90% on the full balance as long as the full balance is greater than $25,000?  

99.99% yes.

Just put in an amount a lot more than $25k so it wont make much difference one way or the other 🙂

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