HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%) | Page 5 | HSBC | Discussion forum

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HRSA new deposit promo tier1 @4.40%, tier2 @4.90% (was 4.25% and 4.75%)
November 8, 2022
1:37 pm
davidgeorge
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I tried to link my newly opened HSBC savings account from my Tangerine account over the weekend. The two micro-deposits haven't arrived at my HSBC account as of now. How many days do I need to see the two micro-deposits on my HSBC account? Thanks.

November 8, 2022
2:25 pm
InterestThis
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at least 24-48 hrs on business days.
Be sure to enter the account number as presented in the Direct Deposit, otherwise the transfer will get bounced out. Mine is now working from Tang both ways.

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 8, 2022
6:18 pm
davidgeorge
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Thanks. It's been 48 hours on business days. Hope I will see the two deposits tomorrow.

November 10, 2022
6:49 pm
InterestThis
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Looks like they are now adding the 4.9% interest in, Credit interest accrued?
Edit: actually not, looks like the banking long weekend.

November 10, 2022
8:13 pm
HermanH
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Yes, they calculate the entire weekend amount and include it early. Handy, if you plan on moving funds at the crack of dawn, Monday. sf-smile

November 10, 2022
8:30 pm
InterestThis
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But I don't see that interest in the account, its just in the accrued interest note?

It threw me off, as the total interest will be 3.5 x the 1.4% rate. (4.9%).
Since I just opened it, it looked like the 4.9%, but it was just the 1.4% for 3 days.
It sure is nice to see those funds accumulate.
If banks wanted more deposits, they should show the real accrued total interest daily, that would make people want to deposit more.
Just imagine how a bank feels when it gets 22.99% from a credit card.

November 10, 2022
8:46 pm
InterestThis
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Amazing how banks calculate debt interest by compounding daily.
But bonus interest, like this one, and Simplii, are paid later.
So for every 10 million in bonus interest they delay paying, they hold about $1230 per day. Hold that for 90 days, that adds up.
If they collect daily compound interest on debt, they should be forced to pay daily compound interest as well. Have never seen anyone pay that.

November 10, 2022
8:48 pm
HermanH
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I saw three days of 1.4% interest added to my Accrued Interest display. They added the Friday, Saturday, and Sunday interest at the same time.

I am only a bit anxious for the remaining 3.5% promo interest. I've had HSBC accounts before, and they do have two separate entries for promo and regular interest paid. Also, they publicly state that existing and new accounts are both treated equally. This is unlike the shady treatment offered by Simplii. Had I trusted the Simplii CSR to open a new HISA in expectation of Simplii's 5% bonus promo, I would have lost out on $7500+ and not even known it for months. Phew, dodged THAT bullet.

November 10, 2022
9:03 pm
InterestThis
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Well, I have it in writing several times that HSBC is paying 4.9%, so they have to pay that.
I have a chunk owing from Simplii next week, there better be no hanky-panky with their rates, which they raised to 4.75% previously. For sure Simplii does not put things in writing much, to try to avoid accountability. Simplii awful. But that is how they roll.

November 14, 2022
8:03 pm
Lodown
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confirmed. HSBC interest rate pans out at 4.9%.

November 16, 2022
9:22 am
mustang
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I noted that they posted the 1.4% accrual to my account today-- but nothing extra
I asked for an explanation via chat
Was told that the bonus interest would be paid by the end of the month, or Dec 1
Sounded exceedingly vague. I thought they should be able to tell me precisely
(Not to mention that this makes no sense at all to me-- I understand a separate posting for the bonus, but apparently on a totally separate cycle?
By the end of the chat, I confessed to total confusion. Basically told me not to worry so much, it would all come out fine

November 16, 2022
9:26 am
JohnnyCash
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mustang said
I noted that they posted the 1.4% accrual to my account today-- but nothing extra
I asked for an explanation via chat
Was told that the bonus interest would be paid by the end of the month, or Dec 1
Sounded exceedingly vague. I thought they should be able to tell me precisely
(Not to mention that this makes no sense at all to me-- I understand a separate posting for the bonus, but apparently on a totally separate cycle?
By the end of the chat, I confessed to total confusion. Basically told me not to worry so much, it would all come out fine  

Patience Grasshopper, bonus interest is usually paid the next business day. If the interest payments fall on a weekend, they both get paid the next business day.

November 16, 2022
9:32 am
HermanH
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I checked my old HSBC statements and the bonus interest is paid one day later. I, too, am anxious to have it confirmed. I received my normal interest yesterday.

November 16, 2022
10:27 am
mustang
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HermanH said
I checked my old HSBC statements and the bonus interest is paid one day later. I, too, am anxious to have it confirmed. I received my normal interest yesterday.  

It will be great if we both get our bonus interest tomorrow, HH-- in spite of what I was told this morning.
I'm afraid I left that chat wondering if the person on the other hand knew anything at all

November 16, 2022
1:56 pm
InterestThis
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I have noticed that HSBC post transactions the end of business day EDT? So it might come after 5pm today, for those who got the 1.4% yesterday.

November 16, 2022
5:45 pm
InterestThis
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Yep, bonus interest is paid on the next day, total of 4.9% confirmed.

November 16, 2022
6:02 pm
LK
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Has anyone inquired as to whether the interest (regular and bonus) is considered a 'new deposit'? Am contemplating transferring out my interest if not, as it would only earn the regular interest rate.

I don't put it past any FI to parse the interest being an 'accrual' on the new deposits I made rather than a new deposit generally.

Regular Interest Rate (%)* (paid on the entire HRSA balance)
Bonus Interest Rate (%)* (paid on New Deposits only)

November 16, 2022
6:17 pm
HermanH
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I think that interest is compounded.

I received my bonus interest, today. I have withdrawn some funds, but the 'Credit Interest Accrued' seems to be calculating on the entire balance (including the interest I just received.) Therefore, I can say, with a high degree of confidence, that the interest paid is then compounded.

November 16, 2022
7:08 pm
mordko
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This calls for a poem. Perhaps something about a boy who is in love with a girl. She says “yes” to a prom dance but he suspects she is just teasing him and will dance with someone else when time comes. He literally can’t believe his luck. On the day not only does she dance with him like promised but things get even better when she compounds the dance and kisses the boy… Or something to this effect.

November 16, 2022
7:20 pm
COIN
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LK said
Has anyone inquired as to whether the interest (regular and bonus) is considered a 'new deposit'?

Regular Interest Rate (%)* (paid on the entire HRSA balance)
Bonus Interest Rate (%)* (paid on New Deposits only)  

The problem is that whoever you ask probably won't understand the question.

Logically, the interest is definitely new money. It is money you never had before. But, who knows how HSBC treat the interest.

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