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HSBC 1.75% for 3 months
September 14, 2021
7:03 pm
miro
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Earn a total annual interest rate of 1.75% on New Deposits in an HSBC Canadian Dollar High Rate Savings Account from September 13, 2021 to December 16, 2021

link

Terms and conditions

September 14, 2021
7:24 pm
Bobbyjet11
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Otherwise, they have brutal everyday rates. Not worth my time to chase this for 6 or 7 weeks of a good rate.

September 14, 2021
7:31 pm
COIN
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It appears that the 1.75% applies from the first new dollar. In the past, they had tiered rates.

September 15, 2021
8:19 am
mordko
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Thanks miro! I have their HISA but had no idea about this promotion. I think they had a very similar one last year.

September 15, 2021
2:24 pm
COIN
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I tried unsuccessfully to-day to find out if the 1.75% only kicks in after you deposit $100,000 or some higher amount. That is how I remember their previous promotions.

Update: Got the HSBC email after I posted the above. Still not 100% clear if the 1.75% starts with the first dollar.

September 15, 2021
3:58 pm
mordko
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Applies to all new money

September 16, 2021
5:47 am
con6450
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COIN said
I tried unsuccessfully to-day to find out if the 1.75% only kicks in after you deposit $100,000 or some higher amount. That is how I remember their previous promotions.

Update: Got the HSBC email after I posted the above. Still not 100% clear if the 1.75% starts with the first dollar.  

From Example 1 in here in terms and conditions it seems to me it applies to every dollar.

September 17, 2021
9:07 am
COIN
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con6450 said

From Example 1 in here in terms and conditions it seems to me it applies to every dollar.  

The HSBC guy got back to me. He said he didn't see a tiered structure like in a couple of previous promotions.

September 17, 2021
9:25 am
HermanH
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I called HSBC and made absolutely clear that my current GIC deposit about to mature would not qualify for the promo rate, because it is not considered new money.

September 17, 2021
12:19 pm
geotabs
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Am I reading the terms wrong?
If you move money to your checking then to your savings that amount wouldn't be eligible for the 1.75 rate? Does it have to be moved straight to the savings?
A bit confusing!

Thanks

September 17, 2021
3:44 pm
HermanH
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I believe they use the Total Balance concept, meaning they combine all the money at HSBC, regardless of the account. New money is any over the current balance.

September 19, 2021
7:10 am
geotabs
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I have confirmed twice by phoning in to clarify, and it is what I thought.
If you move money to your checking account then to savings it's considered not new funds and will not receive the bonus interest, so if you want to transfer funds in the link it to your savings account!
sf-wink

September 19, 2021
7:35 am
COIN
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geotabs said
I have confirmed twice by phoning in to clarify, and it is what I thought.
If you move money to your checking account then to savings it's considered not new funds and will not receive the bonus interest, so if you want to transfer funds in the link it to your savings account!
sf-wink  

This happened to me in a slightly different situation a few years ago. I had to transfer "new" money to my Invest Direct account. There is no way to transfer money directly to the Invest Direct account without going through an HSBC chequing account. Anyway, the branch manager intervened and confirmed that it was indeed "new" money.

September 19, 2021
8:45 am
mordko
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geotabs said
I have confirmed twice by phoning in to clarify, and it is what I thought.
If you move money to your checking account then to savings it's considered not new funds and will not receive the bonus interest, so if you want to transfer funds in the link it to your savings account!
sf-wink  

HSBC People on the other end of the phone don’t know what they are talking about unless its your “Relationship manager”. That’s been my experience. Typically I have to find the relevant clause myself and then they say “Thank you for pointing it out, I did not know”. They are completely useless.

September 21, 2021
3:34 pm
mordko
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Ok, so yesterday I also called HSBC’s phone line. Like experiments. And they also told me that you have to somehow transfer directly into the HISA account without using your HSBC chequing account. I directed them to T&Cs which talk about promotional rate being applied as long as the total in your chequing and saving accounts goes up.

The lady at the other end talked to her supervisor and then said she has to email someone to find out. Today she called back and confirmed that the promotional rate will apply to any new money regardless of whether it passes via chequing account or not.

Their Operators can be relied upon to get it wrong.

September 21, 2021
5:10 pm
COIN
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mordko said
Today she called back and confirmed that the promotional rate will apply to any new money regardless of whether it passes via chequing account or not.

Their Operators can be relied upon to get it wrong.  

It also took me forever to get someone to confirm that there is no tier structure and the 1.75% applies from the first new dollar. Doesn't give me a lot of comfort when there appears to be confusion at the staff level.

September 21, 2021
5:18 pm
mordko
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COIN said

It also took me forever to get someone to confirm that there is no tier structure and the 1.75% applies from the first new dollar. Doesn't give me a lot of comfort when there appears to be confusion at the staff level.  

They have some very attractive products and services. As long as your relationship manager is OK you should be fine.

People on the other end of the phone line… I can only imagine its because they are international, the operators are located across the globe and are looking after several countries. Or just disorganized. Or both.

September 22, 2021
5:25 pm
geotabs
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I was able to link the HSBC Savings account to motive financial with the me to me money transfer and received the 2 test deposits already so will let you know when and if the money does move.

"Ok, so yesterday I also called HSBC’s phone line. Like experiments. And they also told me that you have to somehow transfer directly into the HISA account without using your HSBC chequing account. I directed them to T&Cs which talk about promotional rate being applied as long as the total in your chequing and saving accounts goes up.

The lady at the other end talked to her supervisor and then said she has to email someone to find out. Today she called back and confirmed that the promotional rate will apply to any new money regardless of whether it passes via chequing account or not."

It p!sses me off that I was on hold for 30 plus minutes only to get the wrong information, is there not any training going on at any of these call centers????

September 23, 2021
7:57 am
HISAhopper
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It's been a while with HSBC, i forgot how the electronic fund transfer works.
I only linked the HSBC saving to Tang (one way only) so I assume I can do a pull at HSBC site to move money from Tang to HSBC.

At the end of the promo, can I do a push at HSBC site to move it back to Tang?

Thanks

September 23, 2021
8:19 am
savemoresaveoften
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For me, I decided to use the edeposit method for both deposit and withdrawal. Understand the money will be on hold, but thats not my concern, just need a easy way to move funds back and forth without jumping thru hoops.
At least the advantage accounts include free cheques.

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