HSBC 2.40% to 3.00% on new deposits until September 3, 2019 | Page 2 | HSBC | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
HSBC 2.40% to 3.00% on new deposits until September 3, 2019
May 8, 2019
1:41 am
Loonie
Member
Members
Forum Posts: 5499
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

So, for those of you who accepted this offer, what happened at the end of April? Did you get the interest you expected?

Also, has anyone confirmed that withdrawals are possible by pulling from other FIs such as Hubert, as suggested by Norman?

May 8, 2019
9:47 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 2928
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Just do add, HSBC can be quite challenging to deal with, particularly since they eliminated self-to-self bank-to-bank transfers in summer 2016 or summer 2017, I believe.

For that reason, and the higher promo rate, I'd tend to favour the Manulife Bank offer being discussed in this thread.

If you're a Canadian Tire Bank customer and received a targeted offer, that one is also great.

Cheers,
Doug

May 8, 2019
9:49 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 2928
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Loonie said
So, for those of you who accepted this offer, what happened at the end of April? Did you get the interest you expected?

Also, has anyone confirmed that withdrawals are possible by pulling from other FIs such as Hubert, as suggested b y Norman?  

Yes, as I worked for HSBC, you can definitely pull money externally from HSBC, but that's the only way since they eliminated bank-to-bank transfers in summer 2016 or summer 2017, I believe. They will be treated as a pre-authorized debit from that account, which is a 'chargeable' debit transaction; however, I think their High Rate Savings does offer 3 free debit transactions per month (overlimit $5.00 each).

Cheers,
Doug

May 8, 2019
11:43 am
Slybanking
Member
Members
Forum Posts: 72
Member Since:
July 28, 2016
sp_UserOfflineSmall Offline

Loonie said
So, for those of you who accepted this offer, what happened at the end of April? Did you get the interest you expected?

Also, has anyone confirmed that withdrawals are possible by pulling from other FIs such as Hubert, as suggested by Norman?  

As mention before, I opened a CAD account for that promotion. Waited a couple of days after the end of April and called HSBC cause I did not see any credits for the interest. The rep told me that the date of the credit deposit of the interest vary depending of the client cycle date. In my case it is the 13th of each month, same as my other HSBC account. So lets wait and see.

May 8, 2019
12:32 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 2928
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Slybanking said

As mention before, I opened a CAD account for that promotion. Waited a couple of days after the end of April and called HSBC cause I did not see any credits for the interest. The rep told me that the date of the credit deposit of the interest vary depending of the client cycle date. In my case it is the 13th of each month, same as my other HSBC account. So lets wait and see.  

Yes, that's a good point, Slybanking. HSBC doesn't use an "end of the month" statement date like so many financial institutions do. When I worked there, I actually thought that was more common.

One's statement date is determined by the date on which they open their first account with HSBC. There's probably about 20-25 different possible statement cycle dates. For example, mine was sometime between the 17th and 23rd when I opened my account.

Also, in or around 2011 or 2012, HSBC made it so all new bank accounts were opened under a composite statement. That is, all sole and joint accounts are included as part of a single printed statement or e-Statement. Accounts opened prior to then may receive separate account e-Statements or printed statements, but you can submit a secure message request or telephone the Contact Centre to request you be migrated to a composite statement.

Cheers,
Doug

May 8, 2019
6:31 pm
Loonie
Member
Members
Forum Posts: 5499
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Thanks for the updates.

May 9, 2019
8:33 am
Slybanking
Member
Members
Forum Posts: 72
Member Since:
July 28, 2016
sp_UserOfflineSmall Offline

Thanks for the detailed explanation Doug.

June 3, 2019
9:05 am
Retiredfa
Member
Members
Forum Posts: 9
Member Since:
January 23, 2019
sp_UserOfflineSmall Offline

Contemplating going over the CDIC limit with HSBC Canada. Anyone have perspective on how this bank is run? Reasonable governance, lending, and risk management practises? Well managed with motivated staff?

June 3, 2019
10:17 am
Norman1
Member
Members
Forum Posts: 2514
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

In April 2018, DBRS confirmed HSBC Bank Canada's debt rating of A(high). That's two notches below Bank of Montreal, TD Bank, and Royal Bank of Canada, all three at AA.

Estimated risk is about that of the Province of Nova Scotia, which DBRS also rates as A(high). Estimated risk is higher than that of the Province of Ontario at AA(low).

On the balance, DBRS think fairly well of HSBC Bank Canada:

On an intrinsic basis, HSBC Canada’s local franchise has well established relationships with multinationals, an affluent retail client base and relatively good operating efficiency. These positive attributes are offset by the Bank’s high dividend payout to the Group, the geographic concentration of loans in Western Canada, including high exposure to the real estate and energy sectors and relatively low market shares in retail banking and wealth management.

June 3, 2019
12:40 pm
Retiredfa
Member
Members
Forum Posts: 9
Member Since:
January 23, 2019
sp_UserOfflineSmall Offline

Very helpful, Norman1. Thanks for taking the time to reply!

June 4, 2019
10:58 am
Good
Member
Members
Forum Posts: 57
Member Since:
September 18, 2018
sp_UserOfflineSmall Offline

Stay away from them. Not worth it.You have to keep the chequing account open for 12 months after they give you the 500.00 .

I opened up my current chequing account with them September 2019. Received the bonus of 300.00 in November. So I can not close the account safely tell January 2020. If you close before they take their bonus back.

Also I put in a deposit for their current 3.00% promotion. Did not receive it. Had to call into the Call Centre to ask why. Finally received in on May 21,19

Had to get payroll bonus from CALL CENTRE. Branch promised me I would be receiving it three times. Branch is horrible. Call Centre is excellent from HSBC.

Calgary Crowfoot location.

Would not recommend going near them.

Go to Manulife BANK instead.

June 4, 2019
1:17 pm
Retiredfa
Member
Members
Forum Posts: 9
Member Since:
January 23, 2019
sp_UserOfflineSmall Offline

Thanks for your input, Good. So far my local branch has done what they said they were going to do, and in a timely fashion.

June 4, 2019
5:26 pm
Bud
Member
Members
Forum Posts: 645
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

i dont care if they use horse&buggy i just want the 3%

hsbc is less practical to deal with for example some branches will only sell gics to clients who have a relationship with their particular branch

even travelling in asia they're not necessarily the best to deal with

June 5, 2019
7:01 am
Slybanking
Member
Members
Forum Posts: 72
Member Since:
July 28, 2016
sp_UserOfflineSmall Offline

I can report that beside the fact that it is a bit slow and complicated to deal with HSBC, they've been paying me 3% on my new HISA. Just a reminder, the interests are not post at the end of the month but at a date that could be different for every client.

August 30, 2019
8:13 pm
Bud
Member
Members
Forum Posts: 645
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

hsbc has extended its hisa bonus offer 1.25% this time till end of Nov + regular int. 1.1 so 2.35 yield currently

August 31, 2019
7:48 pm
Slybanking
Member
Members
Forum Posts: 72
Member Since:
July 28, 2016
sp_UserOfflineSmall Offline

dealjunkie said
hsbc has extended its hisa bonus offer 1.25% this time till end of Nov + regular int. 1.1 so 2.35 yield currently  

I could not find anything about the extension. Do you have the link or did you get a target email about the extension.

Thanks

August 31, 2019
8:37 pm
Bud
Member
Members
Forum Posts: 645
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Extended bonus for new and existing funds from previous promo period right. I believe Hsbc assigns a relationship banker to its accounts. For that you may need to sign up for a access card. They had a gic promo last year 3.1 for 15mths keep an eye on them.

Email:
"Earn an Extended Bonus Interest rate of 1.25%*from September 4, 2019 to November 29, 2019 on all New Deposits** made to your Canadian Dollar High Rate Savings Account (HRSA) by September 3, 2019. 

Simply keep the New Deposits you have already made to your HRSA(s) and funds in the account number specified below will automatically earn the Extended Bonus Interest rate. 

You can make additional New Deposits to your HRSA by September 3, 2019 to increase the amount on which you earn the 1.25% Bonus Interest rate. New Deposits not in your HRSA by September 3, 2019 will not qualify for the Extended Bonus Interest rate."

September 1, 2019
7:52 am
Slybanking
Member
Members
Forum Posts: 72
Member Since:
July 28, 2016
sp_UserOfflineSmall Offline

Thanks, I will go to the branch and ask if I can get the extension.

September 2, 2019
7:09 am
pooreva
Member
Members
Forum Posts: 22
Member Since:
April 2, 2018
sp_UserOfflineSmall Offline

This is Chinese money laundering facility. Stay away from it...
Read news, reports and watch documentaries regarding this 'bank' before start flaming me...

September 2, 2019
8:18 am
Bud
Member
Members
Forum Posts: 645
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Hsbc runs its country banking units as separate subsidiaries

No permission to create posts

Please write your comments in the forum.