HSBC Direct Savings Name Change -> HSBC Advance Savings | 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

sp_Feed Topic RSS sp_TopicIcon
HSBC Direct Savings Name Change -> HSBC Advance Savings
November 7, 2009
1:58 pm
djino
Ottawa (Gatineau, Qc Area)
Member
Members
Forum Posts: 310
Member Since:
December 12, 2008
sp_UserOfflineSmall Offline

Saw this email within my HSBC online inbox

Effective December 7 2009, the Direct Savings Account / Direct Tax-Free Savings Account will be changed to Advance Savings Account / Advance Tax-Free Savings Account.

The account name change will not affect banking activities in any way. The features and benefits with the Direct Savings Account / Direct Tax-Free Savings Account will remain unchanged. Future enhancements are in development and will be cmmunicated at a later date.

Please refer to the Personal Service Charges brochure available online for details of the current account charges. After the name change, these details can be found under the heading "HSBC Advance Savings Account / HSBC Advance Tax-Free Savings Account.

djino

December 8, 2009
10:59 am
mike
Member
Members
Forum Posts: 161
Member Since:
March 25, 2009
sp_UserOfflineSmall Offline

I just ready today (on here) that HSBC is now paying
"High Rate Savings 0.65%"

But, I do not think (or hope) this is accurate. I logged in to my HSBC Direct Account (now called "HSBC ADVANCE SAVINGS") and could not find a posted interest rate.

HSBC states:

"Effective December 7 2009, the Direct Savings Account® and the Direct Tax-Free Savings Account (TFSA) will be changed to Advance Savings Account and Advance Tax-Free Savings Account.

The account name change will not affect banking activities in any way. The features and benefits and account fees with the Direct Savings Account / Direct Tax-Free Savings Account will remain unchanged."

Unchanged should still mean the .80% interest rate, not a lower rate.

I've written HSBC to enquire.

Mike

Have a great day

December 8, 2009
11:01 am
mike
Member
Members
Forum Posts: 161
Member Since:
March 25, 2009
sp_UserOfflineSmall Offline

I also got this notice as well in my account:

"
Changes to Personal accounts and services effective November 23, 2009
Reduction in Transaction fees for all High Rate Savings Accounts (HRSA) (all currencies)

Effective November 23, 2009, we are reducing the transaction fees for all HRSA accounts as summarized below:

Transfer to Other Fin Institution In Branch Debits Self Serve Transactions*
Current New Current New Current New
High Rate Savings - CAD CAD$5.00 CAD$1.00 CAD$5.00 CAD$1.00 CAD$5.00 CAD$1.00
High Rate Savings - USD US$5.00 US$1.00 US$5.00 US$1.00 US$5.00 US$1.00
High Rate Savings - GBP GBP£2.50 GBP£0.60 GBP£2.50 GBP£0.60 GBP£2.50 GBP£0.60
High Rate Savings - EURO EUR€3.50 EUR€0.75 EUR€3.50 EUR€0.75 EUR€3.50 EUR€0.75

Note: No service charge is applied for transferring between accounts in the same name within HSBC Bank Canada
* Includes Telephone Banking withdrawals, Personal Internet Banking withdrawals, Interac Direct Payments, ATM withdrawals/transfers out and pre-authorized/electronic debits.
If you have any questions, please contact an in-branch representative or call 1-888-310-HSBC (4722).
Thank you for choosing HSBC. "

Have a great day

December 8, 2009
11:04 am
mike
Member
Members
Forum Posts: 161
Member Since:
March 25, 2009
sp_UserOfflineSmall Offline

Ok, I think I found the confusion on my own:

https://www.hsbc.ca/1/2/en/personal/todays-rates/personal-account-rates

HSBC Advance Savings Interest Rates

On the entire of your daily closing balance if the balance is between $0 - $1,000,000.00*

0.80%

NOT the same account as the

Canadian Dollar High Rate Savings Account Interest Rate
which pays .65-.75%

Mike

Have a great day

December 8, 2009
5:08 pm
Peter
Admin
Forum Posts: 1158
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

That chart of theirs is confusing. It's almost as though they're trying to hide the Advance Savings account, especially since http://www.hsbcdirect.ca now leads directly to that page.

December 9, 2009
2:09 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3577
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

hi Peter,

The HSBC Direct Web site was demised effective Dec. 7th, as advertised on HSBC Personal Internet Banking. It now redirects to the Savings Accounts portion of the public hsbc.ca Web site. HSBC's Direct Bank branch (transit 10850) still exists to process account opening requests for accounts opened online; however, it's being more tightly integrated within the rest of the hsbc.ca Web site, at least from the consumer-facing Web site standpoint.

As well, as the Direct Savings Account and Direct TFSA were renamed, also Dec. 7th, HSBC Advance Savings and HSBC Advance TFSA in preparation (currently scheduled for the first quarter of 2010 I believe) for the launch of the HSBC Advance suite of products (more details available at the time of the public launch), the only way for existing HSBC customers to open an HSBC Advance Savings or HSBC Advance TFSA is to logon to HSBC Personal Internet Banking and select "Open Online" as branch staff will not be able to open these account types in-branch.

You are correct, though, that the HSBC Advance Savings and HSBC Advance TFSA posted rates remain at 0.80% as Dec. 8th 2009, the same as their predecessor names.

Hopefully that helps! 🙂

Cheers,
Doug

December 9, 2009
9:13 pm
Prag
Guest
Guests

They probably should have timed the name change with the marketing of the Advance suite of products instead of the Advance savings account having no public marketing or landing page for it until some time in Q1 2010. I mean geez, it's not even listed on the savings account main page. It just causes a whole lot of confusion and missed opportunities to get new customers when things like this occur.

December 12, 2009
3:18 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3577
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Prag,

I can't speak to the timing of the HSBC Advance Savings and HSBC Advance TFSA name change. All I can say is currently these two accounts are treated as "accounts maintained, but no longer sold". The hsbcdirect.ca online channel has been demised and redirected to the Savings Account page of hsbc.ca.

It seems as though the company is making a change in strategic direction in terms of their retail deposit acquisitions.

Once the HSBC Advance products do launch, sometime in Q1, there will be more details available. However, at this point, I'm not quite certain if one will need to qualify for HSBC Advance in order to open a new HSBC Advance Savings or HSBC Advance TFSA or be an existing retail banking customer opening one of those accounts through HSBC Personal Internet Banking (like present) or if they will open the floodgates once again to accepting new-to-bank customers interested in only the HSBC Advance Savings account. I'm sure all of those questions and more will be answered once the product suite launches in Q1.

Cheers,
Doug

January 12, 2010
2:48 pm
Max
Member
Members
Forum Posts: 183
Member Since:
November 26, 2008
sp_UserOfflineSmall Offline

R.I.P. HSBC Direct savings account.

The day you become free is the day you work for fun.

January 12, 2010
9:24 pm
michael
Guest
Guests

I'm disappointed with HSBC and the way they change their accounts.

They've changed account details on me several times. They'll change the account name, and suddenly there are transaction fees for things that were free in the old account. Twice now I've gone into overdraft on an account due to new unexpected fees. Has anyone else had this problem?

I'd recommend looking up and figuring out your current account types and the fees on those accounts, any time before you use an HSBC account. You can find the fee information by clicking the "Chequing and Savings" tab at the top, and then the "HSBC Account Service Charges" at the bottom right.

Or, save yourself the hassle and use another bank.

January 13, 2010
2:52 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3577
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

What type of account did you have, Michael?

I am not aware of any service charges for the HSBC Advance Savings (formerly HSBC Direct Savings Account and, before that, HSBC Online Savings Account). The High Rate Savings fees actually decreased from $5.00 per debit to $1.00 per debit as HSBC eliminated all of its passbook savings, passbook chequing and regular savings accounts.

Cheers,
Doug

Please write your comments in the forum.