HSBC High Interest Savings Bonus Rate of up to 6.35% till January 12, 2024 | 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 High Interest Savings Bonus Rate of up to 6.35% till January 12, 2024
October 16, 2023
1:35 pm
boboyisha
Newbie
Members
Forum Posts: 2
Member Since:
October 16, 2023
sp_UserOfflineSmall Offline

I Bank with HSBC and noticed that they are offering bonus rates of up to 6.35% on their high interest savings accounts up till January 12, 2024.

https://www.hsbc.ca/savings-accounts/savings-offer/

October 16, 2023
3:24 pm
James
Member
Members
Forum Posts: 188
Member Since:
January 30, 2009
sp_UserOfflineSmall Offline

In the offer terms it looks like you need to have over $25,000 deposited for the 6.35%. Otherwise you get 5.85%.

boboyisha said
I Bank with HSBC and noticed that they are offering bonus rates of up to 6.35% on their high interest savings accounts up till January 12, 2024.

https://www.hsbc.ca/savings-accounts/savings-offer/  

October 16, 2023
3:31 pm
LK
British Columbia, Canada
Member
Members
Forum Posts: 194
Member Since:
July 9, 2020
sp_UserOfflineSmall Offline

At least both the regular and bonus interest are paid monthly (separately).

Fine print: https://www.hsbc.ca/content/dam/hsbc/ca/docs/pdf/hsbc-hrsa-new-deposits-offer-en.pdf

HOW BONUS INTEREST WILL BE PAID
1. Bonus interest is earned on New Deposits of up to CAD 1,000,000 in your HRSA at the annual rate of 4.50% during the promotion Period. Bonus interest is calculated daily on the daily closing balance of New Deposits and is paid monthly.
2. Bonus interest will be earned on New Deposits of up to CAD 1,000,000 in your HRSA, in addition to regular interest. The sum of regular interest and bonus interest will determine the total interest payable during the promotion period on New Deposits.
3. Bonus interest will be shown separately from your regular interest on your statements.

October 16, 2023
3:36 pm
Patch002
Member
Members
Forum Posts: 79
Member Since:
October 27, 2018
sp_UserOfflineSmall Offline

James said
In the offer terms it looks like you need to have over $25,000 deposited for the 6.35%. Otherwise you get 5.85%.

  

Yes, up to $24,999 it's 5.85%

for the incremental above 24,999, it is 6.35%

(Still sticking to Tang.'s 6% (for now)) Any big 6 and HSBC offer should be examined carefully. They didn't get to be so large by giving away too much.

October 16, 2023
3:54 pm
COIN
Member
Members
Forum Posts: 1107
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

Patch002 said

Yes, up to $24,999 it's 5.85%

for the incremental above 24,999, it is 6.35%

 

Sounds like there are TWO tiers

5.85% on first $24,999
6.35% on the excess

October 16, 2023
3:59 pm
TINAisOver
The Six
Member
Members
Forum Posts: 69
Member Since:
August 14, 2023
sp_UserOfflineSmall Offline

HSBC is also offering a competitive 2 year GIC for registered and non registered accounts. Looks like offer started OCT. 14th and appears to be a standard offer. Also a decent 3 year.

2-year term at 5.85% per year*
3-year term at 5.50% per year*

https://www.hsbc.ca/investments/gic/campaign-offer/q1/

For myself, I don't currently have a HSBC account . I have had my fill of FIs' and willing to take some off the top to stay consolidated with my current basket of FIs

Trader first, Saver second

October 16, 2023
7:35 pm
InterestThis
Member
Members
Forum Posts: 264
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

Previously with HSBC, once you cross the 25K, the entire balance gets the higher rate.

October 16, 2023
7:57 pm
mordko
Member
Members
Forum Posts: 778
Member Since:
April 27, 2017
sp_UserOfflineSmall Offline

LoL. I had a decent amount of money going through HSBC on Oct 13th. Oh, well… Will have to stick with just 6% at Tangerine.

October 16, 2023
8:52 pm
James
Member
Members
Forum Posts: 188
Member Since:
January 30, 2009
sp_UserOfflineSmall Offline

The rep today confirmed that this is the case (6.35% applies to entire balance once you hit $25,000) but you can’t withdraw and re-deposit. Also despite saying that it is for existing customers, there are lots of exclusions (must be “new funds”).

Do your own due diligence though and get it in writing if you’re taking the offer. Terms aren’t clear to me.

InterestThis said
Previously with HSBC, once you cross the 25K, the entire balance gets the higher rate.  

October 17, 2023
1:06 am
HermanH
Member
Members
Forum Posts: 1152
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

COIN said

Patch002 said

Yes, up to $24,999 it's 5.85%

for the incremental above 24,999, it is 6.35% 

Sounds like there are TWO tiers

5.85% on first $24,999
6.35% on the excess  

It certainly sounds that way, but their last offer was the max rate over the entire amount and not a two-tier calculation.

October 17, 2023
5:20 am
davidgeorge
Member
Members
Forum Posts: 293
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

So, if I deposit $40,000 new money,

(1) I get 5.85% for $24,999 and 6.35% for $15,001
OR
(2) I get 6.35% for entire $40,000

(1) or (2)?

October 17, 2023
6:21 am
kesa
Member
Members
Forum Posts: 195
Member Since:
February 14, 2023
sp_UserOfflineSmall Offline

https://www.hsbc.ca/content/dam/hsbc/ca/docs/pdf/hsbc-hrsa-new-deposits-offer-en.pdf

Looks like 2 tier.

Still, on a 100k deposit the blended rate is ~6.22% and worth the move IMO.

October 17, 2023
8:02 am
InterestThis
Member
Members
Forum Posts: 264
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

Last time, when over the limit, you get the higher interest rate on the entire balance.

October 17, 2023
8:41 am
HermanH
Member
Members
Forum Posts: 1152
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

InterestThis said
Last time, when over the limit, you get the higher interest rate on the entire balance.  

Same here

October 17, 2023
9:07 am
AndreyG
Member
Members
Forum Posts: 54
Member Since:
April 9, 2019
sp_UserOfflineSmall Offline

Is this 6.35% offer applicable to small business corporate accounts or individual accounts only?

October 17, 2023
9:19 am
The Rock
Member
Members
Forum Posts: 98
Member Since:
December 22, 2022
sp_UserOfflineSmall Offline

boboyisha said
I Bank with HSBC and noticed that they are offering bonus rates of up to 6.35% on their high interest savings accounts up till January 12, 2024.

https://www.hsbc.ca/savings-accounts/savings-offer/  

Do they make it easy to move large sums of money around from one FI to another?

October 17, 2023
9:51 am
kesa
Member
Members
Forum Posts: 195
Member Since:
February 14, 2023
sp_UserOfflineSmall Offline

The Rock said

Do they make it easy to move large sums of money around from one FI to another?  

nope, HSBC=PITA

October 17, 2023
11:01 am
The Rock
Member
Members
Forum Posts: 98
Member Since:
December 22, 2022
sp_UserOfflineSmall Offline

kesa said

nope, HSBC=PITA  

I checked their online customer reviews and couldn't find one positive review, so I decided to pass.

October 17, 2023
11:04 am
InterestThis
Member
Members
Forum Posts: 264
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

Tangerine links to HSBC and it works normally, but have to get the account numbers formatted correctly.

October 17, 2023
11:07 am
HermanH
Member
Members
Forum Posts: 1152
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

I have not had any problem moving large amounts to or from HSBC.

No permission to create posts

Please write your comments in the forum.