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HSBC High Interest Savings Bonus Rate of up to 6.35% till January 12, 2024
October 19, 2023
7:44 am
kesa
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COIN said
"In my view, "backing things up" doesn't just mean another computer (although that's a good idea); it means an extra medium."

I back up critical info using a computer that is never connected to the Internet. My only concern is that the harddrive might "blow up" one day and I lose the stored data.  

And I use the cloud to store my critical info.

October 19, 2023
8:03 am
InterestThis
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You can transfer in/out of HSBC using Tangerine for free, I just did it.
But only 3 free withdrawals a month.

Here is a review just posted.
https://www.savvynewcanadians.com/hsbc-high-rate-savings-account

October 19, 2023
8:12 am
kesa
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InterestThis said
You can transfer in/out of HSBC using Tangerine for free, I just did it.
But only 3 free withdrawals a month.

Here is a review just posted.
https://www.savvynewcanadians.com/hsbc-high-rate-savings-account  

new deposits, not necessarily new clients though?

October 19, 2023
8:22 am
InterestThis
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kesa said

new deposits, not necessarily new clients though?  

I don't understand the question!

October 19, 2023
10:24 am
HermanH
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The Rock said

How did you achieve this? By check? Electronically?  

I had eLinks from Tang and EQ and moved them electronically.

October 19, 2023
1:15 pm
The Rock
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HermanH said
I had eLinks from Tang and EQ and moved them electronically.  

Do the eLinks restrict how much you're able to pull out of HSBC per transaction or per day?

October 19, 2023
6:56 pm
HermanH
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I did not encounter any such restriction on amounts.

October 20, 2023
5:05 am
RetirEd
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I keep all my financial information on a computer with no connections to anything else - not other local computers, not the internet. All my data is copied to a floppy (the last 10 years fit on one) and then to an external disk (35+years) when I exit the spreadsheet.

External disks are easily saved in a disaster and are not vulnerable to most hacking attempts (if only mounted when off-line), and can't be snooped by repair/service techs. (Referencing CBC MARKETPLACE's dismal results privacy-testing repaired computers.) Why didn't anyone tell Hunter Biden?

Cloud? Are you serious? Everything goes over the internet and then gets stored... er... nobody knows where!

RetirEd

October 20, 2023
6:01 am
savemoresaveoften
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RetirEd said
I keep all my financial information on a computer with no connections to anything else - not other local computers, not the internet. All my data is copied to a floppy (the last 10 years fit on one) and then to an external disk (35+years) when I exit the spreadsheet.

External disks are easily saved in a disaster and are not vulnerable to most hacking attempts (if only mounted when off-line), and can't be snooped by repair/service techs. (Referencing CBC MARKETPLACE's dismal results privacy-testing repaired computers.) Why didn't anyone tell Hunter Biden?

Cloud? Are you serious? Everything goes over the internet and then gets stored... er... nobody knows where!  

FLOPPY !!

October 20, 2023
9:00 am
Technical Analyst
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RetirEd said
All my data is copied to a floppy (the last 10 years fit on one)

Dang, now I want a FDD! I'll have to see if I can get an external one. FYI, I'm still using a PS/2 keyboard on my AMD 5900x 12 core system. 🙂

I registered just to reply that, although I have been snooping on the forum for several years so it's about time anyways.

FDD

Huh... $40 bucks... can you still get HD Floppies?

October 20, 2023
9:46 am
savemoresaveoften
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RetirEd said
I keep all my financial information on a computer with no connections to anything else - not other local computers, not the internet. All my data is copied to a floppy (the last 10 years fit on one) and then to an external disk (35+years) when I exit the spreadsheet.

External disks are easily saved in a disaster and are not vulnerable to most hacking attempts (if only mounted when off-line), and can't be snooped by repair/service techs. (Referencing CBC MARKETPLACE's dismal results privacy-testing repaired computers.) Why didn't anyone tell Hunter Biden?

Cloud? Are you serious? Everything goes over the internet and then gets stored... er... nobody knows where!  

where is ur bunker ? 🙂

October 20, 2023
9:48 am
althisa
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Bringing the conversation back to HSBC and interest rates ...
"Poilievre pointed out that some mortgage rates are currently lower at HSBC Canada than they are at RBC for the same product."
https://www.bnnbloomberg.ca/poilievre-says-freeland-should-block-rbc-hsbc-canada-takeover-1.1987346

It is not clear how HSBC can offer the highest savings rate account, and the lowest mortgage rate. It seems to be the opposite of other FIs.

Maybe a banker out here can explain
Is it because HSBC being a large global bank, the rates for savings accts and mortgages in Canada is a small drop in the bucket compared to their global operations, so they can use either/both as loss leaders?

October 20, 2023
9:52 am
kesa
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althisa said
Bring the conversation back to HSBC and interest rates ...
"Poilievre pointed out that some mortgage rates are currently lower at HSBC Canada than they are at RBC for the same product."
https://www.bnnbloomberg.ca/poilievre-says-freeland-should-block-rbc-hsbc-canada-takeover-1.1987346

It is not clear how HSBC can offer the highest savings rate account, and the lowest mortgage rate. It seems to be the opposite of other FIs.

Maybe a banker out here can explain
Is it because HSBC being a large global bank, the rates for savings accts and mortgages in Canada is a small drop in the bucket compared to their global operations, so they can use either/both as loss leaders?  

HSBC is simply more competitive. The RBC takeover is a major loss to competitive banking.

October 20, 2023
9:55 am
Wrayzor
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HD Floppies on Amazon: $40 for 10 disks. Or better value, 100 for $281, to store a millennium's worth of financial information.

I still have a few dozen (at least) disks stashed somewhere. With no reader. I think I also have a tape drive and the backup tapes as well.

Time to clean house, I suppose.

Sorry for extending the off-topic part of this thread.

October 20, 2023
6:40 pm
LK
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Goldtooth said
Can you move money to HSBC by writing a check from your other bank?  

I do this. I write a cheque payable to myself and put my HSBC account number on the back. Then I use the HSBC app to do the deposit by taking a photo of front and back of cheque. Clears in about 2 business days. Easy - once you have an HSBC account, have the app configured, etc.

October 21, 2023
11:11 am
kesa
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HermanH said
I pushed/pulled from Tang. HSBC has no online eTransfer capability.  

This worked well, next day funds were in. Thank you. Not to mention funds are immediately available.

October 21, 2023
11:16 am
InterestThis
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That's right, one day to push the money from Tang. But I think there is a hold when its pulled out, don't recall how long.

October 21, 2023
5:27 pm
Norman1
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althisa said

It is not clear how HSBC can offer the highest savings rate account, and the lowest mortgage rate. It seems to be the opposite of other FIs.

Maybe a banker out here can explain
Is it because HSBC being a large global bank, the rates for savings accts and mortgages in Canada is a small drop in the bucket compared to their global operations, so they can use either/both as loss leaders?

One Globe & Mail commenter to Pierre Poilievre urges Chrystia Freeland to reject proposed RBC takeover of HSBC Canada provided this explanation:

Up4it (2 days ago)
Yes, they [HSBC] advertised their low rates quite a bit, but the truth of the matter is very few customers actually qualified fit those low rates. It was well know across the mortgage industry

Supposedly, that's why HSBC mortgage market share is only 1.7% with their lower rates.

October 21, 2023
5:37 pm
mordko
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When we had a mortgage, it was with HSBC. 13 years. It was really, really good. Good rate, but also very flexible. Once we took a break. Generally we overpaid. And when we repaid it all in 2017, the penalty was tiny. Surprised me.

In 2004, when we first came to Canada, I approached RBC and TD first. They kinda rejected us. By that I mean that they demanded a large no interest deposit to even give a credit card. And Scotia didn’t want us at all because I came on a work permit. I had a good job and decent net worth but no Canadian credit history. HSBC treated us very well. Premier status and all. They wanted my business and provided great service. I have tried other Canadian banks since but still use and prefer HSBC for everyday banking. Better value.

Would be a real shame to lose them. We already have an oligopoly. Even if market share is low, HSBC has an impact by pushing everyone else. A bit of meaningful competition rather than anti-competitive practices used by the big four.

I know; its off topic.

October 22, 2023
12:14 pm
Nirvana7734
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kesa said

nope, HSBC=PITA  

Yes, I can also confirm that dealing with HSBC is a pain in the ass. Nevertheless, the hassle will be worth my while to take the 6.35%.

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