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HSBC High Interest Savings Bonus Rate of up to 6.35% till January 12, 2024
October 22, 2023
5:14 pm
COIN
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Nirvana7734 said

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%.  

I just go to my local ATM and deposit a cheque directly to my savings account. Where's the PITA?

October 22, 2023
5:55 pm
Loonie
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I have also found HSBC difficult to deal with,
BUT it won't get any better under RBC.
Remember Ally Bank, RIP?

October 22, 2023
10:38 pm
HermanH
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Nirvana7734 said

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%.  

Same here, but I'll put up with it for a couple of months.

October 23, 2023
10:22 am
COIN
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Loonie said
I have also found HSBC difficult to deal with,
BUT it won't get any better under RBC.
Remember Ally Bank, RIP?  

RBC doesn't really have good promotions and when they do it is really weird.

October 24, 2023
3:46 am
RetirEd
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Dang, I miss Ally. No rate teasing, daily compound interest, monthly payout and they answered the phone on the first ring every time.

RetirEd

October 24, 2023
5:23 am
JohnnyCash
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RetirEd said
Dang, I miss Ally. No rate teasing, daily compound interest, monthly payout and they answered the phone on the first ring every time.  

You know when they say, ' too good to be true ' , there's a reason.

October 25, 2023
5:41 am
savemoresaveoften
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Anyone try to link Tangerine to HSBC recently ? Twice it happened that the 2 micro deposits went thru succesfully and says link completed. But when I try to do an actual transfer, both times it failed.
Long story short, i recd a total of 4 micro deposits at HSBC (2 verification attempts), account was linked successfully twice. Yet real transfer failed and was reversed twice.
It is almost like Tangerine is trying to prevent me to transfer from them over to HSBC for the 6.35%....

October 25, 2023
5:50 am
COIN
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savemoresaveoften said
Anyone try to link Tangerine to HSBC recently ? Twice it happened that the 2 micro deposits went thru succesfully and says link completed. But when I try to do an actual transfer, both times it failed.
Long story short, i recd a total of 4 micro deposits at HSBC (2 verification attempts), account was linked successfully twice. Yet real transfer failed and was reversed twice.
It is almost like Tangerine is trying to prevent me to transfer from them over to HSBC for the 6.35%....  

Just write a cheque on your Tang chequing account and deposit the cheque to your HSBC HRSA.

October 25, 2023
6:36 am
kesa
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savemoresaveoften said
Anyone try to link Tangerine to HSBC recently ? Twice it happened that the 2 micro deposits went thru succesfully and says link completed. But when I try to do an actual transfer, both times it failed.
Long story short, i recd a total of 4 micro deposits at HSBC (2 verification attempts), account was linked successfully twice. Yet real transfer failed and was reversed twice.
It is almost like Tangerine is trying to prevent me to transfer from them over to HSBC for the 6.35%....  

yes, I did this the past week using void cheque data, do not include 3 pre account numbers

October 25, 2023
6:49 am
The Rock
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JohnnyCash said

You know when they say, ' too good to be true ' , there's a reason.  

Did you use a 9 digit account number or a 12 digit? For the transfers to go through you need to use the 9 digit account number by omitting the first three digits of the 12 digit account number. The first three digits are part of the bank transit number.

October 25, 2023
9:42 am
HermanH
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savemoresaveoften said
Anyone try to link Tangerine to HSBC recently ? Twice it happened that the 2 micro deposits went thru succesfully and says link completed. But when I try to do an actual transfer, both times it failed.

I just made the exact same link last week with no problem. Sorry to hear that you are having problems.

October 25, 2023
12:58 pm
InterestThis
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To link to Tangerine, be sure to use the numbers from the HSBC void blank cheque.
https://www.highinterestsavings.ca/forum/hsbc/hrsa-new-deposit-promo-tier1-4-25-tier2-4-75/page-6/#p80186

October 25, 2023
3:44 pm
anita555
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The way I understand it is as follows.

bonus interest is on new money, not old money.

If your balance is above 25,000, you are in the second tier, and would be getting the 6.35% which includes the bonus, on the new money.

If your balance is below 25,000, you are in the first tier and would be getting the lower rate plus the bonus, on the new money.

October 29, 2023
10:30 am
Alexandra
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I am a senior with accounts at many institutions. I have been trying to eliminate some of them simply for ease of banking and keeping records of everything.

Is it worth opening a HSBC account? Their rates seem to be so good. It is tempting to yet open another account.

Anyone know how long and detailed the entire registration with them is?

Appreciate your responses.

October 29, 2023
11:23 am
HermanH
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I had accounts with them, closed them, and re-opened a HISA for the good rate. Be very careful on what / which account you select. They try to trick you to keeping accounts open that you may not need.

For example, some promos require you to maintain an account for one year after the promo pays. That means you must either keep large funds at the bank in order to qualify for free account or else pay high monthly acct fees.

In my case, I came for a promo, moved large amounts, got the promo paid out to me, and then tried to move the funds out only find that they were essentially 'frozen'/locked in HSBC because removal would drop me below the level required for waiver of fees. I opened a Premier acct because it was recommended and the funds qualified me. However, I could not get out of it without significant penalties. In the end, I kept the funds at HSBC for another year and the HSBC promos were equal to the interest I missed, had I been able to move the funds elsewhere for better promos. So, be verry, verrry careful to read all the fine print.

When I returned for HSBC's latest promo, they tried the same scam to get me to open a Premier acct. I refused and selected the free HISA and nothing else. I am limited to 3 trans / month and that is sufficient.

October 29, 2023
3:43 pm
savemoresaveoften
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The Rock said

Did you use a 9 digit account number or a 12 digit? For the transfers to go through you need to use the 9 digit account number by omitting the first three digits of the 12 digit account number. The first three digits are part of the bank transit number.  

Thank you to the Rock and Kesa for the tip re account number.
Sounds like micro deposit works does not mean actual transfer will work, which is super lame as the micro deposit is supposed to verify the account info inputted are correct.
To make matters worse, it somehow also mess up my FI link that has been there for years too. Supervisor says IT has to fix it all and take 2-3 biz days. What a pile of mess.

October 30, 2023
9:35 am
Alexandra
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HermanH said
I had accounts with them, closed them, and re-opened a HISA for the good rate. Be very careful on what / which account you select. They try to trick you to keeping accounts open that you may not need.

For example, some promos require you to maintain an account for one year after the promo pays. That means you must either keep large funds at the bank in order to qualify for free account or else pay high monthly acct fees.

In my case, I came for a promo, moved large amounts, got the promo paid out to me, and then tried to move the funds out only find that they were essentially 'frozen'/locked in HSBC because removal would drop me below the level required for waiver of fees. I opened a Premier acct because it was recommended and the funds qualified me. However, I could not get out of it without significant penalties. In the end, I kept the funds at HSBC for another year and the HSBC promos were equal to the interest I missed, had I been able to move the funds elsewhere for better promos. So, be verry, verrry careful to read all the fine print.

When I returned for HSBC's latest promo, they tried the same scam to get me to open a Premier acct. I refused and selected the free HISA and nothing else. I am limited to 3 trans / month and that is sufficient.  

Thanks Herman. I'm not going to bother with opening an account with them. Looks like too much hassle and as I said trying to eliminate some institutions to make life a little easier. I can always go with GIC direct to get GIC's in the 6% range at a later date if need be. I appreciate all your helpful posts.

October 31, 2023
4:59 am
The Rock
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Does anyone know what the HSBC limit is for amounts pulled from Tangerine?

November 2, 2023
2:34 pm
InterestThis
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Can pull at least 45K from Tang to HSBC per transaction

November 2, 2023
2:38 pm
The Rock
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InterestThis said
Can pull at least 45K from Tang to HSBC per transaction  

I tried to pull $100k today. Waiting to see if it goes through.

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