HSBC HRSA account new promo 2.35-2.65% (was 2.25-2.40%) Apr 4-Jun 24 | Page 2 | HSBC | Discussion forum

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HSBC HRSA account new promo 2.35-2.65% (was 2.25-2.40%) Apr 4-Jun 24
April 20, 2022
5:34 am
savemoresaveoften
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looks like HSBC bump the rate up to 2.35 and 2.65% respectively.

Makes the Tangerine May promo of 2.2% non competitive....

April 20, 2022
12:17 pm
Nehpets
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What's it like to deal with HSBC for the kinds of issues often discussed on the Forum? Delays in push / pull EFT's, hold on incoming EFT's, linking with external accounts, $ maximums for push / pull EFT's etc...

Stephen

April 21, 2022
6:15 am
savemoresaveoften
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Nehpets said
What's it like to deal with HSBC for the kinds of issues often discussed on the Forum? Delays in push / pull EFT's, hold on incoming EFT's, linking with external accounts, $ maximums for push / pull EFT's etc...

Stephen  

I do check edeposit and no issues so far. Withdrawal has been done thru checks and only EQ somehow declined my check deposit. Other FI accepts it without issue. You can get checks from HSBC for free. You can link to Tangerine as another member mentioned but have not explore the push / pull limit yet. Will do that on Jun 25th 🙂
With only 2months left in this promo, may not be worth the hassle to set up new account now.

April 21, 2022
6:35 am
Nehpets
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savemoresaveoften said
With only 2months left in this promo, may not be worth the hassle to set up new account now.  

Depending on how easy it is to set up..but I've heard conflicting reports about dealings with HSBC which has made me hesitant.

When I inquired about EFT transfers, the CSR said they use Interac, which surprised and disappointed me.

You may be right, if having to work with checks is required, then it's not worth the hassle.

Thanks for the feedback.

Stephen

April 21, 2022
12:47 pm
Loonie
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My experience with them is not recent, at least five years old. At that time I understood their technology to be antiquated.

Some FIs will not accept large cheques by App. DUCA is one of those, for example.

Personally, I wouldn't bother with this offer. Too short duration for what would be involved in set up and closing out. Watch out for a minimum period that may be required to keep account open; used to be 90 days to avoid fee. If DUCA offers enough insurance for your needs, I'd stick with that for now as the difference in rate is small, DUCA now being 2.5%. But if you have the stamina for it, you would probably come out ahead in the end.
There's always another offer coming down the road!

April 21, 2022
2:15 pm
Nehpets
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Loonie said
.... if you have the stamina for it, you would probably come out ahead in the end...  

At this stage of my life.....maybe not. Thanks for the sage advice, Loonie! sf-wink

Stephen

April 21, 2022
3:58 pm
SavingsQs
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I can confirm that if you want to move money in and out electronically via the HSBC side, you only have interac etransfer with limits. 7 k per day. 10k per week. And only 3 free withdrawals out of the HRSA account per month. On the HSBC side, they charge fees for EFTs and you'd be better off just paying 7 bucks for a bank draft in person if you want to move a lot of money out in one shot.

However, in theory, if you link the HSBC account to another account ar a different financial institution that doesn't have limits on online EFT transfers and pull or push money from the other institution, then you aren't limited to HSBC's options, but just be aware only 3 withdrawals are allowed per month. Have not yet set this up to test it, but I read that from another poster.

If you plan to close the account after the promo ends, I'm not aware of any catch. Though I'm not sure why it would be worth the bother of closing the account if you just maintain a bit of activity in or out every 6 months to keep it open...

Just my 2 cents.

April 21, 2022
5:25 pm
JohnnyCash
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My personal experience with the HSBC HRSA has been quite positive and I've never had any issues with the account since opening it in September 2021. Initially I opened the account for a 1.75% promo as I had one ending at Tangerine. I will admit it was a bit of a pain getting it fully open even after successfully signing up online. Received a call shortly after to present myself at the nearest branch to verify my identity, fair enough, just unusual.
I found the functionality of the account great for my needs as I pull and push funds from external accounts and the transactions happen same day both ways on the HSBC side. Monthly interest payment dates are also a bit odd, nevertheless, I've always received the interest in full.

Once the 1.75% promo ended I moved all my funds out and left it dormant intentionally with the expectation that eventually they would run another promo. As fate would have it, I have a Tangerine promo ending soon and along comes another HSBC promo for 2.65%.

I understand that others have had mixed experiences and perceptions of HSBC. For a bricks and mortar bank, they do have good promos, as much as they seem too short in duration.

April 21, 2022
6:23 pm
SavingsQs
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Thanks, JohnnyCash for the info on your experience to date. Much appreciated. I feel better about trying out the promo with them.

April 25, 2022
4:44 am
AllanB
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savemoresaveoften said
looks like HSBC bump the rate up to 2.35 and 2.65% respectively.

Where you see bump not showing https://www.hsbc.ca/savings-accounts/products/high-rate/

Was the rate bumped up to 2.35/2.65 for existing accounts in the 2.2/2.4 promo?

April 25, 2022
5:33 am
savemoresaveoften
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AllanB said

savemoresaveoften said
looks like HSBC bump the rate up to 2.35 and 2.65% respectively.

Where you see bump not showing https://www.hsbc.ca/savings-accounts/products/high-rate/

Was the rate bumped up to 2.35/2.65 for existing accounts in the 2.2/2.4 promo?  

https://www.hsbc.ca/savings-accounts/savings-offer/#offer-detailshsbc-screen-shot.jpg

April 25, 2022
6:35 am
AllanB
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The 2.2/2.4 accounts then will be extended to or rolled over into 2.35/2.65 for over 25k?

April 25, 2022
7:52 am
savemoresaveoften
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AllanB said
The 2.2/2.4 accounts then will be extended to or rolled over into 2.35/2.65 for over 25k?  

This means you can get up to 2.65% total interest rate+ during the promotion period. Promotion runs from April 4, 2022 to June 24, 2022.

Thats cut and paste from their site. So any new deposit from Apr4 onward earns the new rate.

April 25, 2022
10:59 am
HermanH
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savemoresaveoften said Promotion runs from April 4, 2022 to June 24, 2022.

Be careful to read the Terms and Conditions for the new account. Some new accounts will charge you a fee for closure within 6 months. If you only start the account for the Promo rate and it expires on June 24, you may be paying fees until the six month period expires. Or, you will pay penalty for closing early.

Silly traps like this is why I will never again deal with HSBC.

April 25, 2022
11:37 am
smayer97
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Why do you have to close ANY account after a promo?

April 25, 2022
11:48 am
JohnnyCash
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HermanH said

savemoresaveoften said Promotion runs from April 4, 2022 to June 24, 2022.

Be careful to read the Terms and Conditions for the new account. Some new accounts will charge you a fee for closure within 6 months. If you only start the account for the Promo rate and it expires on June 24, you may be paying fees until the six month period expires. Or, you will pay penalty for closing early.

Silly traps like this is why I will never again deal with HSBC.  

There are no silly traps with the HSBC HRSA. It has no monthly fee and can be left open indefinitely with a zero balance until the next promo. If there's a fee it will be a $30 inactivity fee after 2 years which can be avoided by logging in at least once a year.

https://www.hsbc.ca/content/dam/hsbc/ca/global/hsbc-personal-service-charges-statement-of-disclosure-en.pdf

April 25, 2022
12:04 pm
HermanH
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I opened Premier-level accounts to gain promo rate and other offers. Unless you keep $100K at the bank, you were charged $35 / month. And, you had to keep the account open for 6 after your promos were paid, or else they would claw them back. Also, if your accounts dropped below $100K, they were automatically changed to a different type, monthly charges accrued, and your promos had to be paid back.

All this horsesh*t is why I resolved to never do business with HSBC, again.

April 26, 2022
5:38 am
savemoresaveoften
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HermanH said
I opened Premier-level accounts to gain promo rate and other offers. Unless you keep $100K at the bank, you were charged $35 / month. And, you had to keep the account open for 6 after your promos were paid, or else they would claw them back. Also, if your accounts dropped below $100K, they were automatically changed to a different type, monthly charges accrued, and your promos had to be paid back.

All this horsesh*t is why I resolved to never do business with HSBC, again.  

yup, one has to be careful to read their fine print, esp for the new account cash rebate perks. I got about a few hundred $ rebate for the checking and credit card offer, and just keep $5k in a GIC to satisfy their 1y requirement.
But for the high rate savings account, there is no special cash rebate or clawback etc. As I said before, given the short promo period, its not worth the hassle to open a new account now in my mind. Also once you have decent balance in there, expect their advisor to call you to entice you to more juicy (to them) products. 🙂

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