HSBC interest rate to 4.80% in response to ING

[esquared]

Email from HSBC this morning:


Dear esquared,

Announcing your 4.80% APY* Fat Savings Bonus.

After watching your savings grow BIGGER - you now have an extra incentive to make your money even FATTER.

Starting today through April 30, 2006, your HSBCdirect.com Online Savings account will earn a MASSIVE 4.80% APY*.

We apply this HUGE rate to your entire balance - not just new deposits or new accounts.

No arbitrary minimums. No hidden fees. No disclaimers. No kidding.

So get GIGANTIC with the 4.80% APY* Fat Savings Bonus and move more money into your HSBCdirect.com Online Savings account today!

 

[GeneValgene]

you gotta love competition

 

[matrix5646]

LOL man!!!! Wish I would of known they were going to do this before i dumped all my money into ING. Not worth switching because I can't get HSBC and ING directly linked so I'd lose too much interest in the 3 - 5 day turnaround time. Once ING is done with their special though Ill switch to HSBC and probably stick with them since they seem to be competitive.

 

[Dracos]

I'm sure ING will respond in kind...

 

[WorldTraveller]

Awesome, thats is probably the best rate going even counting CD rates!

Do you know what the current rate is? It says it will go back to rate at that time.

 

[matrix5646]

The old rate was 4.25.

 

[Rumpltzer]

I just transferred most of my money out of ING...

Thanks for the heads-up OP. I've been waiting for this.

 

[Aimster]

HSBC

Do I have to wait for the mail to activate an account or can I do it right now in 5 minutes online?

I heard ING all you do is go online and 5-15min later you are set.

 

[Rumpltzer]

Originally posted by: Aimster
HSBC

Do I have to wait for the mail to activate an account or can I do it right now in 5 minutes online?

I heard ING all you do is go online and 5-15min later you are set.

My HSBC account took about 2.5 weeks to set up. You can OPEN an account in 10 minutes, but you can't set it up completely. However, they do allow you to make your initial deposit in that 10 minutes so if you transfer in as much as you want in that first go-around, you won't have to wait for 2.5 weeks to get a big chunk of money in there.

Note: If you want to make an instant initial deposit, you need to have online access to the bank you're transferring from. Then you'll need to give HSBC your account #, log-in name, and password. It's pretty scary.


I created an HSBC account on 1/12. A letter showed up in the mail on 1/17 with the customer ID, but I still needed the password to log in to my account. A second letter showed up in the mail on 1/21 with the password, and I was able to see that the $25 bonus was added to my account on 1/17.

Even with access to my account, I couldn't set up transfers without the HSBC ATM card and pin. The ATM card showed up on 1/24. The pin showed up on 1/30. Setting up the bank to bank transfer required that I wait for HSBC to transfer small amounts of money to my other account (~2 days) and then I went back into my HSBC to confirm the amounts that showed up.

Total of about 2.5 weeks to get it all done.

 

[S Freud]

So if I set up an account today hwo long will it be before the money I put it starts gaining interest?

 

[FleshLight]

Originally posted by: nthedrk
So if I set up an account today hwo long will it be before the money I put it starts gaining interest?

Probably the 2-3 days it takes to transfer your initial deposit.

 

[imported_KuJaX]

hrrmmm
instant? as in.... if you already have a savings account with them, then this will already be applied?

 

[WhipperSnapper]

So, who's the best without short-term specials? HSBC, ING, or Emigrant?

 

[Aimster]

HSBC

Is this a foreign company?

Who are they?

 

[lsman]

Originally posted by: KuJaX
hrrmmm
instant? as in.... if you already have a savings account with them, then this will already be applied?

yes. It apply to all your money within the internet saving acct (new deposit or old). After April the APR% will be determine by whatever rate it will be.

Not like INQ (4.75 till April) that only apply to the new fund you deposit.

 

[lsman]

Originally posted by: Aimster
HSBC

Is this a foreign company?

Who are they?

orginally found by a Scot who do buz trade between Europ, India and China 1865
"The Hongkong and Shanghai Banking Corporation Limited"

Pretty much Hong Kong the "official" bank till 90s

 

[DragonKnight]

Originally posted by: WhipperSnapper

So, who's the best without short-term specials? HSBC, ING, or Emigrant?

 

[esquared]

Originally posted by: Aimster
HSBC

Is this a foreign company?

Who are they?

It's a UK company based in London.

 

[psteng19]

Originally posted by: matrix5646
LOL man!!!! Wish I would of known they were going to do this before i dumped all my money into ING. Not worth switching because I can't get HSBC and ING directly linked so I'd lose too much interest in the 3 - 5 day turnaround time. Once ING is done with their special though Ill switch to HSBC and probably stick with them since they seem to be competitive.

I think HSBC's special ends around the same time as ING's.
Fortunately, I did not open an ING account for the 4.75% special after calculating the difference in interest income. Wasn't worth it for an extra $50 and having the money stuck in limbo for a few days not collecting interest, which wasn't taken into account.

The great thing about this is that the new APY is applied to your entire balance, new transfers/deposits AND existing, unlike ING which is for new deposits only.

The HSBC online savings account took about a week for mine to be setup, but I have an actual account with them so YMMV.

 

[EKKC]

awesome. im glad i held out on moving my money back to ing. in fact im about to shut down my ing account.
i use hsbc for my normal accounts, its nice to have them directly linked to online savings account

 

[SurgicalShark]

Any referral bonus for HSBC direct? If there is any...PM me. Thanks.

 

[Rumpltzer]

Originally posted by: SurgicalShark
Any referral bonus for HSBC direct? If there is any...PM me. Thanks.

No need for referrals with HSBC. Just go to this page: http://hsbcdirect.com/1/start.htm and use the promo code START.

My $25 bonus showed up at the same time my account became active.

 

[imported_KuJaX]

Originally posted by: Rumpltzer

Originally posted by: SurgicalShark
Any referral bonus for HSBC direct? If there is any...PM me. Thanks.

No need for referrals with HSBC. Just go to this page: http://hsbcdirect.com/1/start.htm and use the promo code START.

My $25 bonus showed up at the same time my account became active.

wow you got yours fast. It has been over 3 weeks here and still nothin.

 

[WhipperSnapper]

Is it just me, or does anyone else feel funny about sending their money to the "Hong Kong and Shanghai Banking Corporation"? What if they decide to screw you for some reason? Does it operate under American jurisdiction and subject to American federal laws?

 

[ectx]

Originally posted by: WhipperSnapper

Is it just me, or does anyone else feel funny about sending their money to the "Hong Kong and Shanghai Banking Corporation"? What if they decide to screw you for some reason? Does it operate under American jurisdiction and subject to American federal laws?

HSBC is one of the largest banks in the world. They are a little more agreesive, in my opinion, than your average banks. However, I'd think they are more trust-worthy than some mon-and-pop banks.

Don't get me wrong, I am not an HSBC fan-boy and I almost cancelled my account with them for a certain dispute. But if they offer the best rate, then I'd go with them till a better deal comes along.

Just becasue the name is "Hong Kong and Shanghai ....", a lot of people question them. If the name were "London and Paris ..." some people propabably will not question them at all?? I beleive that that is why they go with the abbreviated name "HSBC".