HSBC interest rate to 4.80% in response to ING

[esquared]

Originally posted by: Adonix
There are no fees to transfer money in from HSBC side. There could be fees from the bank you are sending money from.

If it's an ACH transaction then there will be no fees either way. Most bank to bank transactions (transfers), use this and I have never been charged. It's the same when paying your CC bill online from your bank to the CC company. Or transferring money from your Paypal account to your linked bank account. They are all ACH transactions.

 

[bman46]

competition always makes great things like this possible.

 

[FrustratedUser]

Damn! 4.8%

ING is lagging.

 

[Trey22]

Originally posted by: FrustratedUser
Damn! 4.8%

ING is lagging.

Yeah, they are... they better respond quickly or I'm moving all my cash over.

 

[mingsty]

I just started one at Capital One. Capital One Savings Account They have a 4% APY on either savings or Money Market. The only difference is how you can withdraw or transfer your cash. I compared this to ING. ING has a higher promo rate but lower APY so the hybrid was actually a bit lower for year. The only reason I didn't sign on with HSBC is the long lag time to get it set up. With Capital One you set it up online then they will make 2 small deposits in your linked account. You have to log back in and tell them what those amounts are to verify your account then you should be set up. They say it will take 2-4 days for those deposits to go thru. I just set it up yesterday but haven't seen anything yet. I will update you when I find out more. This had the highest normal APY so I thought I'd give it a shot. Just another option out there for you.

 

[Playmaker]

Originally posted by: mingsty
I just started one at Capital One. Capital One Savings Account They have a 4% APY on either savings or Money Market. The only difference is how you can withdraw or transfer your cash. I compared this to ING. ING has a higher promo rate but lower APY so the hybrid was actually a bit lower for year. The only reason I didn't sign on with HSBC is the long lag time to get it set up. With Capital One you set it up online then they will make 2 small deposits in your linked account. You have to log back in and tell them what those amounts are to verify your account then you should be set up. They say it will take 2-4 days for those deposits to go thru. I just set it up yesterday but haven't seen anything yet. I will update you when I find out more. This had the highest normal APY so I thought I'd give it a shot. Just another option out there for you.

In addition to HSBC, Emigrant has a rate above 4% (4.25% I believe). Also, I'd be willing to bet that ING's regular rate is above Capital One when the promo ends, but they probably won't move it until then.

I'm personally closing out my ING account and going with HSBC. I feel like HSBC has shown that they plan to consistently raise their rates to at least match, if not beat, any higher rates out there from a national online savings account.

 

[ECartman]

Originally posted by: mingsty
I just started one at Capital One. Capital One Savings Account They have a 4% APY on either savings or Money Market. The only difference is how you can withdraw or transfer your cash. I compared this to ING. ING has a higher promo rate but lower APY so the hybrid was actually a bit lower for year. The only reason I didn't sign on with HSBC is the long lag time to get it set up. With Capital One you set it up online then they will make 2 small deposits in your linked account. You have to log back in and tell them what those amounts are to verify your account then you should be set up. They say it will take 2-4 days for those deposits to go thru. I just set it up yesterday but haven't seen anything yet. I will update you when I find out more. This had the highest normal APY so I thought I'd give it a shot. Just another option out there for you.

The initial set up with HSBC takes only a day or two and your initial money is there earning the high interest. The long lag time is to set up the external bank transfers to withdraw or bring in additional funds. Shouldn't be a factor in what you are considering. Believe me I am no apologist for HSBC - I signed up back when they first offered the online savings account and other than the great interest rate am unimpressed. And although there is a grossly long lag time to completely get your account set up, it doesnt really matter in the long run unless you need to transfer a lotta dough within the month after the initial deposit.

Also, you can't annualize the ING or HSBC or Emigrant Direct (4.25%) rates because they change quite often as interest rates in general rise and fall (especially given the competiton now en fuego). But you can bet come April 30 one of those 3 will have the best rates going forward. I looked at Capital One but they are not competetive in keeping the interest rates higher.

Oh yea ---- don't forget Presidential is 4.25% on a CHECKING account ($1K min bal)

 

[mingsty]

Thanks for the heads up...I just got my tax return back today so I opened one at Emigrant too. Probably end up moving most that i put in Cap1 into Emigrant. I didn't realize they had a higher APY(non-promo)

 

[raystorm]

I created an account myself last month and just got my first months interest added to my account. I got $7.11 for my first month ($2K initial deposit + bonus). Sure..its not that much but its not much less than what I got the entire year in 2005 from my local branch. Time to deposit some more cash to take advantage of the new temp interest rate!

It does take awhile to get your ID/Password and stuff but the money was deposited immediately as well as my bonus which I liked. Guess I got lucky it went so fast.

So far so good with HSBC.

 

[discopalace]

As one friend told me, HSBC stands for "holy s***, my bank's in China!" Tee hee hee.

But seriously, I would be quite tempted, but the rate is locked only til 4/30. At that point, your APR goes back to some variable rate. It's not a CD... Does anyone know if HSBC (or ING for that matter) is consistently providing really high APRs? I guess I have not been paying attention in this area and have gone with banks with much lower yields...

 

[GTFan]

Originally posted by: discopalace
Does anyone know if HSBC (or ING for that matter) is consistently providing really high APRs? I guess I have not been paying attention in this area and have gone with banks with much lower yields...

Yes, as ECartman said, these two and Emigrant Direct are usually the net's best deal for money parking. I like the way ING does things the best, and competition is always good for us.

 

[yuhoo22]

I have had an ING account since last May and never earned anything less than 3.25%. I believe right now I am at 3.8% and 4.75% for any new deposit until 4/30.

 

[kindlr]

HSBC is a British bank, not a Chinese bank. They've been around forever and have a ton of branches in NY. I've had a checking account there for 5 years now since they had a branch right in my school, opening up the online savings account was a snap since I already had online banking set up there.

 

[mingsty]

Anybody know anything about everbank? They are boasting an intro 5.01% on checking accounts for 90 days, then it drops down to a minimum of 3.01APY depending on your balance. I know its normal rates are not as high as the savings right now but may be of interest for your checking accounts and to make a few quick bucks.

http://www.everbank.com/main.asp?affid=eb

 

[blackrain]

Does anybody know what their usual percentage is? This is only an introductory offer that is good until the end of the winter.

Until April 30, 2006, with the Fat Savings Bonus, you'll earn a 4.80% Annual Percentage Yield (APY)*. Afterwards, you'll continue to earn one of the best rates.

If its only good for another month or two and the usual rates aren't any better than ING, I don't see the point in switching over

 

[tamasrepus]

Originally posted by: blackrain
Does anybody know what their usual percentage is? This is only an introductory offer that is good until the end of the winter.

It was previously 4.25%.

 

[Playmaker]

How do interest payments for HSBC work? Is it month-end? And is there no way to see a running total?

Originally posted by: blackrain
Does anybody know what their usual percentage is? This is only an introductory offer that is good until the end of the winter.

Until April 30, 2006, with the Fat Savings Bonus, you'll earn a 4.80% Annual Percentage Yield (APY)*. Afterwards, you'll continue to earn one of the best rates.

If its only good for another month or two and the usual rates aren't any better than ING, I don't see the point in switching over

I made the switch because, in my experience, HSBC had been consistently higher than ING even before the deals.

 

[weepul]

i made the switch for several reasons:

1. $25 bonus
2. has always had a higher interest rate than INGDirect
3. higher interest rate for ALL your money, not just money you added since a particular date.
- which also means that if you take out money during this time, the rest of your money would still get the higher interest rate, and not drop to the lower % because you dropped below your starting balance on a particular date.
- which also means that INGDirect is catering to new customers instead of current customers. in fact, loyal current customers are getting the worse end of the stick cause they already had most of their savings in INGDirect like me.

I contacted INGDirect explaining why this promotion pissed me off by giving them reason #3. All they replied was saying the same thing other people have gotten and which is that they're customer service is great and fast and responsive and value you my business. Well if they valued my business so much, give me the same offer that you're offering new customers! Unfortunately for them, I don't have a contracted tied down to them like cell phone services.

//krunk (^_^x)

 

[ECartman]

good points weepul

it comes down to HSBC having a better deal now, and a better deal before the promotion, than ING.

you benefit from ING's better interface and ease of use for the small amount of time you saved opening the account and the 2 minutes it takes to do a transaction...the rest of the time your money is earning more interest at HSBC and there is no benefit at all to ING.

 

[imported_neogodless]

I'm confused about HSBC interest... I've had my account open for nearly 3 weeks, and at the end of February, no interested was added. Speed seems to be the biggest disadvantage compared to ING. Everything with ING was very fast... transfers in and out, interest deposited on the first of the month, and account setup was much easier and fast. And it's easier to memorize the login information, even though there's a lot of it, because it's not two long, random numbers! If I don't figure out this HSBC interest thing soon, I might just scoot on back. I will lose money on interest, but I still got my $25 for signing up, and even when I withdrew all my money from ING, the winter save up sale interest was still creditted!

 

[esquared]

Originally posted by: neogodless
I'm confused about HSBC interest... I've had my account open for nearly 3 weeks, and at the end of February, no interested was added. Speed seems to be the biggest disadvantage compared to ING. Everything with ING was very fast... transfers in and out, interest deposited on the first of the month, and account setup was much easier and fast. And it's easier to memorize the login information, even though there's a lot of it, because it's not two long, random numbers! If I don't figure out this HSBC interest thing soon, I might just scoot on back. I will lose money on interest, but I still got my $25 for signing up, and even when I withdrew all my money from ING, the winter save up sale interest was still creditted!

Interest is posted on the date or day after date that you opened your account. If you opened your account on the 10th of February, then you will get an email on the 10th or 11th of March that tells you interest has been posted to your account. It's not like ING which does it at midhight on the last day of the month. HSBC is a bit of a pain to setup compared to ING but you only do it once. You're already there. Now just reap the higher interest rates. I was with ING from almost the beginning, but not anymore.

 

[free2share]

Originally posted by: neogodless
I'm confused about HSBC interest... I've had my account open for nearly 3 weeks, and at the end of February, no interested was added. Speed seems to be the biggest disadvantage compared to ING. Everything with ING was very fast... transfers in and out, interest deposited on the first of the month, and account setup was much easier and fast. And it's easier to memorize the login information, even though there's a lot of it, because it's not two long, random numbers! If I don't figure out this HSBC interest thing soon, I might just scoot on back. I will lose money on interest, but I still got my $25 for signing up, and even when I withdrew all my money from ING, the winter save up sale interest was still creditted!

ING: If you don't want to switch, just switch your $$$.

Has anyone thought of transfering what they had in the account out and redeposit it right back in? Just a thought.

ING $500 ==> XYZ Checking
$500 XYZ Checking ==> ING

Won't that original $500 be considered new deposit at ING?

These banks hired many people to do thier intrest cals. You will never see the full intrest payment. Do the math and you will see. In a 30 day cycle, they are only giving you credit for 29.5 days. They jip you off for half a day per customer and that adds up to big savings on thier part! It's so small that most people don't notice it.... :evil: