HSBC - Online Savings Account with 4.25% APY + $25 Bonus

[Fritzo]

I signed up, but saw no mention of $25.

 

[NuNuNYC]

Yes you get charged moving money out from HSBC to non-HSBC bank. Here it is as stated on HSBC's site:

Bank to Bank Transfers fee

• No transaction fees if you transfer money into your HSBC accounts from your non-HSBC accounts

• A $3.00 transaction fee will be charged for each outbound transfer from your HSBC accounts to your non-HSBC accounts

• No transaction fees will be charged for HSBC OnlineSavings, Domestic Private Banking or HSBC Premier customers

 

[gravix]

Nice deal. signed up and got $25 free already. Wooo!

 

[esquared]

Originally posted by: NuNuNYC
Yes you get charged moving money out from HSBC to non-HSBC bank. Here it is as stated on HSBC's site:

Bank to Bank Transfers fee

• No transaction fees if you transfer money into your HSBC accounts from your non-HSBC accounts

• A $3.00 transaction fee will be charged for each outbound transfer from your HSBC accounts to your non-HSBC accounts

• No transaction fees will be charged for HSBC OnlineSavings, Domestic Private Banking or HSBC Premier customers

Nope, there is no charge.
I asked about that very thing when I signed up in Oct of last year. I called and talked to a CSR and he said there is no charge for ACH transactions with the online savings account, which is what the bank to bank transfers are when transferring money between accounts.
From my HSBC handbook, page 13:
The 3.00 charge apples to Consumer Checking accounts and Savings account.
These charges do not apply to a customer that owns an OnlineSavings Account, HSBC Premier, or Domestic Private Banking account.

 

[weepul]

is there a way to directly transfer money from IngDirect to HSBC?

//krunk (^_^x)

 

[tallman45]

Originally posted by: weepul
is there a way to directly transfer money from IngDirect to HSBC?

//krunk (^_^x)

I go from ING to HSBC checking all the time

 

[ECartman]

Originally posted by: tallman45

Originally posted by: weepul
is there a way to directly transfer money from IngDirect to HSBC?

//krunk (^_^x)

I go from ING to HSBC checking all the time

There are a few posts about this in various ING threads. My understanding is you cannot go direct from ING to HSBC onlinesavings acct, which is what we are talking about here, unless you had the HSBC account already when you signed up for ING online. And even that may not work anymore. I called ING to try to find a way and ING told me the ABA routing number that is used for the Orange Savings account does not allow withdrawals initiated from outside banks. Confirm this by trying to set up the ING account in you HSBC or ED account...it won recognize ING's ABA routing number. And since you don't have checks for the HSBC or ED online savings account, you can't submit a check to ING to set them up.

 

[zcwilkins]

Originally posted by: 3cho
i dont understand, how can they offer this kind of savings rate? that's higher than like the 10-yr treasury yield

The reason is because the money that they "borrow" from you at a ~4% return is lended to other people for a higher return. This includes credit cards which can reach 30% APR and other lending methods (HSBC backs H&R Block's tax return loans, not sure about rates on those though).

So if they "borrow" $10K from you at 4% for one year and lend that same $10K to someone else at 10% for one year, they made $600 off your money.

They're also able to offer higher rates on these online accounts due to the decrease overhead. Since you're not able to actually go into a bank, they don't have as many paper transactions, people to pay to service you as a customer, etc. whereas Wells Fargo for instance has to take into account that I may go into a branch every week to transfer funds. Thus regular savings accounts or the like don't offer returns as high as "online banks".

Someone else asked about a savings account affecting your credit. The only way that is possible is if that bank pulls credit as a basis for offering you an account, I never knew of a company that did this, but I would guess it's a rarity. Bank accounts don't reflect on credit bureau reports.

 

[Albis]

I just created and funded my online savings account. Will I receive anymore paperwork from HSBC regarding my HSBC account number? I am trying to create an online account and it requires that piece of information.

 

[Rumpltzer]

Originally posted by: Albis
I just created and funded my online savings account. Will I receive anymore paperwork from HSBC regarding my HSBC account number? I am trying to create an online account and it requires that piece of information.

I created an HSBC account on 1/12. A letter showed up in the mail on 1/17 with the customer ID. It's 20-digits long.

I thought this would let me create a password... but it won't. The letter with the customer ID says that they'll send me a password in the mail. It hasn't shown up yet.

They're not real clear about any of this when you're setting up the account, huh?

 

[ECartman]

You guys havent read all the posts in these threads. HSBC sends multiple letters out each with a separate piece of info. To actually do bank to bank transfers you need no fewer than four separate mailings and it can take over a month.

 

[Rumpltzer]

Originally posted by: ECartman
You guys havent read all the posts in these threads. HSBC sends multiple letters out each with a separate piece of info. To actually do bank to bank transfers you need no fewer than four separate mailings and it can take over a month.

You're right. I've not tracked down the history of ING and HSBC threads and read them all. I read this one.



It's recoculous if it takes over a month and four separate letters. My account was funded in three days, and I was notified by email. I got the customer ID letter in five days (including a weekend and the MLK postal holiday). I'm hoping that they send me a password soon and I'll be done with the process.

 

[gravix]

Uhhh... you can set up your account as soon as the password mail comes. Mine came 3 days after the customer ID. They send them separately so the likelyhood of them both being misdirected in the post office is minimized.

 

[ECartman]

Originally posted by: Rumpltzer

Originally posted by: ECartman
You guys havent read all the posts in these threads. HSBC sends multiple letters out each with a separate piece of info. To actually do bank to bank transfers you need no fewer than four separate mailings and it can take over a month.

You're right. I've not tracked down the history of ING and HSBC threads and read them all. I read this one.



It's recoculous if it takes over a month and four separate letters. My account was funded in three days, and I was notified by email. I got the customer ID letter in five days (including a weekend and the MLK postal holiday). I'm hoping that they send me a password soon and I'll be done with the process.

you're right

Originally posted by: gravix
Uhhh... you can set up your account as soon as the password mail comes. Mine came 3 days after the customer ID. They send them separately so the likelyhood of them both being misdirected in the post office is minimized.

but to do bank to bank transfers you need the ATM card and another password

 

[Rumpltzer]

Originally posted by: Albis
I just created and funded my online savings account. Will I receive anymore paperwork from HSBC regarding my HSBC account number? I am trying to create an online account and it requires that piece of information.

I created an HSBC account on 1/12.

A letter showed up in the mail on 1/17 with the customer ID.

A second letter showed up in the mail on 1/21 with the password.

I was able to log in, and I see that the $25 bonus was added on 1/17.

Good deal!

 

[imported_squire]

My initial deposit was only $1 for my HSBC account.

Will I still recieve the $25???

 

[RossMAN]

Originally posted by: squire
My initial deposit was only $1 for my HSBC account.

Will I still recieve the $25???

When you applied did you use the correct URL and promo code?

 

[FleshLight]

Originally posted by: squire
My initial deposit was only $1 for my HSBC account.

Will I still recieve the $25???

My initial deposit was $1 and I got the $25 3 weeks later.

 

[badet77]

Do they issue you a debit card you can use on their ATMs?

 

[gravix]

you can choose an atm card or a check card (debit) when you sign up.

 

[Cheapest]

Hey, they want social security and birthday! If this is fraud they can access your other account or even do identity thief!

 

[ECartman]

Originally posted by: Cheapest
Hey, they want social security and birthday! If this is fraud they can access your other account or even do identity thief!

PM me with your social and birthday and I will wrap it with a safety cloak for you.

 

[RossMAN]

ttt

 

[kindlr]

Got my $25 bonus on 2/22, opened account on 1/20.

 

[Arkai]

finally got my $25 bonus.

Thanks OP.