HSBC Online Savings rate is now at 5.05%

[KoopaTroopa]

Originally posted by: vital
anyone able to get HSBC Internet banking to work with MS Money? It's asking if I have a special account from HSBC to autoupdate for MS money but I don't see where I can sign up for that. When I put in my really long Customer ID # and password in MS Money, it doesn't work...

it does not integrate with MS Money for autoupdates...i think you can only download the files

 

[Engineer]

New promotion: New money added on/after 1/29/07 will have 6.00% APY until April 30th.



From the main page...

* 6.00% is a promotional Annual Percentage Yield (APY) available on New Money only between January 29, 2007 and April 30, 2007. Minimum balance to open an account is $1.00.

New Money Period is January 29, 2007 through April 30, 2007. Starting Balance means the available balance in your account as of the close of business on January 26, 2007. New Money means funds not previously held by any member of the HSBC Group deposited during the New Money Period less any withdrawals, and it excludes your Starting Balance as calculated below. New Money must be in available funds for the promotional rate to apply.

Methodology for Determining New Money
HSBC will use a last in first out calculation (?LIFO?) to determine the amount of New Money on deposit each day during the New Money Period. This means all withdrawals from your account will come from New Money first. Your Starting Balance is ineligible for the New Money offer. Only qualifying available balances above the Starting Balance are eligible for the New Money promotion. HSBC reserves the right to adjust your account to recover interest paid in error if it is determined that funds included in any New Money calculation were previously held by any member of the HSBC Group.

 

[mAdMaLuDaWg]

Originally posted by: Engineer
New promotion: New money added on/after 1/29/07 will have 6.00% APY until April 30th.



From the main page...

* 6.00% is a promotional Annual Percentage Yield (APY) available on New Money only between January 29, 2007 and April 30, 2007. Minimum balance to open an account is $1.00.

New Money Period is January 29, 2007 through April 30, 2007. Starting Balance means the available balance in your account as of the close of business on January 26, 2007. New Money means funds not previously held by any member of the HSBC Group deposited during the New Money Period less any withdrawals, and it excludes your Starting Balance as calculated below. New Money must be in available funds for the promotional rate to apply.

Methodology for Determining New Money
HSBC will use a last in first out calculation (?LIFO?) to determine the amount of New Money on deposit each day during the New Money Period. This means all withdrawals from your account will come from New Money first. Your Starting Balance is ineligible for the New Money offer. Only qualifying available balances above the Starting Balance are eligible for the New Money promotion. HSBC reserves the right to adjust your account to recover interest paid in error if it is determined that funds included in any New Money calculation were previously held by any member of the HSBC Group.

nm

 

[cyberkost]

So, has anybody figured out a way to transfer money to HSBC from ED without the limbo of the checking account?

 

[Brainonska511]

HSBC is giving 6% on "New Money" from 1/29/2007 - 4/30/2007.

Some information about "new money":
"New money" is considered money that has been added to the balance that was seen on 1/26/2007.
Withdrawing of money comes from "new money" first, then the older balance.

 

[SuperNaruto]

They run this every year at q1.. what a scam.. what do you think ill do next year.. 12/31.. withdrawl 99%.. wait 30 days, deposit for higher rate..

ing did it also last year..

 

[cyberkost]

Originally posted by: SuperNaruto
They run this every year at q1.. what a scam.. what do you think ill do next year.. 12/31.. withdrawl 99%.. wait 30 days, deposit for higher rate..

ing did it also last year..

First, you might want to calculate how much interest you gonna lose shifting your money around. Here's a good calculator for that: link

 

[Brainonska511]

Originally posted by: cyberkost

Originally posted by: SuperNaruto
They run this every year at q1.. what a scam.. what do you think ill do next year.. 12/31.. withdrawl 99%.. wait 30 days, deposit for higher rate..

ing did it also last year..

First, you might want to calculate how much interest you gonna lose shifting your money around. Here's a good calculator for that: link

Awesome calculator. Thanks.

I wasn't planning on taking advantage of the HSBC deal anyway. I don't have too much money in it and I wanted to invest the money in higher yield stock funds anyway (such as opening a Roth IRA).

 

[SuperNaruto]

Originally posted by: cyberkost

First, you might want to calculate how much interest you gonna lose shifting your money around. Here's a good calculator for that: link

hmm hsbc 5.05 vs citibank 5.00... 0.05 for 30 days to earn 1% extra..

Both hsbc and citibank esavings are pretty close together.. not losing much

 

[CptObvious]

Has anyone gotten their 1099-INT from HSBC yet? Still waiting on mine so I can do my taxes.

 

[cyberkost]

Can you not go to their web-site and print one out?

 

[SuperNaruto]

I dont see that option... you can download statesments.. probably not ready yet

 

[kindlr]

I just got my 1099 from them, also: New deposits earn 6% APY til April 30th.

 

[SuperNaruto]

Citibank e-savings @ 4.75 - Was 5.00
Met Life bank@ 4.40 - Was 4.50

 

[AndeeG]

For those of you that have looked into it, how do GMAC, Citibank, HSBC, Emigrant, and ING compare aside from interest?

 

[SuperNaruto]

I have ING, Citi and HSBC

Citi & HSBC because they're local banks with ATM within 2-3 blocks

ING was my first high rate savings until both Citi & HSBC had theirs.

ING is just not high enough.. I have 2 cd left that i'm going to cash out and close my account.. Many have said citibank sucks.. I haven't had problems yet.. Same with HSBC.. I guess if theres no human you can go to when you got problem it makes it harder..

 

[moonsite]

USAA First Index Performance saving give you a rate of 5.21% for balance over 50K.

 

[Terabyte]

I applied sometime last weekend, and my application is pending: "We need additional time to verify your application information. You will be contacted either by phone or e-mail once our review is complete. You can now proceed with the rest of the online account opening process. Please keep the Applicant ID # ****** for your records." Hope they email me soon..

 

[Schfifty Five]

Has anyone gotten any tax documents for their HSBC savings account? Either snail mail or a pdf file online?

So far I haven't gotten anything.

 

[us3rnotfound]

Originally posted by: Schfifty Five
Has anyone gotten any tax documents for their HSBC savings account? Either snail mail or a pdf file online?

So far I haven't gotten anything.

This is why I prefer ING

 

[neuronflux]

Originally posted by: us3rnotfound

Originally posted by: Schfifty Five
Has anyone gotten any tax documents for their HSBC savings account? Either snail mail or a pdf file online?

So far I haven't gotten anything.

This is why I prefer ING

Yes, I received one through snail mail a few days ago. But before that, I already saw it on page 2 of my January PDF statement.

I never got one in the mail from ING, but I could care less since I have left them in the dust.

 

[kindlr]

I got my 1099 form from HSBC a couple weeks ago.

 

[GeezerMan]

Originally posted by: esquared

Originally posted by: kamranziadar
These rates need to go up more, like around 10%

Yeah right. That way I could borrow from my Home equity loan and make money by putting it in a savings account. Novel idea, getting paid to borrow money.

Well, actually, I do get paid to borrow money. Joke is on them. I have no debt in my life right now, haven't for many years, so I take all of the zero per cent deals I can get from my credit cards or credit lines and dump it right into my ING account. Last year, I made 2500.00, yes 2500.00, on their money by borrowing at 0% and depositing it at ING. I'm still laughing. You gotta be careful, one late payment on any account, and default rate, around 25%, goes into effect. Luckily, I have never had a late payment on anything. No, I'm not wealthy, my last job paid me 40K a year. I just have excellent credit.

 

[hofan41]

Originally posted by: GeezerMan
Well, actually, I do get paid to borrow money. Joke is on them. I have no debt in my life right now, haven't for many years, so I take all of the zero per cent deals I can get from my credit cards or credit lines and dump it right into my ING account. Last year, I made 2500.00, yes 2500.00, on their money by borrowing at 0% and depositing it at ING. I'm still laughing. You gotta be careful, one late payment on any account, and default rate, around 25%, goes into effect. Luckily, I have never had a late payment on anything. No, I'm not wealthy, my last job paid me 40K a year. I just have excellent credit.

i dont see how you can have excellent credit for very long if you're always maxing out your credit lines every month. even if you are paying them back in full.

 

[mk52]

Originally posted by: GeezerMan

Originally posted by: esquared

Originally posted by: kamranziadar
These rates need to go up more, like around 10%

Yeah right. That way I could borrow from my Home equity loan and make money by putting it in a savings account. Novel idea, getting paid to borrow money.

Well, actually, I do get paid to borrow money. Joke is on them. I have no debt in my life right now, haven't for many years, so I take all of the zero per cent deals I can get from my credit cards or credit lines and dump it right into my ING account. Last year, I made 2500.00, yes 2500.00, on their money by borrowing at 0% and depositing it at ING. I'm still laughing. You gotta be careful, one late payment on any account, and default rate, around 25%, goes into effect. Luckily, I have never had a late payment on anything. No, I'm not wealthy, my last job paid me 40K a year. I just have excellent credit.

Which credit cards are you using for this?