Dedicated to Deposits: Deals, Data, and Discussion

HSBC's 6% Savings Account Promo Update and $25 Checking Account Bonus


For those who want all the details about HSBC's new 6% APY new-money special, please refer to my yesterday's post. Readers have left some important points to consider about this deal.

First, be careful when you move your money if you initiate a transfer using HSBC's transfer system. As I noted in my previous post, you lose at least 2 days of interest during transfers. However, if you initiate the transfers later in the week, it can be 4 or more days due to the weekends. So the best time to initiate transfers is on Monday or Tuesday.

It has been over a year since I signed up for this savings account. When I signed up, I was able to complete the application entirely online without having to send anything in. However, a reader noted that when he recently applied online, he was sent an email from HSBC requesting that he send a copy of a phone bill or other document verifying his address. In the application he specified living at the address for over 4 years and his phone number is listed in the phone book.

Here's the link to the Terms and Conditions for the savings account (pdf). A reader noted that there is a $25 fee if the account is closed within 6 months. Since there's no minimum balance requirements, you can just keep $1 in the account to keep it open. Then you can wait for the next promotion.

$25 Bonus for HSBC Free Checking Account

You may be able to get a $25 cash bonus if you apply for a HSBC Free Checking Account with an HSBC Debit MasterCard with PayPass. Here's the link to the promo page. Offer expires March 12, 2007. Thanks to FW member Westapher317 who posted the deal on this FW thread,

Last year I opened the HSBC checking account for a $50 bonus. I received the bonus without any problems. I did have to mail in a signature card. Please refer to this previous post for the details. I did not get a hard credit pull when I opened the account.

One important note regarding the Free Checking account is that if the account is inactive for 3 consecutive months, the account will be converted to Basic Banking which has a $3/month maintenance fee regardless of balance.

  Tags: HSBC

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