HSBC Bank is offering a $50 cash bonus for opening a new Premium Money Market Plus Savings Account with an initial deposit of $3,000 with new money. If you qualify, $50 will be deposited into your savings account 6 to 8 weeks after account opening. The account must remain open for 180 days to keep the bonus. The offer ends on May 31, 2007. The promotional page is at www.us.hsbc.com/premium50. See the promo page for the full details.
The rates are very low (0.60% for balance up to $5K and 2.65% for balances up to $50K). The promo page says it has no monthly maintenance fees. However, the standard Premium Money Market Plus page states that there are no monthly maintenance fee as long as you are a Relationship Checking customer. The terms and charges (pdf) states that if you no longer maintain a relationship account, the Premium Money Market Plus Account will be converted to a Money Market Savings account which has a monthly fee. So you may want to also open the Interest Checking Account which should qualify you for this required relationship.
I'm not sure why HSBC still offers this Premium account. I suppose it may be for those who want to stick with HSBC branches. Last year I opened the Premium Money Market Savings Account as part of the Smart Checking Package for a similar $50 bonus (see post). I already had the Online Savings Account. From that experience and the terms of this current promotion, it appears current Online Savings Account customers should be eligible for this promotion. You just have to fund the account with money outside of HSBC. All of my HSBC accounts are shown in the account summary page and you can transfer between them. So after you deposit the $3K into the Premium MMA for the bonus, you should be able to transfer this into the Online Savings account where it can earn some decent interest. I currently only have a few dollars in my Premium account. One of these days I'll close it. I'm sure HSBC would prefer this since they still send me paper statements on this account.
If you don't have the HSBC Direct's Online Savings Account and want to do this promotion, I would recommend to also open the Online Savings Account. The 6% APY being earned in the Online Savings Account is scheduled to end in a few days. However, the standard rate is still competitive at 5.05% APY. For more information on HSBC and the Online Savings Account, please refer to this this post.
Credit for this find goes to FW member BankofGreed who posted it at this FW thread.