Dedicated to Deposits: Deals, Data, and Discussion

HSBC Direct's Next Offer?

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I'm sure HSBC didn't expect FNBO Direct's 6% savings account promo. It looks like they may be seeing the electronic dollars starting to flee. A reader forwarded me an email that HSBC sent to her. She has recently transfered all but $1 from her HSBC online savings account to FNBO Direct. Here's a piece of that email:
We noticed you recently made a large withdrawal from your HSBC Direct Online Savings Account. Hopefully, this means you've successfully reached a savings goal, and right now you're enjoying the rewards of your hard work and smart decisions.

HSBC will have to do more than send emails to keep deposits. Perhaps we'll see something compelling next month. According to this MSNBC article, HSBC will be announcing a new high yield online checking account in June. It should be noted that a news article last month said HSBC would be introducing this new checking account in May. We'll have to wait and see if they do launch it and if it's something that's worth having. But I wouldn't anticipate a yield that can match their previous 6% promotion. Another possibility is a sign-up bonus. HSBC often has checking account related sign-up bonuses. They still have a $50 bonus until the end of May (see post).

Since there was a lot of participation in yesterday's poll, I thought a similar one would be interesting. As before if you fall on a boundary, please vote for the higher level. (Edit: Poll provider has removed poll). For a summary of the FNBO Direct savings account, please see my FNBO Direct account overview or for all of my previous FNBO Direct posts, please see this page.

Related Pages: FNBO Direct, savings account, HSBC

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Comments
15 Comments.
Comment #1 by Please Cum On My Face (anonymous) posted on
Please Cum On My Face
I emailed HSBC this morning to ask when their high-yield, online checking accounts will be available. I didn't get a great response, but at least I did get this from them:

"Continue watching the website and it should be on the web site shortly."

By "shortly", I'm hoping they mean within the next few days.

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Comment #2 by Anonymous posted on
Anonymous
Banking Guy, you mentioned, "They still have a $50 bonus until the end of May." My question is this: I already have 2 OSA (online savings accounts), 2 FCA (free checking accounts), and 1 interest checking account, and 1 MM savings account (the same type as the one for this bonus offer). Can I open my 2nd MM savings account (new account) with them and still qualify for the $50 bonus? I've read all your posts, but couldn't see any reference to my question. Many thanks for your reply. :)

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Comment #3 by Anonymous posted on
Anonymous
You might ask how much did you pull from other accounts... I pulled < 1k from HSBC, but a whole lot from Amboy.

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Comment #4 by Anonymous posted on
Anonymous
I received a solicitation for a survey from HSBC that was quite detailed about general experience with online savings accounts including cash allocations and experiences with other banks. The follow up questions were targeted toward previous answers. Took about 30 minutes to complete. I recently withdrew 200K+, so I'm wondering if this is targeted or does everyone receive one? Anyway, HSBC should get the message on the importance of rate from my anwers.

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Comment #5 by Anonymous posted on
Anonymous
And it doesn't really help that their promotions are "new money only." Gives me even more reason to withdraw the money so that I can catch the next promotion.

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Comment #6 by Anonymous posted on
Anonymous
After HBSC refused to pay the $75 they owed me as a bonus for opening their crummy checking account, I won't be opening anymore accounts at HSBC. HSBC is one of my least favorite banks.

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Comment #7 by Anonymous posted on
Anonymous
I opened my HSBC Interest Checking Account Offer for $75 on April 4, and have not received anything yet.

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Comment #8 by Anonymous posted on
Anonymous
I also got the email with a link to the survey (haven't done it yet). Thy took so long to set up my account I didn't bother to fund it beyond the small opening amount and haven't bothered to withdraw the money or close the account. So no, a large withdrawal doesn't get you the survey.

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Comment #9 by Anonymous posted on
Anonymous
I'm currently using HSBC as my primary bank, with the combo of Online Savings with Free Checking, doing the shuttling of money between accounts. It works ok but I'm already tempted to go to Salem Five or Charles Schwab or one of the other high-yeild checking accounts. The only reason I've waited is because I want to see what HSBC brings to the table. If they don't have their new account ready by end of June I'll be leaving.

Obviously, HSBC is going to need to be competitive with the others doing high yield checking, but on top of that, I really want to be able to transfer my current checking account number to the new one if I take it, because I already have a lof of things connected in one way or another to that number (direct deposits, etc.)

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Comment #10 by Anonymous posted on
Anonymous
I too was promised the $75 within 8 weeks of opening my HSBC checking account. When the bonus didn't arrive, I emailed them and they replied "if I qualify", the bonus will be credited within 8 weeks of 4/10, the date the promotion ended. So I'll check again on 6/5. Meanwhile, I applied for the FNBO account last Tuesday afternoon and was pleased to see it fully funded this morning---from HSBC. Kudos to FNBO---they could have delayed a day and I would have lost 3 days' interest this weekend.

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Comment #11 by Anonymous posted on
Anonymous
I opned my HSBC $75 promotional account in April with 3K. Within a week I saw the $75 bonus credited to my acount. However a funny incident happened. I transferred all the funds to the online savings I opened just to take advantage of the 6% rate leaving the balance in the checking at $0. The following week when I logged into my account again, my checking account was gone. Now I don't see it anymore. I didn't even get a monthly statement.Since the closed the account themselves, I hope I don't get charged an early closure fee if I transfer all my funds from the savings to FNBO.

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Comment #12 by Anonymous posted on
Anonymous
I believe $3K was for Premium Money Market Plus Savings Account. The promo for Interest Checking was $50 with no minimum balance for initial funding.

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Comment #13 by Anonymous posted on
Anonymous
Correction: The promo for Interest Checking was $75 with no minimum balance for initial funding.

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Comment #14 by Money (anonymous) posted on
Money
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