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Update on HSBC Online Savings Account Promo and a New Checking Account Bonus


It has been confirmed that the HSBC Direct's online savings account promotional 3.50% APY applies to all customers (both new and old). Perhaps they could have matched E-LOAN's 3.75% APY (see post) if it only applied to new accounts. But as a HSBC Direct customer, I'm glad they're making it easy to get the higher rate. They could have also done what they did last year and only apply the higher yield to new money. That's better than having to open a new account, but it can be very frustrating to loyal customers who are already maintaining large balances.

For more details of the HSBC Direct Online Savings Account, please refer to my Monday's post.

$25 Checking Account Bonus

There's also a $25 checking account bonus being advertised at HSBC Bank's home page. The promotion rewards you with $25 for applying for an HSBC Interest Checking Account and funding the account with $2,000 in new money. The offer expires June 15, 2008.

I last posted on a $75 bonus for this Interest Checking Account, but this expired in May.

The Interest Checking Account has a $12/month fee unless you either have direct deposit or if you have a combined balance of $3,000. The $3,000 combined balance should include the balance in the Online Savings Account. This is important since the interest rate of the checking is only 0.05%. You'll want to keep most of your money in the Online Savings Account. To keep the bonus, the account must remain active and open for 180 days.

The terms and charges disclosure for the Interest Checking account is available on HSBC's website.

In 2006 I signed up for the Smart Package for a $50 cash bonus. One nice perk of this Interest Checking Account is that your first box of checks is free. Regarding hard credit inquiries, I did not receive any for opening the checking or savings accounts. Please refer to my 2006 HSBC post for details of opening an HSBC checking account.

Related Pages: savings account, HSBC, New York, Philadelphia, Washington, Miami, West Palm Beach, Los Angeles, San Francisco Bay, Seattle

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Anonymous   |     |   Comment #1
Alliant still is better.
HSBC takes a week for ACH,
Anonymous   |     |   Comment #2
Not everyone qualifies for Alliant.

Alliant is great if you live in Chicago area and are a member of a qualifying organization.

Indymac is great if you live in California in its market terrotories and have 75k+ to put in the account.

HSBC and Countrywide is best for NYC marketplace as both are local banks here.

For me in NYC I use HSBC as my personal local bank, which is also on the corner. I then transfer funds to Countrywide for the higher return. I keep funds I need for ATM and immediate usage in HSBC. The higher rate only comes to less than a few dollars since I have my funds in Countrywide anyways. I had a NIGHTMARE experience with AmTrustDirect which was NOT a local bank and swore never again to use a non local bank where I can get personnel UNLESS it is a bank with a very sophisticated online system and very well known in the industry such as VirtualBank which I had nothing but terrific experiences with. The problem with them was that they lowered rate and I went through a few internet banks before I wound up with Countrywide Savingslink. With Countrywide AND HSBC I have local branch right here.
Anonymous   |     |   Comment #3
I agree that there are advantages to local customers. I don't live in Chicago or NYC as such Alliant is better for me. I do have several local bank accounts too for check deposits.
Anonymous   |     |   Comment #4
Alliant has other locations than Chicago as I just checked. But the locations are still vastly limited and membership is not open.

Therefore for NYC, highest rate banks are Countrywide for Savingslink with 10k min and HSBC at 3.50% with $1 min.

Capital One is not a linked savings account but has 3.50% and local branch but with a 10k min.

Still staying strong and rates arent changing much.
Don't Tase Me Bro
Don't Tase Me Bro (anonymous)   |     |   Comment #5
Why all the inaccurate statements above saying that Alliant Credit Union's membership is not open to everyone?

This is so wrong!

Anyone and everyone can join Alliant Credit Union. Again, Alliant is open to everyone.

One way to qualify for membership to Alliant is to be a member of any PTA. Please note that the National PTA is absolutely open to join by visiting their Website.

When you fill out your application to join Alliant, they ask you how you qualify to join. You will find a box to check that states you are a member of the PTA. (Please note that Alliant relies on the trust system. If you check that you are a member of the PTA, they will accept your word for it. They will not verify you are being truthful and they will not ask for a membership number.)

So...please now stop saying that Alliant isn't open to anyone.

Thank you.
Anonymous   |     |   Comment #6
HSBC charges a $15 fee for ACH pulls from other financial institutions.
Anonymous   |     |   Comment #7
The previous comment is false. I use HSBC Online Savings and have never paid any fee for pushing or pulling funds from other institutions.