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HSBC OnlineSavings account : Updated 1/29/07, 6.00%APY until 4/30/07 on NEW MONEY Archived From: Finance

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   posted: Mar. 9, 2005 @ 8:07p
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Highlights

Minimum opening deposit: $1
Monthly fees: None
ATM: Free HSBC ATM withdrawals and deposits.you can link your HSBC ATM card or HSBC MasterMoney® Debit MasterCard® card to access your OnlineSavings Account.
No of transactions per month: Only six preauthorized, automatic, computer or telephone transfers can be made from the OnlineSavings Account to another account per calendar month or statement cycle

Skander

   posted: Mar. 9, 2005 @ 8:07p

http://www.hsbcdirect.com/
5.05% APY as of June 30th.

Routing#
022000020

Best days to transfer from/to HSBC thread
The transfer date for Standard and next Day external transfers must be set to the current date.

Standard Delivery (3 Business Days)*

Requested by 8:00 p.m. Eastern Time on:
Source Account Debited before Start-of-Business on:
Destination account credited before Start-of-Business on:

Monday
Tuesday
Thursday

Tuesday
Wednesday
Friday

Wednesday
Thursday
Monday

Thursday
Friday
Tuesday

Friday
Monday
Wednesday

Saturday
Monday
Wednesday

Sunday
Monday
Wednesday
---------------------------
So Wednesday and Thursday are the WORST days to make the transfers.. since you lose 1 or 2 days EXTRA on top of their normal 2 days...

The ultimate HSBC thread

Account# and Routing# should all be in one of the first letters you receive from them.

HSBC uses Equifax (SOFT Pull) and Chex to verify indentity, when opening an account.

Bank to bank transfer is free (even for your checking accounts) if you have an OnlineSavings account.

New 'Bank to Bank' transfers feature - link your HSBC online savings account to any other savings, checking, or investment account.

For California customers, you can withdraw from Wells Fargo ATMs for no charge from either banks. Its a blessing considering there are no HSBC branches in the bay area other than SFO and Oakland Chinatown. Maximum withdrawal per transaction is $800. Made an immediate transaction soon after for another $100. This means in theory, you could possibly get $4800 (6*800) a day!! *Correction: The monthly 6-electronic transaction limit does not apply to ATM withdrawls; there are unlimited ATM withdrawls for Online Savings, although I think the maximum daily ATM withdrawl amount limit is $1000.

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Quick tip - Bank to Bank Transfer without your ATM card and/or PIN

Note: Could not repeat this quick tip as of 7/21/06 - may require CSR to work

If you recently opened an online savings account and;

a) have online access to your account (ie: already received the letter with your customer ID and Password), and
b) want to transfer more money into your account,
c) but are still waiting for your ATM card and/or PIN, try this.


I was on the phone with HSBC when I did this, so I am not sure that it will work without a CSR on the line with you, but it is worth a try.

1) Log into your HSBC online savings account.
2) Click "Bank to Bank Transfers"
3) Follow the on screen instructions and select a "Security Key"
4) When you are asked to enter your ATM card number and PIN, don't enter anything..... Just click continue.
5) Enter your "Security Key" again
6) It should open up a new window where you can set up a bank to bank transfer. Thats all it takes, just make sure you are not logged into your other bank's website when you try to set up the bank to bank transfer.

Thanks to FFGuru

Transfers between your HSBC accounts must be requested before 7:00 PM to be completed on the same business day.

* 6.00% is a promotional Annual Percentage Yield (APY) available on New Money only between January 29, 2007 and April 30, 2007. Promo FAQ 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.

   posted: Mar. 9, 2005 @ 8:22p
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"Annual Percentage Yield (APY) is accurate as of 3/7/05. The rate may change after the account is opened. Minimum balance to obtain APY is $1.00. Fees may reduce earnings on the account."

"Only six preauthorized, automatic, computer or telephone transfers can be made from the OnlineSavings Account to another account per calendar month or statement cycle (or similar period) of at least four weeks. You can make unlimited deposits or withdrawals using your ATM card, and you can make unlimited deposits into the account through any of the deposit methods listed above."

"Account Closing
$25 if your account is closed within six months of opening"

Nice account considering all their other Money Market or Savings accounts pay below 1% even with 75k on deposit.

   posted: Mar. 12, 2005 @ 12:08p
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Just closed my regular savings with HSBC 2 months ago, with that pathetic APY. Maybe it's time to jump back in again.
Finally feel good to be an HSBC customer.

   posted: Mar. 12, 2005 @ 12:22p
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IMPORTANT INFORMATION ABOUT MONEY MARKET TRANSFERS ¨C During the statement cycle you can make up to six telephone transfers from
your Money Market Account to your HSBC checking account if the account titles are identical.
Average Balance Free Transfers Average Balance Free Transfers
Below $2,500 0 $5,000 or more but less than $15,000 4
$2,500 or more but less than $5,000 2 $15,000 or more 6
We may charge $1 per telephone transfer for each transfer over the free amount.


In T E R M S & C H A R G E S D I S C L O S U R E , they mentioned a $25 bonus per customer, wehre can I find it, or it is automatic?

   posted: Mar. 12, 2005 @ 6:33p
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Reading the Terms and Charges, not sure why they phrase it "Money Market Transfer" limitations and fees, but I guess they apply to the Online Savings account too ?

Either way the federal limit of six will apply. And since they only charge $1 per telephone transfer for each tranfer over the free amount, if one slowly experiments to test out the rule, it wont cost much. $1 is a lot less than other banks charge.

   posted: Mar. 12, 2005 @ 8:45p
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Seems to make sense to open both the OnlineSavings account along with the Free Checking account for ATM access to OnlineSavings, since you can't link the ATM card to just OnlineSavings.

Open the checking account at a branch for a cheap travel bag.

   posted: Mar. 12, 2005 @ 8:56p
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Has anyone opened/funded an account in the US and withdrawn money at an HSBC branch outside the country? How are the exchange rates? Is there a fee for doing this? Thanks.

   posted: Mar. 12, 2005 @ 10:13p
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DeGlass said:since you can't link the ATM card to just OnlineSavingsBut can't you get an ATM card for this account to use with ATMs ? Its seems so : " You can make unlimited deposits or withdrawals using your ATM card."

   posted: Mar. 12, 2005 @ 10:37p
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From the HSBC website:

How can I get an HSBC ATM or MasterMoney card to make deposits or withdrawals on my new OnlineSavings account?

During the application check the box for an ATM card. When your OnlineSavings Account is opened you will receive a new card, linked to your new account. You cannot get an HSBC MasterMoney card linked to only your OnlineSavings Account. It is required that the HSBC MasterMoney card be linked primarily to a checking account. If you want to add access to the OnlineSavings Account to your existing HSBC ATM or MasterMoney card, please call 1-800-975-HSBC (1-800-975-4722) Option 1.

Seems to me that you can get an ATM linked to only the Online Savings account.

   posted: Mar. 12, 2005 @ 10:54p
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Alcibiades said:DeGlass said:since you can't link the ATM card to just OnlineSavingsBut can't you get an ATM card for this account to use with ATMs ? Its seems so : " You can make unlimited deposits or withdrawals using your ATM card."
I stand corrected: you can get the ATM card for the OnlineSavings account, but not the check card.

   posted: Mar. 12, 2005 @ 11:38p
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nallur said:How are the exchange rates ? Is there a fee for doing this ?Exchange rates are quite good at HSBC ATMs in other countries. IIRC, there is a $1 fee.
EDIT : On second thought, I believe the $1 fee is assessed on non-HSBC foreign ATMs.

   posted: Mar. 13, 2005 @ 4:24a
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I second that. Exchange rates were excellent when I withdrew from ATMs in England and France. I don't remember the $1 fee though. Where were you charged this fee?

Alcibiades said:nallur said:How are the exchange rates ? Is there a fee for doing this ?Exchange rates are quite good at HSBC ATMs in other countries. IIRC, there is a $1 fee.

   posted: Mar. 13, 2005 @ 8:26a
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I don't recall any fee either.
I did ATM withdraw in Canadian dollars in Toronto, they just added to the exchange rate.

   posted: Mar. 13, 2005 @ 8:43a
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rigmarole said:they mentioned a $25 bonus per customer, where can I find it, or it is automatic ?Hmm, they sure do. Good question.

   posted: Mar. 13, 2005 @ 5:24p
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Bump for good deal! This is like ING but with a higher interesdt rate and an ATM card for instant access to $$. Also while not as high of interest as Emmigrant this is from a much larger bank (huge international bank to be exact).

   posted: Mar. 13, 2005 @ 7:41p
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No ATM fee's if you withdraw from an HSBC machine worldwide...I've used hsbc machines in HK/England/canada and somewhere else I forget!

   posted: Mar. 13, 2005 @ 8:48p
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Did you check the exchange rate you got? Was it better than credit cards or about the same? Thanks.

stockmanjr said:No ATM fee's if you withdraw from an HSBC machine worldwide...I've used hsbc machines in HK/England/canada and somewhere else I forget!

   posted: Mar. 14, 2005 @ 4:19p
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Alcibiades said:rigmarole said:they mentioned a $25 bonus per customer, where can I find it, or it is automatic ?Hmm, they sure do. Good question.

http://www.us.hsbc.com/personal/deposits/OnlineSavings_T&Cs.pdf

OnlineSavings Account must be opened no later than 11:59:59 PM ET May 2, 2005 to be eligible to participate in the $25 bonus offer. Limit one $25 bonus per customer. OnlineSavings Account must remain open until bonus is credited or bonus will be forfeited. The $25 bonus will be deposited to the OnlineSavings Account within the first five business days of the month following account opening. $25 bonus is considered taxable income and will be reported on IRS form 1099.

MAXIMUM DAILY DEPOSIT: $100,000

MAXIMUM ACCOUNT BALANCE: $2,000,000

ONLINESAVINGS REQUIRES USE OF E-STATEMENT AND PERSONAL INTERNET BANKING. TRANSFERS ARE ONLY ALLOWED VIA TELEPHONE, INTERNET OR ATM. NO BRANCH TRANSACTIONS ARE ALLOWED.

   posted: Mar. 14, 2005 @ 4:22p
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EugeneV said:OnlineSavings Account must be opened no later than 11:59:59 PM ET May 2, 2005 to be eligible to participate in the $25 bonus offer.To ensure easy and automatic credit for the HSBC bonus, its better to try to find and type in a promotional/offer code during the application process.

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