HSBC Step Up Promo

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oceanicmanta

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kitkat2

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think appropriate to start new thread ... suspect it's gonna be a continuing promo from HSBC

to start ... anyone received Sep's 1.8% yet :)

suspect? i thought someone already posted the signup forms for the new promo starting october? :)

waiting for the electronic signup. hsbc still hasnt updated their website :(
 

oceanicmanta

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1.8% bonus interest (for new accounts) is in

continuing as in after current promo ends, they will roll out another round ... like eSaver
 
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cybercom8

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a little confusing with so many promos...

does this work the same as scb esaver? if yes, what is the maximum deposit amount entitled to the bonus interest?

and the final noob question...what is the bonus interest rate? :s13:
 

bluegt

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So Advance customer can get 2.2%? Seems better than eSaver at 1.6%. Except HSBC is only on the top-up amt...
 

oceanicmanta

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Min amount for new Premier = 200k
First 100k gets 2.25% (1.55% + 0.7% with $500 debit card spend)
Remaining up to 1.1m gets 1.55%
Base interest is tiered ... around 0.06% pa depending on amount placed

Effective interest for 200k is about 1.96%

The higher the amount placed, the lower the EIR.

Current referral rewards & Welcome Rewards are 2 CX Econ tics to HK (tax not included). Some periods change to RWS hotel stay. Need to hold 200k for 90 days.

New clients auto included in above promo. Existing clients must register.

All the above subject to other T&C's.
 

vince123123

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I wonder whether we need to do "in and out" of Advance like eSaver. Or maybe 1 period Advance another period eSaver (since it is uncertain if you can have 2 Advance account)
 

cybercom8

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Min amount for new Premier = 200k
First 100k gets 2.25% (1.55% + 0.7% with $500 debit card spend)
Remaining up to 1.1m gets 1.55%
Base interest is tiered ... around 0.06% pa depending on amount placed

Effective interest for 200k is about 1.96%

The higher the amount placed, the lower the EIR.

Current referral rewards & Welcome Rewards are 2 CX Econ tics to HK (tax not included). Some periods change to RWS hotel stay. Need to hold 200k for 90 days.

New clients auto included in above promo. Existing clients must register.

All the above subject to other T&C's.

thanks for the nice summary...decided to stick with scb for now as seems like a lot of work, especially have to track spending on debit card for 3 months for the incremental interest...if hsbc had maintained the bonus interest at 1.8% instead of 1.55%, then will be a better incentive to do all the legwork haha
 

oceanicmanta

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agree eSaver is a much simpler product & more flexible

previous rate was attractive, this one only so so

i also just go where it makes most sense
 

vince123123

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Actually at 1.55% you don't need to do any monitoring of debit card spending. If you want to put in the additional effort, you get 2.25% and not 1.55%.

thanks for the nice summary...decided to stick with scb for now as seems like a lot of work, especially have to track spending on debit card for 3 months for the incremental interest...if hsbc had maintained the bonus interest at 1.8% instead of 1.55%, then will be a better incentive to do all the legwork haha
 

kitkat2

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I wonder whether we need to do "in and out" of Advance like eSaver. Or maybe 1 period Advance another period eSaver (since it is uncertain if you can have 2 Advance account)

for hsbc, it's 3 months of bonus interests followed by one month for cooling off. less frequency in funds movement required compared to esaver. also, hsbc doesnt have tiered bonus rates.
 

vince123123

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Thanks for the information.

Are you saying that if I take advantage of this promotion, I will have to do this:

(a) Deposit funds into HSBC Advance now (Oct 2016)
(b) Get interest from Oct to Dec 2016
(c) Withdraw funds for in Jan 2017 (cooling off month?)
(d) Deposit funds in Feb 2017 (likely start of next promotion?)

Is that how it works?

for hsbc, it's 3 months of bonus interests followed by one month for cooling off. less frequency in funds movement required compared to esaver. also, hsbc doesnt have tiered bonus rates.
 

pilates

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for hsbc, it's 3 months of bonus interests followed by one month for cooling off. less frequency in funds movement required compared to esaver. also, hsbc doesnt have tiered bonus rates.

hello kitkat,

Do you have any idea the Bonus is only payable for the incremental deposit for that month or across all 3 months?
for eg. SEPT- 30K balance.
OCT - 60K balance.
NOV - 60K balance.
DEC- 60K balance
would the bonus 1.5% only be paid for the increased 30K in OCT and base interest only for NOV & DEC or across all 3 months?

TIA
 

Squaredot

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hello kitkat,

Do you have any idea the Bonus is only payable for the incremental deposit for that month or across all 3 months?
for eg. SEPT- 30K balance.
OCT - 60K balance.
NOV - 60K balance.
DEC- 60K balance
would the bonus 1.5% only be paid for the increased 30K in OCT and base interest only for NOV & DEC or across all 3 months?

TIA
1.5% on incremental balance for all 3 months.
Remember to register for promo if u r an existing acct holder.
 

kitkat2

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Thanks for the information.

Are you saying that if I take advantage of this promotion, I will have to do this:

(a) Deposit funds into HSBC Advance now (Oct 2016)
(b) Get interest from Oct to Dec 2016
(c) Withdraw funds for in Jan 2017 (cooling off month?)
(d) Deposit funds in Feb 2017 (likely start of next promotion?)

Is that how it works?

yes, precisely. i have been doing exactly this.

they seem to run promotion every month and the reference month is always the preceeding month.
 
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