HSBC Step Up Promo

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kitkat2

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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

bonus interest for an eligible month is paid on the incremental difference between the adb of the month and the adb of the reference month.

for eg,

for december, it would be adb for december minus the adb for september.
 

vince123123

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Thanks Kitkat, so basically it runs in cycles of (3 + 1 month) each time? Cos you said "every month".

yes, precisely. i have been doing exactly this.

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

kitkat2

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Thanks Kitkat, so basically it runs in cycles of (3 + 1 month) each time? Cos you said "every month".

ok, i think my memory is failing. during the previous promo, i got bonus interest for june, july, and august and i emptied my account for september. so i incorrectly thought the reference month was may and that it ran every month.

now i think it's being run in 3-month cycles, eg, jan-mar, apr-jun, jul-sep and oct-dec with the reference month being the month preceeding the start of the cycle. you can sign up for the promo any time during the 3 month period, and you will be eligible for bonus for the signup month plus 2 successive months.

so, for the previous promo, i signed up on june and actually took part in the april to june promo cycle with the reference month being march.

confusing hur?!
 

vince123123

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Hmm now I'm confused. So there's no more "cooling" month anymore? If that's the case, when do you take out the funds so that the balance will be zero and ready for the next round?


ok, i think my memory is failing. during the previous promo, i got bonus interest for june, july, and august and i emptied my account for september. so i incorrectly thought the reference month was may and that it ran every month.

now i think it's being run in 3-month cycles, eg, jan-mar, apr-jun, jul-sep and oct-dec with the reference month being the month preceeding the start of the cycle. you can sign up for the promo any time during the 3 month period, and you will be eligible for bonus for the signup month plus 2 successive months.

so, for the previous promo, i signed up on june and actually took part in the april to june promo cycle with the reference month being march.

confusing hur?!
 

cybercom8

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this promo would be worth it if hsbc did not cap the bonus interest at first $100k...then the balance $100k wont be at 1.55% only
 

kitkat2

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Hmm now I'm confused. So there's no more "cooling" month anymore? If that's the case, when do you take out the funds so that the balance will be zero and ready for the next round?

my advice is to cool off during the reference months, ie march, june, september and december.

for this round, get bonus for october and november, and then move all your funds out by december 1st. keep repeating this and you basically receive 2 months of bonus with one cooling month.
 

vince123123

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Okay got it. Or I could also rotate with eSaver for maximum gains.

my advice is to cool off during the reference months, ie march, june, september and december.

for this round, get bonus for october and november, and then move all your funds out by december 1st. keep repeating this and you basically receive 2 months of bonus with one cooling month.
 

neanea

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how come HSBC call center say 200K only get 0.1% interest?

Can post the link to this?

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.
 

neanea

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1.5% on incremental balance for all 3 months.
Remember to register for promo if u r an existing acct holder.
Means if new account I just leave the money inside for 3months to get 1.5% don't need to top up? But close account have $50 charges?
 

oceanicmanta

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Means if new account I just leave the money inside for 3months to get 1.5% don't need to top up? But close account have $50 charges?

if open today with 200k, u get 1.55% pa on 200k for rest of Oct, Nov & Dec (ie less than 3mths or 90 days).

if u want the welcome gift (tics to HK), need to hold 200k for 90 days ie after 31Dec, 200k earns measly prevailing rate of around 0.06%

if u close account before 6mths, yes, fee applies like other banks

many believe fall below fee can be waived when the time comes

if just looking for 1.55%, why not just stick it in eSaver 1.7% on 200k ?
 
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pilates

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bonus interest for an eligible month is paid on the incremental difference between the adb of the month and the adb of the reference month.

for eg,

for december, it would be adb for december minus the adb for september.

thanks so much!! this is really helpful!:s12:
 

neanea

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If the air tickets worth $900 I does sounds like a better deal than esaver?

if open today with 200k, u get 1.55% pa on 200k for rest of Oct, Nov & Dec (ie less than 3mths or 90 days).

if u want the welcome gift (tics to HK), need to hold 200k for 90 days ie after 31Dec, 200k earns measly prevailing rate of around 0.06%

if u close account before 6mths, yes, fee applies like other banks

many believe fall below fee can be waived when the time comes

if just looking for 1.55%, why not just stick it in eSaver 1.7% on 200k ?
 

oceanicmanta

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If the air tickets worth $900 I does sounds like a better deal than esaver?

probably not worth that much ... usually can get $300 including tax on CX promo.

this free tics dont include taxes about $70 i think
 

oceanicmanta

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Hi all, how come the folks here appear to be more keen in this HSBC promotion than SCB eSaver?

Knowing the fact one needs to have 200,000 to be eligible for this HSBC, will we be better off with 1.70% p.a. at SCB eSaver? :s22: (@ https://www.sc.com/sg/save/saving-esaver.html)

reasons being
- HSBC effective could be 1.96% pa
- welcome rewards - free air tics / hotel stay

previous hsbc offer was higher at around 2.21% pa + air tics ...

all comes with conditions
 

cybercom8

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Hi all, how come the folks here appear to be more keen in this HSBC promotion than SCB eSaver?

Knowing the fact one needs to have 200,000 to be eligible for this HSBC, will we be better off with 1.70% p.a. at SCB eSaver? :s22: (@ https://www.sc.com/sg/save/saving-esaver.html)

if you missed one month of hsbc cc spend, may screw up all your calculations and make it worth less than esaver which is a lot simpler, especially if you plan to deposit more than $200k
 

savinmax

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In my personal opinion,
to maximise this, should register and put 100k ADB, and use 500$ debit card, so this 100k gets min 2.2%
any excess above this 100k will only get 1.55% max, so no point.
put all others in esaver for 1.7%

above applies only after whichever can and already utilise at BOC Smartsaver 60k ( 3.55% ), MB Save-up 50k ( 3% ), UOB One 50k ( 2.43% ) , OCBC 60k ( 3.25% with increment, 2.25% without ) and/or Stanchart Bonussaver 100k ( btw 2.05 to 3.05% )
 

Trazora

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In my personal opinion,
to maximise this, should register and put 100k ADB, and use 500$ debit card, so this 100k gets min 2.2%
any excess above this 100k will only get 1.55% max, so no point.
put all others in esaver for 1.7%

above applies only after whichever can and already utilise at BOC Smartsaver 60k ( 3.55% ), MB Save-up 50k ( 3% ), UOB One 50k ( 2.43% ) , OCBC 60k ( 3.25% with increment, 2.25% without ) and/or Stanchart Bonussaver 100k ( btw 2.05 to 3.05% )

How you get salary crediting for so many account?
 
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