HSBC Step Up Promo - Part 2

[maumu]

well, despite all these discussions, there's yet been proven also that someone had indeed suffered from the 30-day rule ever since it was implemented last July.

so all these may just be smoke bomb to confuse the customers or to create confusion. I guess needs more people to share their real experience (when did they withdraw and put back) or to share evidence that the bank does not take the 30-day condition seriously.

 

[shengliang1981]

I have withdrawn the BI credited on 19 Nov 2024 for Jul 2024 and deposited funds on 2 Dec 2024 (less than 30 days), The BI that I received on 24 Feb 2025 for Dec 2024 is correct and not impacted by the BI that I have withdrawn on 19 Nov 2024.

 

[tweeety]

I have withdrawn the BI credited on 19 Nov 2024 for Jul 2024 and deposited funds on 2 Dec 2024 (less than 30 days), The BI that I received on 24 Feb 2025 for Dec 2024 is correct and not impacted by the BI that I have withdrawn on 19 Nov 2024.

may i ask how much is the BI VS the amount u top up on 2 dec?

 

[shinshin]

not sure if there is a hsbc ega thread, but saw the latest EGA fresh fund promo is 2.9% + 1%(Everyday+ Rewards Programme, cap $300 per month)

can i check based on above to optimize returns, around $360K will be entitled 3.9%, assuming i fulfill the criteria.

 

[shengliang1981]

may i ask how much is the BI VS the amount u top up on 2 dec?

Prefer not to go into the specific details. Suffice to say that the BI that I've withdrawn is enough to cause a noticeable reduction of my Dec BI if that amount is deemed as not fresh funds. However this is not the case and the BI that I received for Dec is accurate to the cents based on my own spreadsheet tracking.

 

[sglandscape]

Prefer not to go into the specific details. Suffice to say that the BI that I've withdrawn is enough to cause a noticeable reduction of my Dec BI if that amount is deemed as not fresh funds. However this is not the case and the BI that I received for Dec is accurate to the cents based on my own spreadsheet tracking.

This is expected as money is fungible, unless you really use the account as FD and move in and out an exact amount. Most people do try to use the account as a nornal account (pay bills, GIRO, etc) and not just game their interest rate promos.

 

[lowfamily]

Can share your formula?

My calculations off by a small bit monthly so keen to know where I went wrong.

 

[shengliang1981]

Can share your formula?

My calculations off by a small bit monthly so keen to know where I went wrong.

(A - B) * R% / 365 * (D)

A - Current month ADB
B - Reference month ADB
R - Interest Rate
D - Number of days in the month

 

[twosix]

(A - B) * R% / 365 * (D)

A - Current month ADB
B - Reference month ADB
R - Interest Rate
D - Number of days in the month

Can share your formula?

My calculations off by a small bit monthly so keen to know where I went wrong.

Imo, most accurate is to calculate daily interests and then sum up for the month. Eg. for Feb, do it for Feb 1, Feb 2, etc... until Feb 28.

 

[tweeety]

ya most ppl will definitely set up giro for the ega rewards as well. oh well, we shall see in july.

 

[lowfamily]

Imo, most accurate is to calculate daily interests and then sum up for the month. Eg. for Feb, do it for Feb 1, Feb 2, etc... until Feb 28.

Daily is using

A - day end balance
B - amb of reference calendar mth

 

[sglandscape]

Imo, most accurate is to calculate daily interests and then sum up for the month. Eg. for Feb, do it for Feb 1, Feb 2, etc... until Feb 28.

The easiest is to compute the pro-rated interest for each cash flow, for the entire month. If you computed daily interest you need to maintain a running balance (ie an extra step).

 

[Daffy7]

Happy to share that hsbc has investigated and will be giving my bonus interests for Oct and Dec 24

 

[oceanicmanta]

Happy to share that hsbc has investigated and will be giving my bonus interests for Oct and Dec 24

they gave any reason for not giving previously ?

or say it is good will ?

 

[Daffy7]

Happy to share that hsbc has investigated and will be giving my bonus interests for Oct and Dec 24

they gave any reason for not giving previously ?

or say it is good will ?

Good will loh

 

[60Remajust]

Good will loh

u overlapped/extended the BI months correct?

thats a nice gesture on their part

 

[ykeen]

The easiest is to compute the pro-rated interest for each cash flow, for the entire month. If you computed daily interest you need to maintain a running balance (ie an extra step).

can share this formula?

I had to rely on EGA PDF statement for daily balance. Since some days there were a few transactions, think maybe it is easier to look at end of day balance in the PDF and use it for the calculation, otherwise I have to create more lines of transactions if there are several transactions a day vs simply using end of day balance in the PDF.

Or is there any easier way to calculate? Think I just realised can export CSV format from HSBC.

 

[Daffy7]

u overlapped/extended the BI months correct?

thats a nice gesture on their part

They said I overlapped two cycles.

But I confirmed with cso previously I was registered correctly.

End of the day, it pays to confirm every cycle with them after sending sms.

 

[maumu]

They said I overlapped two cycles.

But I confirmed with cso previously I was registered correctly.

End of the day, it pays to confirm every cycle with them after sending sms.

You should have received SMS acknowledgement of the cycles you registered for. How can it be that they claim you overlapped?

 

[Nanonited]

They said I overlapped two cycles.

But I confirmed with cso previously I was registered correctly.

End of the day, it pays to confirm every cycle with them after sending sms.

I thought if you are registered for another cycle then you wont be valid for other cycles?

so you deposited without knowing you were not eligible for this cycle?