The Offer
- Receive an interest rate of 1.50% APY until January 19th, 2015 when you open and fund an HSBC Promotional Advance Savings account with new money until July 3rd
The Fine Print
- Offer is not available online
- Must have an advanced relationship, which requires you to maintain a balance of $10,000 in combined personal and investment accounts (business owners can use their commercial balances to qualify). If you do not maintain this minimum balance a $20 monthly fee will be charged.
- On January 20th, 2016 the account will automatically convert to the orresponding variable rate relationship HSBC Savings account
Our Verdict
It’s pretty easy to get an on going savings account with an APY of 1.05% or more, so this is only a bonus of 0.45% APY. Additionally it’s possible to get a much higher rate by using a rewards checking or high interest prepaid account.
Given that this offer is only until January of next year I don’t think signing up for this account makes a lot of sense. Let’s say you invested $10,000 into this account and didn’t want to bother with rewards checking or high interest prepaid. You’d be earning less than $40 in additional interest compared to a 1.05% account, you’re much better just signing up for a checking or savings account with a sign up bonus instead.
Hat tip to freek from Slickdeals
Better deal for existing customers. Can take $ out of 0.25% checking accounts and replace it with $ in savings account at 1.5% and still use it to meet minimal requirements.
As a premier, that adds up to quite a bit.