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HSBC 10*$10 Bonus for Depositing $2000 Each Month for New Day to Day Account

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HSBC 10*$10 Bonus for Depositing $2000 Each Month for New Day to Day Account
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Lcma on 09/06/2011 - 15:52 hsbc.com.au (1160 clicks)
Last edited 09/06/2011 - 16:02

Similar to ING deals such as http://www.ozbargain.com.au/node/45540

From T&C on website:

To be eligible for the $10 Feebate you must open a new HSBC Day to Day Account from 1 June 2011 and meet the minimum deposit criteria by the last business day of the calendar month. Your $10 Feebate will be credited to the account within the first 5 business days of the subsequent month. Feebate payments will cease when a total of $100 has been credited to the account or when the account has been open for 12 months, whichever occurs first.

This account has no monthly fee and access to fee-free Westpac, St George and BankSA ATMs most of the time. Please read T&C carefully for exclusions.

I presume one can certainly rotate the money between this account and the ING Orange Everyday account to maxmize the bonus on both sides.

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  • mangew on 09/06/2011 - 16:04
    +2

    I don't know what their day-to-day interest rate is. But for $10 bonus per month for depositing $2000 each month, with a maximum of 10 months / $100 bonus total does not seem worth the effort, despite no account fees etc…

    Seems better off if you did not require the money quickly to put it into a high interest term deposit or high interest savings account i.e ING Direct / Ubank etc.

    Just my opinion…

    • c64 on 09/06/2011 - 16:07
      +1

      just schedule a $2k transfer once a month for the next 12 months to the hsbc account. schedule a $2k transfer back the next day to the original account. too easy.

      but i agree, $100 over 10 months is being a bit stingy.

      • mangew on 09/06/2011 - 16:10

        hmmm on second thoughts that is tempting and does sound easy :P

        • altomic on 09/06/2011 - 16:32
          +1

          especially if you open multiple accounts……

  • dkslim on 09/06/2011 - 16:15
    +1

    $10 a month is too little.

  • uraha on 09/06/2011 - 16:25
    +1

    so you can deposit 2k every month and take it out the day after?

  • aaronaldo on 09/06/2011 - 16:42
    +1

    I think the aim is to get you to setup your pay to be paid into this account. Pity they are not offering this to existing account holders.

  • delfredo on 09/06/2011 - 17:05
    +2

    Tough one. $100 over 10 months is a long wait. It's still free money though. Hmm…

  • csg001 on 09/06/2011 - 17:11
    +3

    I think people should be aware that they will NOT receive interest when your money is "in cyberspace" (ie. limbo between banks). This means that you will lose 3-4 days of interest on your $2000 (1-2 days per transfer each way), which equates to around $1.50 per $2000 each "roundtrip" between banks (based on 6.51% pa), and since it's compounding, you will also lose the additional interest on that interest, and so forth. So over the 10 month this promotion will run for, you will lose out on close to $16 worth of interest, more if you forget to transfer it back right away, or are unable to do so due to weekends, public holidays, etc.

    While it will make little difference overall, as you will be gaining an additional $100 through this deal ($80+ gain overall), you should still be aware of this fact. Just food for thoughts. :)

    • uraha on 09/06/2011 - 17:19

      from someone like me, who only has around 2k in the bank, transferring back and forth and only making $84 from setting up an automatic transfer between the bank is well worth it

    • anthony on 09/06/2011 - 17:31
      +1

      which equates to around $1.50 per $2000 each "roundtrip" between banks (based on 6.51% pa), and since it's compounding, you will also lose the additional interest on that interest, and so forth. So over the 10 month this promotion will run for, you will lose out on close to $16 worth of interest

      But when you transfer your $2000 from HSBC there will be an extra $10 along with it which is more than the $1.50 you missed out on due to the money not being in your high interest account.

      That $10 then earns compound interest because it gets to sit in your high interest account for each month.

      It probably doesnt work out to much but the extra compounding on the $10 will offset any compounding loss of the $1.50

    • Crownanchor on 09/06/2011 - 17:59
      +1

      When transferring, the money is not in limbo, the deposit date is back dated to the date the money is transferred, its only in limbo at some banks if you transfer on the same day after 5:30 pm. Does anyone have any information on the interest calculation? I have looked at this in the past and recall interest being earned between transfers.

      My calculation is $3.56 in lost interest if transfering from a 6.51% interest to say a 0% interest bank account.

      • anthony on 09/06/2011 - 18:15
        +2

        When transferring, the money is not in limbo, the deposit date is back dated to the date the money is transferred,

        Not quite, nothing is back dated.

        Interest is calculated on the closing balance of your account.

        So if you have $1 deposited with bank A and on Monday you transfer that $1 out of your account then for Monday you receive no interest from bank A.

        That money should be received by bank B and credited to your account on Monday night so as long as your bank processes transfers before the closing balance is calculated bank B will pay you interest on that $1 for Monday. But i do not know if banks would add this $1 to the closing balance of Monday or Tuesday, I think it would be Tuesday however I do not know.

        its only in limbo at some banks if you transfer on the same day after 5:30 pm

        Not quite.

        The cut off for BPay is 5.30 however a transfer between banks does not use BPay.

        A transfer between bank accounts is different to BPay so the closing time depends on the bank you are sending the money from.

        Some banks have a closing time before 5.30 and i think i have seen one with a closing time of around 6-7pm

        • Crownanchor on 09/06/2011 - 20:34

          Yes that first part is what i am saying. So you agree if you transfer money from a high interest bank (UBank) to HSBC with an interest rate for a transaction account about 0.01%, the interest lost is about $3.56? This assumes you transfer the $2000 back to UBank the next day, and this is for the 10 days/months for the HSBC deal.

          What was meant by the second part is that some banks, when you transfer at say 8pm on a business day, interest is not being earned as the money is being transferred but will take an additional day at the other bank, and even worse if this is done on a Friday, Saturday, or this Sunday due to a public holiday on Monday.

        • c64 on 09/06/2011 - 22:08

          for all the banks i've used, transfer before 4pm and it is credited to the destination account on the same day. ing is 7pm (which i find really useful).

          the only problem i've had is for direct credits to ubank which are always dated the next day (ie 1 day's interest is lost). using the ubank asp gives the right date though but it is a pita to use.

        • Crownanchor on 09/06/2011 - 22:28
          +1

          Ubank is the same day for me with the ASP, the only complication is the way the transaction and statement look when the ASP date is a weekend, but its still the same day as the transfer from the other bank, so no interest is lost.

          Yes, ING is really great with the 7pm same day access between banks.

        • c64 on 11/06/2011 - 17:19

          ok i think i was confused because ubank lists a transaction date as well as a statement date. i think the statement date is the "effective" date. i tried a couple of $1 transfers to ubank yesterday from different banks and they all say transaction date = 11 jun, statement date = 10 jun.

    • qazwsx on 09/06/2011 - 18:01

      All the number crunching to decide if it's worth getting a potential $80, plus then the time to go open the bank account, prove your identity, set up the transfers, set up the return transfers, etc.
      If you took all that time, and did some paid overtime at work instead, you would earn more than the $80, no?

      Not a criticism, I just find it humourous :)

      • Cluster on 09/06/2011 - 18:15
        +1

        It's a hobby for some people to find bargains or calculate how much something is really worth. Do people calculate how much they could have earned (and hence regretted the lost money) if they worked instead of watched TV, played a round of golf, or visited a cinema with the family?

      • c64 on 09/06/2011 - 22:09
        +1

        you've wasted time posting which could have been spent earning money :)

    • delfredo on 09/06/2011 - 19:23

      I think with UBank, if you have an ASP, you earn interest right from the date of the ASP transfer although your funds may effectively come in days later (and hence appear as being "available funds").

  • annarchon on 09/06/2011 - 18:35

    Well, I prefer the "old" online savings account (one that they renamed day to day a couple of month back).

    Back in the good ol days, they have really competitive interest rates, similar to what ubank does now. But then they cut the rates, and then cut it again and again and its now non-existent.

    Now, they are using these gimmicks to attract customers sigh…..

  • iamtapu on 09/06/2011 - 22:09

    question.
    What is the benefit of transferring the money back to ING Orange Everyday account?

    • Crownanchor on 09/06/2011 - 22:31
      +1

      ING also have a deal on for a $100 bonus, just need to transfer $2000 of external deposits per month for three months from June 2011 to get it.

  • c64 on 09/06/2011 - 22:39
    +1

    on a side note, there is also there is a hsbc competition where you can win up to $1000 of your visa debit card online purchases back up to 31 july. https://www.hsbc.com.au/1/2/moneyback

  • andy2 on 10/06/2011 - 01:31

    hmm according to my calculation, if you applied the same amount every month for 10 months in Ubank at 6.51% interest you will be going close to $610 in interest alone, why would you better with this deal?!

    • BlueJay87 on 10/06/2011 - 07:32

      because you are only transferring the money into HSBC account then taking it straight abck out again to go in Ubank, so you only lose a few days of interest, but gain ten bucks.

    • octagonalman on 10/06/2011 - 14:37

      Show all working.
      Did you use Ubank's daily compounding?
      If you assume that the money does not need to be kept in the HSBC account, it does change the amount of money available to be returned to Ubank.

    • Crownanchor on 10/06/2011 - 16:22

      Andy, its not save $2000 a month, its move $2000 in and out for one day. You could even get the $100 bonus if you only had $500 in savings to your name and you move the money four times a month.

  • andy2 on 10/06/2011 - 01:32

    and here is the calculator for anyone that wants to use it
    http://www.moneysmart.gov.au/tools-and-resources/calculators…

  • BoltThrower on 10/06/2011 - 09:38

    Funding communism doesn't pay much these days…

  • shortgum on 12/06/2011 - 00:03

    this is worth a deal fellow ozbargainers. you just need to setup the system date to put in $2000 into the hsbc day to day account and put them out (maybe a week later). Then use your the system will do the same for the next 10 months you get $100.

    I got the ING bonus $100 offer email as well for depositing $2000 for next 3 months. might just use it combine together.

    just do the maths and setup the system. it will work! well for me definitely.

    might just should arrange a session for everyone to talk about all the offers!

  • SummerMan on 15/06/2011 - 12:00

    Their 100 points id check is not the same as others.
    You need your ids to show your nationality/address too.

  • SummerMan on 15/06/2011 - 12:37

    HSBC will call you from 02 900 58899 when you applied for this account.

    They said that it is a "courtesy call" to get to know the customer. They will ask the following questions

    • You Full Name/Email address.
    • What is your current Bank. What kind of account do you have? How do you find your current bank?
    • You financial goal.
    • How do you know HSBC?
    • What are criteria that you use to choose a bank?

    Do you need any help with the application?

    • delfredo on 16/06/2011 - 00:01
      +1

      I found it a waste of my time, though I can understand the effort they are making.

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