This was posted 12 years 2 months 28 days ago, and might be an out-dated deal.

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HSBC Freebate, Get up to $100 Free after Depositing $2K Month over 10 Months

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HSBC Freebate, Get up to $100 Free after Depositing $2K Month over 10 Months
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hugh on 06/02/2012 - 17:19 hsbc.com.au (924 clicks)
Last edited 06/02/2012 - 20:42 by 1 other user

This is twice as good as the NAB $50 offer. By depositing $2K a month into your bank account, you will be credited $10 over a maximum period of 10 months. A way to do this is to schedule a monthly transfer from your current bank account of $2K to and from the HSBC account. Not much effort for a bonus 10 bucks a month. The teller said that it doesn't matter how the funds are deposited.
Their TT fx rates are better than Ozforex from what I've seen.
No account keeping fees or transaction fees when using atms, debit card included.

Mod: Removed freebie tag

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  • Crownanchor on 06/02/2012 - 17:39

    This was posted on OZB some months ago. HSBC sure are good at FX but it really cost me when i paid the FX fee through HSBC which was $30 on top of the FX fee ($20), this could have been either $10 extra or the fee may have been waived at the receiving bank.

    • Steptoe on 06/02/2012 - 18:41

      Repeat Promo
      http://www.ozbargain.com.au/node/46629

      • WaywardOne on 06/02/2012 - 23:21

        That thread is an interesting read. The calculation was to transfer $2k back and forth a minimum of 4 days @ 6% interest. This works out to be $1.32. Or ignoring tax, you could take ~30 days to transfer it in and out (about $10 in interest @ 6%).

        Hmmm…interesting…so each month you make between $0 and $8.68. So for the 10 months you could make between $0 and $86.80. Might be worth trying….

  • bonky on 06/02/2012 - 17:55
    +1

    I wonder how many ozbarginers have 2k laying around these days!?

    • huntress_love on 06/02/2012 - 18:09
      -2

      doesn't people work?
      i have my pay which goes in and once it's in it counts and you just use it as nomral.

      • Elijha on 06/02/2012 - 19:03

        could you have a few accounts set up and just move the money through them each earning $10 on the transfer? Probably not (at least with the same bank).

    • bentan77 on 06/02/2012 - 19:49
      -1

      Does anyone happen to want to loan me $2000? I'll return the $2000 back with a signed autograph of me in about 10 months time.

      • Steptoe on 06/02/2012 - 23:54
        -1

        If you and 1999 others send me $1, I'll show you how to make $2100 :p

  • THEMAN_AUS on 06/02/2012 - 18:22
    +2

    .. $100? I know its free money but this is better for the bank that you.

    stupid deal

  • Freakycat on 06/02/2012 - 19:01

    I know they have this for sometime. For those who opened a CBA account last year for their 12 months movie ticket offer (which requires a monthly deposit transaction), you can just transfer the $2000 in and out the HSBC and the CBA accounts to get the movie tickets and $100 from HSBC. Not bad :-)

  • atlas on 06/02/2012 - 19:12

    How does it work for existing customers?

    I did it once in November but then forgot for December. Can you continue?

    • c64 on 06/02/2012 - 19:16

      the t&cs says for up to 12 months from when the account was opened or up to 10 times. so just continue doing it.

  • [Deactivated] on 06/02/2012 - 19:24

    im more interested in their FX rates than this deal. Anyone have any info in what their FX rates are like and what charges they have for sending money overseas?

    • Crownanchor on 06/02/2012 - 19:56
      +1

      The rates were standard bank FX, dont remember the exact details, but wasnt too bad.

      The FX fee was $20 for transferring, and on top of that i also nominated to pay the beneficiary bank fees which totaled $30, so it was $50 to do a FX transaction with HSBC. The better option is to let the payment of the fee be handled by the beneficiary bank, this fee is $20 and its not always charged, its certainly not charged if the receiving bank is HSBC or uses HSBC as a FX clearing bank.

      • nfr on 07/02/2012 - 12:20

        Great info. I've actually used HSBC for international money transfer many times and until now never worked out the beneficiary bank fee.

  • hsct on 06/02/2012 - 20:21
    -4

    This is a stupid deal. Targeting to customers who don't know mathematics.

    $100 bonus money for $20,000 after 10 month is essentially an interest rate of 0.6% p.a.

    However the following is how much interest you will save in an offset home loan account if you make $2000 extra repayment for the next 10 months:

    For example of a home loan rate 7.3% p.a. (i.e. 0.6% per month), an additional $2,000 repayment per month means interest saving of ($2000x0.6% + $4000x0.6% + $6000x0.6% + … + $20,000x0.6%) = $670.

    • SBOB on 06/02/2012 - 20:39
      +5

      the $2000 doesn't have to stay in the account, you can take it our or use it… so your maths is 'best case' for those that save the entire 2k

    • Cluster on 06/02/2012 - 23:07

      Your calculation is valid assuming someone has a home loan. I do, but many people don't.

      In support of your calculation however it's worth mentioning interest earned is pre tax, while interest offset is post tax. A theoretical 6% offset against home loan interest is worth a lot more than 6% earned in a bank account (or as a bonus, which is still counted as interest), depending on the marginal tax rate.

  • massari on 06/02/2012 - 21:22
    +1

    I am up to like month 6 I think :D

  • aarablue on 06/02/2012 - 21:28

    This is bit off the topic but still related" just be aware of the few transaction fees HSBC charges which other Australian bank like St George and CBA doesn't. I bought something in AUS$ from Groupon using HSBC visa card and they charged me international transaction fee $8.90 saying that website process their fund overseas"I think that's ridiculous becoz I bought thing in AUS$ in Australia using AUS CC then there shouldn't be any overseas transaction fees!correct me if I am wrong.

    • Magnate on 06/02/2012 - 21:52
      +1

      Email Groupon, they'll refund it. They refunded me in the same situation. It is ridiculous, don't know why it gets charged.

      • aarablue on 07/02/2012 - 07:50

        I will do that. thank you :)

    • Crownanchor on 06/02/2012 - 21:54

      So you bought something for $300 on Groupon?

      This is the same as all other Aussie banks with the 3% transaction fee as Groupon is US based company, even though its in AUD, and Living Social deals will be the same, but if you use your card at most other Australian places the transaction fee does not apply. Best to use 28 degrees card or Citibank for foreign based credit card transactions.

      • aarablue on 07/02/2012 - 07:50

        Thanks for advise. My friend used stgeorge and they didn't chanrged her.but now will keep this in mind. thank you

    • mrpatto on 06/02/2012 - 22:14
      +1

      This is why I have a 28 Degrees MasterCard. I am not trying to flog a product, I hate banks, but this credit card has no international transactions fees. I use it to make all my online purchases.

    • [Deactivated] on 06/02/2012 - 22:31

      Had that with paypal AUD transactions and tiger airways domestic AUD from both Myer visa card (same co as 28 deg) and Bankwest.

  • Magnate on 06/02/2012 - 21:52

    How hard is it to open this account? Do they need ID etc?

    • Crownanchor on 06/02/2012 - 22:09

      ID is required, and also a "courtesy call" from HSBC to discuss the account, so its a little more effort than most other banks.

    • c64 on 06/02/2012 - 22:28

      if a branch is close to you then just go to that. banks will require 100 points of id, say a drivers license + medicare card.

  • shaybisc on 06/02/2012 - 22:20
    -1

    Whoop de doo.

  • cwongtech on 07/02/2012 - 00:29

    How many accounts can we sign up? :)

  • janeymac on 07/02/2012 - 09:33

    I've been with HSBC for years. They should be rewarding ME!

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