HSBC whooping 6% saving…and the catch?

HEADS UP!
So the online saving rate war is back! HSBC is now offering 6% APY until April 30th 2007 but…there’s always a catch.

This deal only works on so-called “new” money which is basically any money you deposit between Jan 29-April 30. So in the end, I’d say you will only make a few extra bucks (in the sub-100k category) if you already have a 5% saving account somewhere. Especially since it’s only a 3 months deal from now. And then also due to the slow transaction time that will cause a loss of interest return on the days between money is moved and then there’s taxation. And if you have 100k+? You probably should be think about putting some of that money into funds/stocks portfolio anyways (or buy a house, do something w/ them plz) and won’t have 100k+ in saving :P

So I would say it’s not worth it, for the little gain and the hassle. Again, HSBC has very slow transaction from personal experience. It’s just another strategy to draw some new money/customers.

Originally posted 2007-01-28 03:50:31. Republished by Blog Post Promoter