With the Nerf of RHB high yield savings account bonus interest, it is time to look for another appropriate savings with good rates. There has been some online chatter on how good the HSBC Everyday Global Account (EGA) is, but the terms & conditions are complicated and difficult to understand. Still with a determination to make my monies work harder, I plunged into the HSBC website head-on and also made a long call to their customer service.
True to online feedback, the HSBC website is confusing with quite a few ongoing promotions concurrently ongoing. But I guess at the end of day, the most important reason would be the favourable 4.55% interest rate for Incremental Balances vs Reference Month
It seems quite silly just to make 5 consecutive funds transfer of $1 each to another bank account (yes, even the HSBC customer service admitted so!) to qualify.
This 1% bonus rate runs only for incremental balances from the previous month, so if u open the EGA account on March, you would need to transfer your monies out on 1 April, and then back again on 1 May, to enjoy this bonus interest. With FAST bank transfers which are instantaneous, this would be easy. Just need to set a reminder in the phone calendar, to perform this 1 minute transfer to enjoy a high 5.55% interest rate.
Oh yes, I would also choose Personal Banking, instead of Premier, as there is a bank charge of $50! if the total relationship amount drops below $200k.
If u have further questions, pls feel free to comment below
Enjoy this high interest rate while it lasts! 😁
Thanks for sharing! Also wondering if there is a limit to the amount I can deposit? Also what's the relevance of the "fulfillment month"?
ReplyDeleteMax limit is $2million. Fulfillment month is the payment month of the bonus interests
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