$50 Bonus for Opening a HSBC Premium Money Market Account

HSBC is currently running a promotion for its Premium Money Market Account. If you open a new HSBC Premium Money Market Plus Savings Account with an initial deposit of $3,000 from till May 31, 2007, you can get a $50 bonus. Features of the money market account:

• No monthly maintenance fee
• No minimum balance
• Tiered money market rate

And the terms of this offer:

To qualify for the cash bonus, customers must open a new Premium Money Market Plus Savings Account with an initial deposit of $3,000 of new money. New money means funds not previously held by any member of the HSBC Group. If you qualify, $50 will be deposited into your savings account 6 to 8 weeks after account opening. HSBC reserves the right to charge an amount equal to the bonus unless the new deposit account remains open and active for at least 180 days. The Annual Percentage Yield (APY) and balances which are accurate as of April 1, 2007 on Premium Money Market Plus Savings Accounts are 0.60% APY on balances of $1.00 or more but less than $15,000; 2.65% APY on balances of $15,000 or more but less than $50,000; 2.90% APY on balances of $50,000 or more but less than $75,000; 3.15% APY on balances of $75,000 or more. APY is variable and subject to change. Fees may reduce earnings on the account. Cash bonus is considered interest income and will be reported on IRS Form 1099-INT. Limited to one (1) cash bonus per household. Offer expires May 31, 2007 and cannot be combined with any offers.

Well, the $50 free money sounds nice, but the 0.60% APY you will get from this account is close to nothing. If the money is in their regular savings account, which has an interest rate of 5.05% APY, you can earn about $23 of interests in 8 weeks. So the net gain from this offer is around $30 instead of $50. Worth the time and effort? Then use this link to apply.

Update: This offer has expired, but you can still get up to $100 bonus when opening a new bank or broker account. Also check out the latest online savings and checking account interest rates to find the best rate from major online banks.

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