HSBC Direct 6.0% APY Promotion Through April 30

I first learned this new promotion from FatWallet forum this afternoon, but couldn't confirm the news from their website. A couple of minutes ago, however, an email from HSBC indeed says there will be a promotion from January 29 to April 30 for any new money deposited to earn an interest rate of 6.0% APY. From their website, the promotion period and new money are defined as

New Money Period is January 29, 2007 through April 30, 2007. Starting Balance means the available balance in your account as of the close of business on January 26, 2007. New Money means funds not previously held by any member of the HSBC Group deposited during the New Money Period less any withdrawals, and it excludes your Starting Balance as calculated below. New Money must be in available funds for the promotional rate to apply.

I just moved about $10K out of HSBC last week to my newly opened IGoBanking account for their 5.30% APY. Well, looks like I have to put them back again.

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3 Responses to “HSBC Direct 6.0% APY Promotion Through April 30”

  1. Mike |  Jan 28, 2007 at 12:00 am

    “I just moved about $10K out of HSBC last week to my newly opened IGoBanking account for their 5.30% APY. Well, looks like I have to put them back again.”

    Are you sure it’s worth it? 0.7% for 3 months on $10k is about $17. Losing interest for a week on a roundtrip transfer costs you $10. So you net $7, or $5 after tax? Time better spent on picking up a Buy.com deal?

  2. jersey jen |  Jan 28, 2007 at 11:48 am

    hm, if you keep same amount of money for a year (3 month at 6% and 9 month at 5.3%), the average rate would be 5.475% without compounding. is it worthwhile?

  3. The Sun |  Jan 28, 2007 at 10:56 pm

    Actually, I have another $20K with EmigrantDirect (5.05% APY) that I planed to move to IGoBanking, but I haven’t done the transaction yet. All together, I probably can get about $50 more with HSBC’s promotion than with IGoBanking. Not a big money, but as long as it doesn’t cost me anything, I will take it, though a little trouble.