I just received an e-mail from HSBC Direct describing a new promotion in which they’re paying 6.00% APY for new deposits through April 30th. Here’s the text of their e-mail:
Until April 30, your HSBC Direct Online Savings Account gives New Money 6.00% APY. So if you have money elsewhere, itâ€™s time to move it. Youâ€™ll maximize your savings and reach your goals and dreams faster.
During the New Money promotion, deposits from outside of HSBC earn a market-leading 6.00% APY. Thatâ€™s 11 times what traditional savings accounts offer. And checking accounts obviously canâ€™t compare.
Youâ€™ll earn up to $150 in just 3 months on every $10, 000 of New Money deposited. And, with compounding interest, your savings will continue to grow even after the promotion.
There’s no reason to have your cash lying around anywhere else. Log on to move your money into your HSBC Direct account now, and earn 6.00% APY for as many days as you can until April 30.
Your HSBC Direct Customer Service Team
Existing funds will continue to earn 5.05% APY. I would assume that they’re figuring your “New Money” based on the net of your withdrawals and deposits, such that you can’t simply transfer your money out and then back in. If not, you might be able to goose up the rate on funds that are currently in place. Then again, you’d lose about a week’s worth of interest on the round-trip transfer.