HSBC Online Savings Account

iVillage Member
Registered: 07-11-2001
HSBC Online Savings Account
2
Thu, 02-02-2006 - 10:42am

I just opened an online HSBC account. I know everyone here has ING, and I guess I went with HSBC because I saw the advertizing. They got me! The current rate is 4.8% till the end of April. Anyone else try HSBC? Sorry if someone lost a referral fee, especially if it was me!

I just put $58 in the account. Whoopee! The start of my first real emergency fund. I should be able to put around $50 a month towards the account.

The best part of this savings account is that the rate of interest I am being paid on this money is more than the rate of interest I am paying to 'borrow' this money from another financial institution. I finally am playing the money game correctly.

I have a secured loan that I took out from my CU against money I had saved for my tooth. Instead of spending it and not seeing it, I took a loan for the exact same amount. So I basically doubled my money. Each month after I pay the loan the secured money becomes free and that's the money I am tranferring to my HSBC account. I have borrowed the money at 4% and I am making 4.8% on the transferred money. The money also makes 1% interest while it is secured against the loan. Does that make sense?

I am excited to have finally started this account. The money is not easy to access. I need to transfer electronically the funds. I can't wait to see $1000 in there!

iVillage Member
Registered: 04-07-2003
Thu, 02-02-2006 - 12:04pm
Congrats on starting your first e-fund! I was thrilled when I opened my ING account about 2 years ago. I love the Automatic Savings Program - I can just automatically "pay myself" every payday. It was and still is the absolute most effective way for me to save money. That account is a God-send!


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iVillage Member
Registered: 10-14-2003
Thu, 02-02-2006 - 2:17pm

Good for you! I just opened my ING, I've never heard of HSBC... Savings is savings and I'm happy to have it a little bit harder to get into! :)

Stephanie