Hi everyone,

I'm a non-resident with an HSBC Canada chequing account and saw that there was a deadline of 29th February to open any new savings accounts ahead of the migration to RBC. I checked with customer support and HSBC allows existing non-resident customers to open new savings accounts online, so I thought I might as well given that it's free and RBC might not allow new account applications from outside Canada. I don't have a Canadian SIN, however HSBC has my foreign Tax ID on file. Canada has a tax treaty with my country of residence (UK).

Since opening the account, I searched online and it seems that banks usually require a SIN to open an interest-bearing account. I was wondering if anyone here can confirm that a foreign TIN serves the same purpose for non-residents? If it's an absolute requirement to have a SIN regardless of tax residency I guess I'll need to close the account. HSBC said it isn't a requirement as I'm an existing customer and they have my foreign tax info; I'm hoping that's the case but can't find anything online. If any other non-residents have any info confirming this that would be great!

EDIT: I called HSBC again who reiterated they accepted the account application and my foreign TIN is enough. I also managed to find a non-resident form (NR4) used by the CRA to report interest paid to non-residents, and it has a field for ' Foreign or Canadian tax identification number', so it seems to be all good!

Dear alemerson,

Thank you for saving your money with HSBC. We wanted to let you know that your Online Savings Account Annual Percentage Yield (APY) was lowered to 0.50% APY1 as of June 14, 2012.

Your Online Savings Account remains an attractive option. Rate changes like this are very thoughtfully considered and are made in response to market conditions and prevailing interest rates. Regardless of the environment, HSBC will continue to let you know about rate changes to your Online Savings Account.

To learn how HSBC can help you continue to make smart decisions about managing your finances, visit us.hsbc.com or your nearest branch.

Thank you again for being an HSBC Advance client.

Sincerely,

Andrew Ireland Executive Vice President Head of Premier & Advance Banking HSBC Bank USA, N.A.

Hi I have been reading about the different options for saving money with HSBC.

I am very new to all this and I am afraid of making the wrong decision. Can anyone recommend an option for me?

Initial deposit: £3,000 Monthly deposit: £1,000

I will be taking a large chunk out in a new months to buy a car.

Thanks for any advice!

I have saved up some money from my job and put it into a HSBC current saving account but I feel like I need to make better use of it, especially since the interest rate is quite abysmal. I was looking into different avenues such as opening an ISA account, investing with Vanguard or looking for a bank with better interest rate such as Chase. I was hoping to get some opinion on these options from people who have had an experience with them and perhaps get some other ideas too.

Just FYI. Link for more details. https://www.hsbc.ca/savings-accounts/savings-offer/ It's not a free bank, like EQ, Simplii, and other no fee FI. So it might not be worth the hassle for you to start an account. But I already have one with them, so I will start using it.

Sorry so im a little stupid and wanted to know the crucial difference between the online bonus savings account and the flexible savings account. I can't quite wrap my head around the interest rate being higher if you dont make a withdrawal that month but if you do, the interest rate for the month only decreases to what the standard interest rate for the flexible savings account is? Am I missing something? Doesn't that make the flexible savings account basically pointless?

My card application was rejected yesterday for god knows which reason. I dont have an HSBC savings/ salary account.

Is it a pre requisite?

HSBC: 2.22% apy

Barclays: 2.2% apy

Citizens Access: 2.35% apy

CIBC: 2.39% apy

I've reviewed all the account details, requirement, fees and they all seem fine to me however reviews for these banks are so mixed, it's hard to tell which are fake and which are relevant. Does anyone have any experience with either of these banks? Which would you recommend?

I've researched all I could and just feel stuck. Then perhaps I may be overthinking it.

So I put in about a grand in the regular savings since this is my first time I didn’t know I can’t just withdraw and I need to pay for a holiday with that money so is there anyway I can get the money please help me I’m so stressed out.

I have an existing basic account with HSBC and I'm looking into opening a savings account and deposit 30K. Does anyone know what would be the best option currently?

Hi All,

I've recently switched to HSBC and will be looking to save about £600 with them each month.

At present, I'm thinking I will open their reg saver (5%) and max that at £250 each month. I'm then considering their Online Saver which is instant access (for my emergency fund) and pays around 0.5% iirc. Lastly, I'm considering opening a HTB with them and maxing this out each month. Is this a wise choice? I'm looking to buy in 2/3 years (more than likely with my gf).

Can I get opinions please? If there are better options with HSBC please do say!

Thanks :)

Hello!

I do not have a savings account, but I really want one as I'm working in a part time job and am receiving good wages so I would like to save some of that money for the future, however I'd also like to withdraw money when I need to incase I need it for urgent situations. I am an HSBC bank account holder, but I do not know which savings account I should take, can anyone help?

Thank you!

Hi I have only ever banked with CIBC my wife banks with TD we have 500k in cash that we are looking to buy a house with.

I am thinking that HSBC offers 4.9% interest on it so we should open one together and combine the money (its split evenly and we're married) and collect some interest while we look?

I opened an account with them then I transferred all my savings to their 'Online' Saving Account (HSBC Direct Saving).

Later, they suspended my account because I tried to transfer some of my savings to another bank (Ally).

Now, they want me to drive to the nearest branch to verify my identity, and the nearest branch is 5 hours away. 10 hours in total.

Currently, my account is locked and can't be closed. Don't open an account with them. You may never get your money back. Be careful.

Edit: I opened an online saving account, NOT a traditional savings account. Online banks like Ally doesn't have any branches.

This is why it sounds odd and ridiculous for requiring me to drive 5hrs to the nearest HSBC branch to verify my identity after I deposited all my savings.

My account has been suspended for a couple of weeks already.

Update 1/09/2020: Filed CFPB complaint against HSBC bank.

Hi,

I have around £200K just sitting in the HSBC Online Bonus Savings Account, and of course I'm not getting much interest from it... What's the best option for a low-risk saving / investment in the UK?

Hi UKPF

Haven’t seen this on here yet so thought I would share. HSBC are now offering 3% on the first £10,000 in their Online Bonus Saver account. The account must be opened online and you must hold a current account. Obviously doesn’t match the Barclays 5% rainy day saver but requires less effort to setup - https://www.hsbc.co.uk/savings/products/online-bonus-saver/

Hi,

HSBC wont generate 3 month 6 month statements. not will it give me individual 3 months statements for last 3 months (Reasoning given: there are no transactions). There is something called Certificate of balance (not sure if that is useful).

Need 3 month bank statement for Visa application. Is there a workaround ?

Are there better banks that have these basic features that I should move to? I genuinely believe this is a fundamental feature in any banking app.

https://www.hsbc.co.uk/savings/products/online-bonus-saver/

4% for the first £10k on the month with no withdrawal. 1.35% if withdrawal is made in that month.