Pocket Change Blog

My experience with HSBC online savings

admin — Tue, 16 Oct 2007 16:45:50 +0000

When I first decided to open an internet account with HSBC, their rate was very competetive. At that time it was at 5.05%. The opening procedure was involved. I remember I had to fill out multiple forms to finally be able to have a joint account. Once opened, the account had no bad surprises. It worked as expected and I was able to transfer money in and out. However, its worth noting, that it took 3 business days for the money to arrive at the destination checking account. I thought it was long, considering that Emigrant Direct took only 1 business day.

I like when banks are up front about the current rate and display it in an easily visible place. Emigrant Direct, Paypal do that well, for example. When you have to hunt to be able to discover a rate, you know that it’s probably not the best. Unfortunately, HSBC’s rate is no longer great and that’s one of the reasons I marked the account for closing.

One of the things I liked the least about HSBC was the process of logging in. This is highly personal opinion and others might find it ok. Every time I was accessing the site, I had a fear that it might not work and my account would be locked out causing me more headache trying to resolve the issue over the phone. This might be due to the fact that HSBC puts out a warning after one unsuccessful attempt to log in saying that future attempts will lock one out.

In addition to entering username and password information, HSBC requires you to enter a security code by using a mouse. This makes logging in more cumbersome and you better remember what the security code is or else you will feel like trying to beak into someone else’s account.

Closed down Citi e-savings account

admin — Fri, 28 Sep 2007 17:22:46 +0000

After rates on the e-savings account have been dropping steadily and quietly, I decided it was time to close down the account and move the money to Emigrant Direct, where the rates keep the same. The final nail to the coffin was the fact that EZ-checking account doesn’t have a firm deadline for sending online payments. In other words, if I need to send a payment by a certain due date, I can’t specify that date; it has to be a date ahead - something in the order of 2 business days, but it is not specific.

In Citizens Bank, once I specify the due day, I can have a guarantee that the payment will be sent in advance so that the other party will receive its payment on time. With EZ-checking that was different, and as a result I missed a credit card payment resulting in immediate finance charges and APR changing from 0% to 24%.

Both, e-savings and EZ-checking, were closed and it took quite a long time to get the money in the mail. Even though I really like Citi products, I don’t miss these accounts.

Extra cash offer from Citi

admin — Wed, 12 Sep 2007 22:17:14 +0000

My husband and I received offers from the Citi Dividend accounts to use “extra cash”. The amount is $300. The way it works is you have to log into an account on extracash.citi.com and then shop around from the selected items on the web page. Each item there is discounted by various amounts. These discount amounts are considered the extra cash. I looked at the selections and so far was able to buy one toy which arrived promptly. As far as other items - maybe some other day. So far, I don’t have a need for them.

Discover 5% cashback on gas, hotels, amusements

admin — Tue, 03 Jul 2007 15:52:09 +0000

In the current Discover card program, you can get 5% cashback on gas, hotels and summer amusements like water parks, theme parks, aquariums, zoos and museums. This promotion runs from July 1-st till September 30-th. Don’t forget to enroll first at www.discovercard.com.

This one is an useful one, since the gas prices are pretty hight now.

Citi dividend offers referral bonus

admin — Sun, 22 Apr 2007 16:03:43 +0000

Even though Citi dividend card lowered its cash back bonus, it still wants to attract new customers. Just recently a referral bonus of $25 was offered for anybody who applies and gets approved to get the card. As usual, one can refer up to 5 people and get up to $125 in bonuses. The deadline is May 31, 2007. In order to refer someone, the following steps need to be done:

1. Log on to www.refer.dividend.citicards.com and follow the instructions on the page.

2. Under the promotional code enter PC4.

What is going to happen is Citi will send emails to the referred friends inviting them to apply for the card. If they apply and get accepted by the deadline, then you will receive $25.