Picking up Nickels

Friday, November 17, 2006

HSBC Direct survey: possible online savings rate increase

It appears that HSBC Direct is considering a tiered rate structure for its online savings accounts. Yesterday I received an email from HSBC Direct requesting me to participate in a confidential survey. I was curious about the survey, so I decided to take it. They had me hooked right from the start with the following statement:

HSBC Direct currently offers 5.05% on all online savings account balances, but is thinking about offering higher rates on accounts with higher balances. Please select the number from "1" to "6" that most accurately reflects which of the following rate options you would prefer HSBC Direct offer.


I continued with the survey and was initially asked if I would prefer to receive a gift or a higher rate of return in exchange for depositing additional money at HSBC. Fearing a gift of a cheesy HSBC tote bag, I said that higher rates would make me more likely to transfer additional cash to HSBC.

For the rest of the survey, I was presented several rate tier levels (mainly $10,000, $25,000, and $50,000) and corresponding rates (upwards of 5.7% for one $50,000+ balance scenario) and asked what percentage of my available cash balance I would allocate to HSBC and 3rd party accounts.

Based on the questions I was asked, I'm guessing that HSBC is considering a rate tier structure competitive with someone like Countrywide Bank (maybe 5.05% < $10,000, 5.25% $10,000+).

Since I haven't seen this survey reported elsewhere (
Bank Deals, FatWallet), I assume that this is a pretty targeted invitation. In my case, I had a pretty large balance at HSBC earlier this year, but eventually moved most of my cash out of there as I bought into higher rate T-Bills and CDs. I'm guessing that HSBC wants me to put more of my money back into their coffers, which I will certainly consider doing if they bump up their rates a bit...

2 Comments:

  • I also got this survey but didn't do it because I was afraid it might of been a phishing scam.

    By Anonymous Anonymous, at 11/17/06, 2:43 PM  

  • I was wondering that myself, but my curiosity got the best of me. I definitely proceeded with caution.

    The survey didn't ask for any account information or personal information (like mom's maiden name, etc.), so I figured I would keep going until it did. It seemed pretty legit to me...

    By Blogger Frugal Frugalson, at 11/17/06, 3:15 PM  

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