Jump to content








Term Deposit At Hsbc - Do I Have To Lose The Interest?


Recommended Posts

I have a term deposit at HSBC with 1 yr maturity of Jan 2013 at 4.25%(AUD) .

I've decided not to go to the Krungsri Group but to move my account to a different country but at HSBC .

They're closing up shop on retail business on June 29 of this year.

Shouldn't they pay me a pro rated amount on the term deposit ?

Does anyone know what the policy is on this(if there is one) ?

Are they treating customers who decide to go to Krungsri Group differently than

others ?

Link to comment
Share on other sites


You'll probably end up getting the rate for a standard savings account (probably around 0.75 APY) by closing/withdrawing the fixed deposit early and quite possibly 0% APY if closing/withdrawing the account before 3 months.

Link to comment
Share on other sites

I talked to them about 6 weeks ago and they wanted to know if I was going to Krungsri or not . They said that in the first week of April the term deposit would end and I could decide where to put the money. I thought they meant that they would prorate the term deposit . Since then I found a place with a much higher interest rate, 100% insured up to 250,000 AUD, and only 10% tax withholding. I've decided to not go to the Krungsri group and sent them an email to this effect.

What I really want to know is (I don't necessarily think they'll give me a straight answer - their incentive is to get customers to hang with Krungsri):

1. Are they treating me worse than others because I'm not going to Krungsri ? And if so is this legal?

2. If I don't voluntarily end the term deposit nor transfer it to Krungsri, what will happen and when will it happen ? If they end the term deposit will they have to pay me the full term interest rate?

Thanks.

Edited by phormio
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...