Thanks for the tip!headleygrange wrote: ↑Aug 25th, 2019 10:11 pmIf you are planning to open advance checking,remember to put all of your 5,000 in the 14 to 15 month GIC and keep the checking account balance 0. this way you earn a decent interest (~2.5%) while you keep your advance account open for 12 months from the day you get your sign up bonus.
My intention is to collect the same $600 by:
1. Creating an Advance Chequing Account with a referral, and routing my payroll deposits into it
2. Connecting Tangerine and depositing/pushing $5,000 from the Tangerine side (since HSBC seems to not do inter-bank transfers/pulling from their side?)
3. Creating a new HSBC TFSA (I have the room) and moving $5,000 into it, leaving the chequing balance at $0
4. Putting this new full $5,000 TFSA balance into a GIC to wait out the 12+ month period
Where I am a little confused is by their GIC rates though. Googling reveals this ideal offer for 3.1% but that is for Premier only? Or is it?
If it is then this seems to be the next best offer but that is for only 270 days, not the 365+ I'd need for my above steps. It is also a comparatively time-sensitive offer ending on August 30, hence this post asking for thoughts. The other rates do not seem nearly as competitive but I suppose I can eat them to get the bonus.
Thanks for any feedback and to others for warning of bonus delay and using them as an everyday bank. The former I can call in about and the latter does not apply to my own circumstances.
Here's to lucky promo #7