Started An Automatic Savings Plan With HSBC Direct
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I’ve been with HSBC Direct for about a year and I didn’t know how to start an automatic savings plan (or even bothered looking to do so). This was also due to the difficult website interface from HSBC Direct that made it hard to find. ING Direct actually gives you the choice of starting an automatic savings plan but I went with the bank with the higher interest rate.
For those who use HSBC Direct, follow these steps:
1. After logging in, click “Bank to Bank Transfer” on the left sidebar and “Continue”(a new window opens).
2. Look at the tabs at the top and click “Transfer Funds”.
3. Set the accounts To/From (to online savings from checking account or whatever account you want to fund it with).
4. Make sure to click “Recurring Transfer”.
5. Next, put in how much want to transfer, name of the plan (PATH TO PROSPERITY!), frequency, and duration of transfers (I suggest Until I edit or cancel).
6. Submit and confirm. Done. (Make sure you always have enough money in the “From” account)
To manage your automatic savings plan, go to the “History” tab and click “View Recurring Transfer Plans”.
As you can see, my automatic savings plan is set for $50 at the end of the month. I always have a few hundred dollars in my checking account and I don’t remember the savings plan and let it do its magic (they send you an email a few days before they are about to initiate a transfer).
In this case, the words of Ron Popeil, “set it and forget it” is very appropriate.
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Scott @ The Passive Dad said:
Simon, that’s a great idea to set it up for automatic deposit. It’s easy to forget something like this, as it help build up that compound interest. HSBC sure has a great rate right now. Do you know how long the 3.5 is good for?
August 19th, 2008 at 6:34 pm -
Simon said:
HSBC Direct’s email claims that this rate will be good until September 15, 2008. If the economy doesn’t head downhill, this rate probably would be extended (or increased, hopefully).
August 19th, 2008 at 7:32 pm -
yanjiaren said:
I always like to see new ways of saving as I like to diversify my assets and investments. Thanks for the post as I am also thinking of swirching to HSBC as I travel abroad a lot.
August 20th, 2008 at 5:54 am
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