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It's a Certificate of Deposit that provides a fixed rate of return for the term of the product. With no monthly fees, you are guaranteed a specific amount at the maturity date provided no early withdrawals are made from the account.
With Online CDs, you can automatically roll over your matured Online CD to an Online CD of the same term at the then-current interest rate and APY or transfer your CD principal and interest to another HSBC deposit account within the grace period without penalty.
With an Online CD, all customer communications, including your eStatements and your receipts and maturity notices, are sent electronically.
The maturity date is the day the current term ends and the funds are now available to the customer for any changes. To find your maturity date, refer to your statement or your original e-Receipt.
The grace period starts on the CD maturity date. During this period of time, you can roll your CD to another term, as well as perform a one-time deposit or withdrawal of funds without being assessed an early withdrawal penalty. The grace period will terminate on the day you provide an instruction to change the term or perform a transaction.
Your eReceipt will indicate what is applicable to your account. Depending on the term and other features of the account, interest may be credited and paid monthly, quarterly, semi-annually, annually or, if the account term is one year or less, at maturity. If periodic interest payments are available, you may choose to have the interest credited to another HSBC deposit account. Even if periodic interest payments are not available, you may withdraw any earned interest on or before the maturity date with no early withdrawal penalty.
If you withdraw any of your principal from your Online CD, you will incur penalties as follows:
The penalty may reduce principal if there is insufficient interest available. There is no penalty for a withdrawal made during the grace period.
There are no monthly maintenance fees for CDs.
The minimum balance to open an Online CD is $1000.
The maximum balance per CD account is $2,000,000. When opening an account you can deposit funds in two ways, electronically up to $300,000, or by check up to $2,000,000.
The interest rates and Annual Percentage Yields (APYs) may change at any time at the Bank's discretion without prior notice, before a CD is opened. CDs are considered opened when the application process is finalized AND the CD is funded.
CDs are opened on business days only. If the application process is finalized on a Saturday, Sunday or Bank Holiday or on a business day at a time when the processing of your deposit cannot be completed that same day, your account will be opened on the following business day. If this occurs, your account will receive the interest rate and annual percentage yield in effect on the date it is opened.
Yes, you will receive an email with instructions to log on to your Personal Internet Banking account and open a BankMail containing your eReceipt. The eReceipt is a legal document and contains the issue date, the maturity date, and the APY of your Online CD. Print the eReceipt and keep a copy for your records.
You can make a one-time transfer between your Online CD and other accounts during the grace period. The grace period will terminate on the day you provide an instruction to change the term or perform a transaction.
If you withdraw any principal prior to maturity there is an early withdrawal penalty. During the grace period, you may make a one-time withdrawal without being assessed an early withdrawal penalty. The grace period will terminate on the day you provide an instruction to change the term or perform a transaction.
HSBC will send you a notice approximately 16 calendar days in advance of the maturity date of your Online CD.
Your Online CD will automatically renew to an Online CD of same term at the then current interest rate and APY at the time of maturity. Your options include transferring your Online CD balance to an existing account, opening a new one, or requesting a change in the term of your current CD.
During the grace period, you can roll your CD to another term, as well as perform a one-time deposit or withdrawal of funds without being assessed an early withdrawal penalty. The grace period will terminate on the day you provide an instruction to change the term or perform a transaction.
You can transfer the entire balance at maturity or during the grace period in Personal Internet Banking, either by instantly transferring money to your other HSBC accounts, or by using Bank to Bank Transfers to transfer to external bank accounts. If you transfer a portion of the amount, your grace period will end early.
You can call the Customer Relationship Center at 888.404.4050. There will be a penalty for early withdrawal.
You can add only one beneficiary to your Online CD by sending the beneficiary's name via a BankMail to the Customer Relationship Center.
1 ANNUAL PERCENTAGE YIELD is based on principal and interest left on deposit for a full 365 day year with interest compounded at the same interest rate. Withdrawal of interest prior to maturity will result in a lower Annual Percentage Yield than stated.
Equal Housing Lender.| †† Investments, Annuity and Insurance Products: | ||||
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| ARE NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES | ARE NOT FDIC INSURED | ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | ARE NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES | MAY LOSE VALUE |
