HSBC Bank Canada increases interest rate for online savers to 4.75 per cent

    VANCOUVER, Feb. 4 /CNW/ - HSBC Bank Canada has boosted the interest rate
for new deposits to its Direct Savings Account to 4.75 per cent to reward
Canadian savers. This online high rate savings account can be set up at The HSBC introductory interest rate for online savings
accounts is one of the highest in the country.
    Tracy Redies, Executive Vice President, Personal Financial Services, HSBC
Bank Canada, said: "More and more Canadians are looking for flexible and
accessible savings alternatives to term GICs which will not only provide
superior returns but will also allow them continued access to their funds
without penalties.
    "The investment market has turned extremely volatile over the past few
months and we have found that a significant percentage of Canadians have been
searching for a safe haven in which to park their short to medium term
savings. For many investors that safe haven has increasingly become a high
interest rate savings account."
    The generally modest rates of return that most GICs offer investors and
savers today highlights the advantages of flexible high rate savings accounts
such as the HSBC Direct Savings Account for short and medium term funds. Most
financial institutions are now offering locked-in three and five-year term
GICs interest rates that are less than the 4.75 per cent offered through
    HSBC Bank Canada is making the high interest rate offer available to both
new HSBC Direct customers as well as to existing customers who are adding
additional funds to their online account. The 4.75 per cent introductory
interest rate will apply to new deposits until May 2, 2008. Interest is
calculated daily and paid monthly on balances up to $1 million.
    New customers wishing to take advantage of the high interest savings
account can easily link their HSBC account to their accounts at other Canadian
banks, and make surcharge-free deposits and withdrawals at over 4,100 ATMs
across the country. The HSBC Direct Savings Account is an online savings
account, accessible 24 hours a day, 7 days a week through Internet banking,
telephone banking or an ATM.

    HSBC Bank Canada, a subsidiary of HSBC Holdings plc, has more than
170 offices and is the leading international bank in Canada. With around
10,000 offices in 83 countries and territories and assets of US$2,150 billion
at 30 June 2007, the HSBC Group is one of the world's largest banking and
financial services organizations. For more information about the HSBC Direct
Savings Account and the terms and conditions of the new offer, please visit

For further information:

For further information: Media Enquiries: Ernest Yee, Assistant Vice
President, Public Affairs, HSBC Bank Canada, (604) 641-2973; Michael Edmonds,
Senior Manager, Public Affairs, HSBC Bank Canada, (416) 868-3878

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