Moving The eFund
When discussing my first impressions of HSBC, I had commented on the ability to link my ING Direct Orange Savings Account to my new HSBCdirect account.
This evening I logged into my ING account and noticed that the two trial deposits had been made from HSBC. Once I logged into my HSBC account, I simply had to open the bank-to-bank transfer screen (dang popup windows) and confirm the trial deposit amounts. With the amounts verified, I now have my ING account available from HSBC to conduct a bank-to-bank transfer.
With the two accounts now linked, I initiated a transfer to move my emergency savings from ING to HSBC. With the current promotion at HSBC, I will now be earning 6.0% APY as opposed to the 4.50% APY at ING. I’d been sticking with ING even though they have not been a rate leader for some time but this difference is just too large to ignore any further.
I’ll be monitoring this transfer to get a feel for the time it takes to complete a transfer request that is initiated from my HSBC account. In the meantime, I will be checking my ING account to see if I can establish a link to my HSBC account. If this is possible, I will then conduct a test to compare the time to complete a transfer that is initiated from my ING account. While you would think the transfer time would be the same, I have read that the time can vary based on where the request is initiated.
Please share any experiences that you have had with the transfer time on requests initiated from different institutions. Which banks seem to be the quickest? How about the slowest?