I’m in the middle of a real estate deal and have $80,000 to park for one month until I fork it over to the seller, so I thought I’d open a high-interest (5.05%) HSBC account. I began the “15 minute” transaction on Friday morning. For some reason, the bank was not able to complete it online, so it had to verify my existing bank account with two tiny depositions. They didn’t show up until today, Monday. Then I called the bank to see what the next step was and I was told that I should receive an email “any day now” and that no one could complete my application. I sent an email and was told that someone would respond to me within 48 hours.
I can practically hear the lost interest ticking away!
I then got back onto the web site, navigated around until I got to the right place, and completed my application. Which still hasn’t been verified or anything.
This process seemed so old-school for what should be an easy Internet transaction. Any advice about opening high-interest accounts, or any banks that have a better process?
Can I be honest? It sounds like you’re being a little impatient. One or two days here or there doesn’t make a big difference—we’re talking about just over 10 bucks a day. I’d encourage you to think long-term and pick the best place that makes you comfortable, not be in a rush to make some money. Even though banks may be Internet based, they have strict security rules that take time for a reason.
Contrary to the idiotic investing magazines and TV shows, getting rich is not a sprint. It’s a marathon, and fortunately one in which I can remain in my room, typing away furiously and incurring absolutely zero sweat. If you find yourself under the gun to make a financial decision quickly, I’m willing to bet it’s almost always a bad decision.