Wednesday, 30 October 2019

Parking SRS in 2.5% endowment, but HSBC is so slow

Looking at the current market uncertainty after a small recovery, I decided to put my 2019 SRS funds into a 2.5% 3-year endowment advertised by HSBC. This is apparently the first time HSBC is entering this space. You can apply online like Singlife.

Unfortunately, as the HWZ discussion thread shows, there has been some delay in HSBC in processing the applications. Its been 2 weeks and SRS still hasn't been deducted.

When Singlife debuted their endowment plan with a promotional 3.03% rate capped at $6k, there was huge interest. Nevertheless, they processed your applications within 48 hours. Why is a huge organisation like HSBC (ok the fine print says HSBC insurance, probably a subsidiary) taking so long to process something that Singlife only took 48 hours to do?


UPDATE: HSBC took 1 month to issue the policy. You get an e-mail of what appears to be a black and white scan of the policy. This can be compared to Singlife who issued a computer generated PDF in colour. The Singlife documents looked far more professional.

This is the first time into the online space, hope they will learn from the lesson and look forward to more policies because the rate they offered is attractive, even if the service was slow. 

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