• by Tanya Gazdik , October 10, 2007

HSBC Direct customers could get some free money if they are one of the lucky winners of the bank's $20K Dash Savers Sweepstakes, with a total prize pool of $50,000.

The aim of the sweepstakes is to introduce customers to a new collection of HSBC Direct high-yield online CDs, which allow customers to lock in their funds for up to nine months. HSBC Direct is offering six- and nine-month online CDs, with yields up to 4.85% APY. Customers can now select a savings combination by locking in a portion of their funds in an HSBC Direct online CD and keeping other cash in an HSBC Direct online savings or online payment account to finance short-term purchases.

HSBC Direct is HSBC Bank USA's online-only banking business that offers deposit accounts with competitive interest rates and no monthly fees.

Account holders will earn one automatic entry for every $250 net increase in their HSBC Direct deposit accounts, including deposits to the just-launched collection of HSBC Direct online CDs. Additional entries may be earned for every week during the campaign that customers maintain or increase balances.

The sweepstakes began Saturday, and entries can be earned through Nov. 30, when six HSBC Direct customers will be eligible to win one of the following prizes: a $20,000 Grand Prize, a $10,000 First Prize or one of four $5,000 Second Prizes. Winners will be selected and notified in early January.

"This sweepstakes is another way for HSBC Direct to recognize our savings-savvy customers for doing what is second nature to them--actively increasing their savings," says Michael Prebenda, senior vice president/HSBC Direct, in a release. "We challenge customers to put away that extra something during this time, and utilize our suite of savings products to help them reach that savings goal, whatever it may be."

HSBC USA has nearly 450 bank branches, with about 400 in New York State and a growing network of branches in New Jersey, Florida and California. The bank also has branches in Delaware, Washington, D.C., Washington state, Pennsylvania, and Oregon. HSBC USA Inc. is one of the nation's 10 largest bank holding companies by assets.