If you only care about getting the $50, then apply for this bank bonus. In order to get the $50 bonus, you must open with an initial deposit of $3000. There are no monthly maintenance fee and no minimum balance. I guess once you get your bonus, take out your money, and close the account.
From the website:
To qualify for the cash bonus, customers must open a new Premium Money Market Plus Savings Account with an initial deposit of $3,000 of new money. New money means funds not previously held by any member of the HSBC Group. If you qualify, $50 will be deposited into your savings account 6 to 8 weeks after account opening. HSBC reserves the right to charge an amount equal to the bonus unless the new deposit account remains open and active for at least 180 days. The Annual Percentage Yield (APY) and balances which are accurate as of April 1, 2007 on Premium Money Market Plus Savings Accounts are 0.60% APY on balances of $1.00 or more but less than $15,000; 2.65% APY on balances of $15,000 or more but less than $50,000; 2.90% APY on balances of $50,000 or more but less than $75,000; 3.15% APY on balances of $75,000 or more. APY is variable and subject to change. Fees may reduce earnings on the account. Cash bonus is considered interest income and will be reported on IRS Form 1099-INT. Limited to one (1) cash bonus per household. Offer expires May 31, 2007 and cannot be combined with any offers.
Since the rate is so low, think of it as a $30 gain since you will be losing out interest on a 5% savings account.
