I guess it just depends on whether you want to switch your current bank to HSBC and then it may not be as harsh as it sounds. Or for those readers out there that already have Premier HSBC bank accounts (or qualify and don't have it) and didn't know about this feature of the account. The e-savings rate for HSBC is 1.10%, but I guess it depends on where you decide to deposit your money (whether in a brokerage account (retirement or personal), via insurance, munis, mortgage, etc.). I just already happened to have an HSBC e-savings account (b/c its one of the higher interest earning savings account around from a big bank) and so the no foreign transaction fees credit card just made me up my balance to get the card.