HSBC Bank Canada has launched its High Rate Savings Account with a 3.1% interest rate for balances up to $1 million. There is no minimum balance. “Interest accumulates on the first day with the first dollar,” says Sharon Wilks, senior manager of public affairs, HSBC Bank Canada. Transfers to and from HSBC Bank Canada chequing accounts in the same account-holder profile are free of charge; a $5 fee will apply to all fund transfers from the High Rate Account into accounts at other Canadian financial institutions. Investors can open a High Rate Savings Account online at www.hsbc.ca or through the bank’s branch network.