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HSBC Savings Accounts
Compare HSBC savings accounts
Considering a savings account from HSBC? The table below displays a snapshot of HSBC savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver in NSW with $10,000 in current savings.
What savings accounts does HSBC offer?
HSBC offers the following savings accounts in Australia at the time of writing:
HSBC Flexi Saver account
The HSBC Flexi Saver account is a fee-free account with a bonus interest rate. It can be used for Australian dollars and foreign currencies and allows customers to make an unlimited number of transactions each month.
At the time of writing, some key features of the HSBC Flexi Saver account include:
- Monthly account fee: $0
- Minimum balance: There is no minimum amount required to open or maintain your account.
- Minimum age: You must be at least 18 years old to open an account.
- Account access: You can access your account online, in an HSBC branch or through mobile banking.
- Link accounts: You can make unlimited instant transfers between linked HSBC accounts each month.
- Bonus rate: The HSBC Flexi Saver account offers a bonus variable interest rate each month that you grow your balance by $300 or more (excluding interest). This applies to Australian dollar accounts only and excludes the month that the account is opened.
HSBC Serious Saver Account
HSBC Serious Saver Account is a savings account that rewards you with a bonus interest rate if you meet the eligibility criteria.
Key Features of an HSBC Serious Saver Account
At the time of writing, some key features of the HSBC Serious Saver Account include:
- Monthly account fee: $0
- Minimum balance: There is no minimum amount required to open or maintain your account.
- Minimum age: You must be at least 18 years old to open an account.
- Account access: You can access your account online, in an HSBC branch or through mobile banking.
- Link accounts: You can make unlimited instant transfers between linked HSBC accounts each month.
- Introductory and bonus rates: The HSBC Serious Saver Account offers a higher introductory rate for a limited time after an eligible customer opens their account. It also offers an ongoing bonus interest rate to customers who meet certain conditions.
How can I get the higher introductory interest rate on my HSBC Serious Saver Account?
At the time of writing, the HSBC Serious Saver account offers a higher introductory interest rate for the first four months after a customer opens their first Serious Saver account. This higher rate may also apply to a new Serious Saver account if the customer’s previous one was closed over 12 months beforehand.
How can I get the bonus interest rate on my HSBC Serious Saver Account?
You can earn a bonus interest rate on your HSBC Serious Saver if you have an HSBC Everyday Global Account and deposit a minimum of $2,000 into that account each calendar month. The bonus interest rate is not paid on balances over $1 million and is only added to the ongoing variable rate for your Serious Saver Account after the four-month introductory period has ended.
If you do not meet the requirement to earn this bonus interest, you will simply receive a lower ongoing variable rate on your Serious Saver Account.
Who might the HSBC Serious Saver Account suit?
Because the introductory interest rate on the Serious Saver Account typically only applies to a person’s first account for the first four months, and the ongoing higher bonus rate only applies if you deposit $2,000 each month into an Everyday Global Account, it means that the Serious Saver account may be better-suited to a saver with short-term savings goals and the income available to make those ongoing monthly deposits.
Compare High Interest Savings Accounts
Do HSBC savings accounts require a linked transaction account?
At the time of writing, HSBC does not require customers to set up a linked transaction account to use its savings account products.
If you’re looking to compare transaction accounts, you can use Canstar’s comparison tables to potentially find one that suits your requirements.
Does HSBC charge fees on its savings accounts?
Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. According to its website, HSBC doesn’t charge account keeping fees on its savings accounts, although it says other banking services fees and charges may apply.
For current information on fees and how they apply, please check the terms and conditions documentation available on the HSBC website.
What does HSBC offer in terms of mobile banking for savings accounts?
HSBC offers both online and mobile banking for its savings products. The HSBC Australia mobile banking app is free to download for both Apple and Android mobile devices. The HSBC Australia app allows you to transfer money between accounts, check your account balance and make direct payments, among other things.
How do I apply for an HSBC savings account?
Before applying for an HSBC savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you.
You can apply for an HSBC savings account online, in-branch or over the phone. You may need to have the following handy when opening an HSBC savings account:
- At least one form of ID, such as your driver’s licence or passport
- Accurate personal information, such as your name, date of birth, address and phone number
HSBC does not require you to transfer in a minimum amount before your account can be activated.
Eligibility requirements
When applying for an HSBC savings account, you will also have to meet the following eligibility requirements:
- You must be 18 years of age or older.
- You must have an Australian residential address.
About HSBC
HSBC was founded in 1865 in Hong Kong to help finance trade between Asia and Europe, before later opening its doors in Australia, and gaining a commercial banking licence in 1986. HSBC is now one of the world’s largest banking and financial institutions, serving over 40 million customers in 64 countries and territories around the world.
This page was reviewed by our Sub Editor Tom Letts before it was updated, as part of our fact-checking process.
