HSBC Australia savings account comparison
HSBC Australia has the reach of an international bank, but with local knowledge.
HSBC Corporation is among the largest banking and financial services institution in the world, with presence in over 70 countries in Asia, Middle East, Africa, North America, Latin America, and Europe. It has more than 6,100 offices the world over, and services around 51 million customers.
Who is HSBC Australia?
HSBC Australia takes into account that people have different banking requirements, so it offers an array of bank accounts to suit different needs. People who require easy access to money can consider opening an everyday account, and people who wish to save have the option of choosing between savings accounts and term deposits.
- HSBC's SWIFT code: HKBAAU2S
What’s Internet banking like for HSBC Australia?
Customers who use HSBC’s online banking system can look forward to ease and convenience. You can use this system to check account balances, to review recent transactions, to update your personal details, to pay bills using BPAY, and to set up future bill payments and fund transfers.
To ensure online security HSBC relies on the use of 128-bit encryption, it provides you with an Online Security Device, and it makes use of an automatic time out feature.
Notable features include:
- Transfer funds to just about any bank account, in Australia and overseas
- Request for a new phone banking access code
Macquarie Bank and Woolworths
On May 7 2014 HSBC Bank signed an agreement to sell its Woolworths portfolio for $362 million to Macquarie Bank. HSBC's credit card agreement with Woolworths will be terminated and HSBC will provide services to Macquarie Bank relating to the operation.
What about the mobile app?Image Source: App Store
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What transaction accounts are offered by HSBC Australia?
- Day to Day Account
This account does not require any minimum deposit and does not charge any monthly account keeping fees. It comes with a payWave enabled debit card that provides easy access to funds in your account.
Account holders can access more than 3,000 ATMs across Australia for free, which include HSBC ATMs as well as all St.George, BankSA, Westpac, and Bank of Melbourne ATMs. You can also access your account by visiting any HSBC branch, via Bank@Post, and cheques.
The HSBC Visa Debit Card
The HSBC Visa Debit Card is a debit card that is offered to both individuals and companies. This debit card offers many additional features that are normally only available on high-end credit cards. It accepted at all outlets where Visa is accepted. As the second-largest card issuer in the world, Visa is accepted at over 28 million merchants worldwide, so cardholders can shop with peace of mind. This debit card can also be used at all locations where credit cards are accepted, which means that customers can use the card to shop online, through a catalogue or over the phone.
- Both the HSBC Business Visa Debit Card and the HSBC Visa Personal Debit Card offer the Visa zero liability guarantee. This is essentially a guarantee to cardholders that they do now have to pay for any unauthorised transactions that were made using the card, as long as they notify the card issuer in time.
- The HSBC Business Visa Debit Card is aimed at businesses who would otherwise be using a credit card for their transactions. Businesses are able to issue subsidiary cards for their employees - these subsidiary cards have their own PIN numbers so that employees can use them independently. There are no monthly fees or transactions fees for using this card.
- The HSBC Visa Personal Debit Card is aimed at individual debit card users. This card allows users to have access to the Visa entertainment benefits program.
- Enjoy special privileges at over 27,000 outlets worldwide with the home&Away Privilege Program. This program offers members an array of benefits when travelling including shopping, dining and health.
- The debit card is embedded with an EMV chip that helps protect and secure your personal information.
- You can link two HSBC Australia bank accounts to your Visa Debit Card so you can access and control your money as you please.
Is it possible to transfer money between HSBC Taiwan to HSBC Australia?
Yes, this transfer option is available when you need to send funds from Taiwan to Australia.Back to top
What high interest savings accounts are offered by HSBC Australia?
- Flexi Saver Account
This savings account gives you the ability to earn interest while also offering easy access to your money. If your balance at the end of a month exceeds the balance at the month’s beginning by $300, you stand to earn additional interest.
- There are no monthly fees to maintain the account.
- Transfer money to any Australian bank account.
- You can access your account through your mobile phone, the Internet, a visit to a branch or by calling.
- Interest is calculated daily and paid monthly.
- Serious Saver
This predominantly online savings account offers a special interest rate every month you don’t make a withdrawal, and as part of an ongoing promotion you can earn higher interest in the first four months. There is no minimum opening balance or ongoing balance requirement, and you don’t have to pay any monthly account keeping fees.
- There is an ongoing variable rate of 0.45% p.a.
- Earn interest every month you do not make a withdrawal.
- Link this account to any other HSBC or external bank account. Transfer funds to the linked account using online, mobile and phone banking.
What term deposits are offered by HSBC Australia?
- Australian Dollar Term Deposits
You can open an HSBC AUD term deposit with a minimum of $5,000, and choose terms in between one month and five years. If you open this term deposit via Internet banking you stand to earn a bonus interest rate. At maturity, you can close the term deposit and withdraw the funds, you can reinvest it partially, or you can renew it in its entirety.
- There are no establishment or ongoing fees with this term deposit.
- If you withdraw funds before the maturity date, a reduction to the interest and a $40 administration fee will apply.
- Available in major foreign currencies.
- Competitive interest rates.
- Access your account through phone banking, visiting a branch, Internet banking or mobile banking.
- Foreign Currency Term Deposits
HSBC foreign currency term deposits come with fixed interest rates, and you can choose from most major currencies. Term options you can choose from include one, two, three, six, and 12 months. At maturity, you can withdraw the funds partially or completely, and reinvest partially or completely. You can apply for this term deposit using HSBC’s Internet banking platform.
- Security of having a locked interest rate.
- If you withdraw funds before the maturity date, a reduction to the interest and a $40 fee will apply.
What are the pros and cons of HSBC Australia accounts?
- Foreign currency accounts. HSBC offers accounts that you can open and maintain in foreign currencies. Your options include the Multiple Currency account and the Flexi Saver account, with the latter offering interest as per the currency you deposit.
- Global presence. HSBC has offices in a number of major cities around the world, so you can look forward to timely assistance if required when you’re travelling overseas.
- Easy access to account details. You can get just about any kind of account related information through HSBC’s Internet banking, mobile banking, and phone banking platforms.
- Limited branches in Australia. While HSBC has a good global presence, it has a considerably lesser number of branches in Australia when compared to some of the other big banks.
How do I apply for a HSBC Australia savings account?
Applying for an HSBC bank account is easy and you can do so online.
- You have an Australian residential address
- You meet the given account’s age requirements
Opening your account requires you to complete and submit your application along with required paperwork, so keep the following handy.
- Personal details like your name, date of birth, email address, residential address, and phone number
- Documents that can verify your identity
While HSBC gives you a number of bank account options from which to choose, so do other leading banks, so make sure you compare a few before deciding and ensure you choose one that meets your own personal financial needs.
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