In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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HSBC Bonus Savings Account

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HSBC Bonus Savings Account

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Maximum variable rate
4.25% p.a.
Base interest rate
2%p.a.
Minimum deposit
$300

Our verdict

Saving can be both flexible and rewarding with the HSBC Bonus Savings account.

To earn the 4.25% bonus interest you need to make sure you grow your balance by $300 each month. This account is quite flexible, as you’re able to make as many withdrawals from the account as you like. But you still need to make sure your balance is $300 higher than it was on the last day of the month before. So if you withdraw money, you need to replace that plus another $300 by the end of the month.

If you don’t meet this condition you’ll only earn the small standard interest rate of 2%. Having such a low standard rate could be great motivation to keep your savings growing. If you’re looking for a better interest rate, you can get a bonus saver account that offers a higher interest rate than the HSBC Bonus Savings, but you could need to commit to a larger monthly deposit so keep this in mind when doing your comparison.

This account could also be suited to you if you’ve got a larger balance. Bonus interest is available on balances up to $5,000,000, which is much higher than many of the accounts that offer a better interest rate.

Pros

  • Ongoing, variable 4.25% p.a when your closing balance is $300 higher on the last business day of the month than it was on the first business day of that month
  • $0 monthly account fee
  • At-call access to your savings with instant transfers to other HSBC Australia accounts

Cons

  • Conditions apply to receive bonus interest
  • Lack of branches in Australia

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

When you choose to save with the HSBC Bonus Savings account you will be rewarded each month for meeting deposit goals. Plus, you can make as many withdrawals as you like through the month. This type of flexibility gives you more control over how you reach your savings goals.

Details

Key details

Product Name HSBC Bonus Savings Account
Maximum Variable Rate 4.25% p.a.
Standard Variable Rate 2.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Congratulations, HSBC!

HSBC received the highly commended award for 'Banking and Payments Innovation' in the 2023 Innovation Awards.

Full list of 2023 winners

Key features

Base interest of 2% p.a.

The standard variable rate for this savings account is 2% p.a.

Your bonus interest - receive up to 4.25% p.a.

If you are able to increase the total of your savings account by $300 by the last business day of the month, you are rewarded with 2.25% p.a. interest for the following month. Added to your standard rate, this equals an interest rate of 4.25% p.a. being applied to your savings.

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How to apply

Having the flexibility of still earning interest even when a deposit obligation is not met is a compelling reason to choose this savings account. If you wish to continue to the application, click 'Go to site' to be re-routed to the application page.

Eligibility

First be sure that you are able to meet the eligibility requirements:

  • How old are you? You must be at least 18 years old to open the Bonus Savings Account.
  • Where do you live? Only applicants with a valid Australian residential address will be considered.

Compare other savings accounts

1 - 15 of 186
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
Go to siteView details
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • 5 debit card purchases
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
Go to siteView details
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
Go to siteView details
Australian Unity Freedom Saver ($50,000 - $250,000)
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
5.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
Go to siteView details
Easy Street Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.01%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50+ each month
  • No withdrawals
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
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Alison Finder

Editor

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Gaye

August 11, 2023

If I start a HSBC bonus savings account mid way through a month do I get the bonus interest rate on this first month? Or is for the next month?


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Alison Banney Finder

August 14, 2023

Hi, if you’re eligible for bonus interest this month it’ll be paid to you on the first business day of the following month.


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Ed

June 02, 2023

Is the Bonus Savings Account able to be jointly held?


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Alison Banney Finder

June 05, 2023

Hi, yes you can open the savings account as a joint account.


Avatar

Simone

February 03, 2020

I would like to know what happens to the accumulated interest payments on HSBC Super Saver accounts when the interest takes the balance over 1 million.


I would also like to know what is a government guarantee for up to $250,000.


I would also like to know how often or the likelihood of the variable rate changing in line with the reserve bank during the 4 month maximum variable rate.


Thank you.


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Nikki Angco

February 04, 2020

Hi Simone,


Thanks for your comment and I hope you are doing well.


With the Serious Saver account, it only applies the interest to balances up to a maximum of $1 million AUD. However, if the amount exceeds the maximum amount that interest applies on, then it would only accumulate interest payable on the $1 million AUD deposited into the account.


In regards to the $250,000 Government Guarantee, if an unlikely event applies where a financial institution fails, you’ll be protected for certain deposits which you’ll receive back a limit of $250,000 per account holder, therefore, you would be covered up to $250,000 with HSBC if an event that happens would require the Financial Claims Scheme to be applied.


Lastly, we can’t predict how likely it is that a variable rate will change. When the RBA drops the cash rate, a lot of banks drop their variable savings rates, too. However not all banks drop their rate, so there’s no real way to predict this. We suggest keeping an eye on the rate you’re getting on your savings, even if it’s an introductory rate, and if it drops you can compare your options again and switch to a higher rate.


Hope this helps and feel free to reach out to us again for further assistance.


Best,

Nikki


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George

January 28, 2019

I am a one-time HSBC customer? What is the best return I can obtain with a deposit of $100,000.00 with a minimum of 12 month-period. A monthly top up would not pose a problem.


Avatar

Jeni Finder

January 29, 2019

Hi George,


Thank you for getting in touch with Finder.


As per our HSBC Term Deposit review page, your 12-month deposit will earn a rate of 1.95% p.a. For existing customers, like you, with internet banking and plan on opening an account with terms between 1 and 12 months, you can get started on applying by visiting HSBC website. I suggest that you contact HSBC directly to check other offers that they have for existing customers like you.


I hope this helps.


Thank you and have a wonderful day!


Cheers,

Jeni


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Tom

October 13, 2018

Hi,


How do you withdraw money, ATM, cheque, EFT transfer, BPAY, direct debits etc? Is it just like a normal transaction account and what are the fees for withdrawals?


For the bonus interest, does it work simply by looking if the closing balance is $300 more than opening (exclude interest), so you can deposit your salary and spend everything except $300 and earn bonus interest?


And does the bonus interest rate apply to that month’s balance or next month, so if I meet bonus interest criteria in May then I get bonus interest on June or May’s balance? If June what if I don’t meet criteria in June, do I still get it for June only not July?


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Avatar

Jeni Finder

October 20, 2018

Hi Tom,


Thank you for getting in touch with finder.


The HSBC Flexi Saver account’s interest rate is calculated daily and paid into your account monthly on balances of up to $5,000,000. For bonus interest earned, that amount will be applied on the balance for the following month, therefore if you meet the bonus interest criteria in May then you get the bonus interest earned in June. As long as you meet the bonus interest criteria, you will get the bonus interest earned on the following month.


To be eligible for the bonus interest rate, your balance on the last business day of the month is at least $300 higher (excluding interest) than it was on the first business day of that month. You can make unlimited withdrawals by using internet and mobile banking, phone banking, in a branch free of charge as well as electronic funds transfer from this account to any Australian bank account. Electronic transfers could take 1-3 business days to process. AUD transfers are instant to any HSBC Australia account.


I hope this helps.


Please feel free to reach out to us if you have any other enquiries.


Thank you and have a wonderful day!


Cheers,

Jeni


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