HSBC Everyday Savings
- Maximum variable rate
- 5.15% p.a.
- Base interest rate
- 3%p.a.
Our verdict
Earn a competitive 5.15% p.a. for the first 3 months after opening this savings account.
The bonus rate of 5.15% p.a. is offered for the first 3 months for new account holders. There are no deposit conditions to meet to get this high rate. However, once the intro period is up your money will earn the lower standard variable rate of 3%.
This account could be ideal if you’re looking for a place to park your savings for a few months while earning a high interest rate, particularly if you've got a large balance. You’ll get the bonus rate on balances up to $1,000,000 which is very rare for such a competitive rate.
Once the introductory period is over, you could consider switching your balance to the HSBC Bonus Savings Account. This account pays a slightly lower (but still competitive) bonus rate of 4.25% every month that you grow your balance by $300, and you’re able to make withdrawals whenever you need.
Pros
-
$0 account keeping fee
-
Strong introductory rate of 5.15% p.a. for 3 months
-
Available on balances up to $1,000,000
Cons
-
Bonus rate only available for the first 3 months
-
Bonus rate is only available to new account holders
Details
Key details
| Product Name | HSBC Everyday Savings |
| Maximum Variable Rate | 5.15% p.a. |
| Standard Variable Rate | 3.00% 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 winnersCompare other savings accounts
Your reviews
Alison Finder
Editor
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Alison Banney Finder
February 28, 2023
Hi Nick,
You are able to withdraw from the account whenever you like without any penalties.
Thanks,
Alison
B
February 27, 2023
Hello. Can I invest funds from my SMSF into an Everyday saver account and get the bonus interest/ Thanks
Alison Banney Finder
February 27, 2023
Hi,
This account is for personal use. If you’d like to open one with your SMSF HSBC advises you call them directly on 1300 131 605 to discuss your application.
Thanks,
Alison
Chris
February 22, 2023
Hi,
I’m looking for a high interest saving account to grow my money. We have 70K that has been sitting in an account earning nothing for 18 months. How much could we earn monthly if we used you highest interest savings account available? We don’t need to make any withdrawals. Thankyou
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Raj Lal Finder
February 27, 2023
Hi Chris,
Thanks for contacting Finder.
You can use our savings calculator found here, to calculate how much you could earn on your savings. Additionally if you would like to see the rest of the savings rate offered by HSBC, then visit our HSBC accounts page.
Thanks
Raj
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Marius
February 11, 2020
I would like to open an HSBC Serious Saver Account. Can I withdraw the money after 4 months when the bonus interest finishes?
Thank you.
Ash
February 12, 2020
Hi Marius,
Thanks for contacting Finder.
Yes, you may withdraw your funds from the HSBC Serious Saver Account after you have received the 4 months introductory maximum interest rate of 2.35% p.a.
Kindly take note that within the first 4 months, you must not make any withdrawals to receive the maximum interest rate.
I hope this helps.
Cheers,
Ash
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Rose
October 30, 2019
If I want to open a Serious Saver Account will I be considered a new customer if I have previously held an HSBC account in UK but not in Australia?
Nikki Angco
October 31, 2019
Hi Rose,
Thanks for getting in touch!
As HSBC UK and AU are separate entities, you are considered a new customer. As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the HSBC Serious Saver Account before applying. You may also contact HSBC should you have any questions about their product.
Hope this helps!
Best,
Nikki
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Nick
February 27, 2023
If i withdraw prior to the 3 moths period will i incur any penalties and am i able to do regardless?