HSBC Bonus Savings Account
Saving can be both flexible and rewarding with the HSBC Bonus Savings account.
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.
Maximum variable rate
Base interest rate
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To earn the 1.25% 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 0.5%. 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.
Base interest of 0.5% p.a.
The standard variable rate for this savings account is 0.5% p.a.
Your bonus interest - receive up to 1.25% 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 0.75% p.a. interest for the following month. Added to your standard rate, this equals an interest rate of 1.25% p.a. being applied to your savings.
Bonus interest conditions - increase your balance by $300 each month
Keep in mind that the deposit threshold to receive the bonus does not include any interest earned, and the account has to increase in value by the stated amount. If you deposit $350, but withdraw $100, then you will not be able to receive the bonus. This is a month by month reward system, so if you are unable to meet the goal once in a month, you can still receive the bonus interest the next if you make the $300 deposit.
How is my interest calculated?
The interest rate is calculated daily and paid into your account monthly on balances of up to $5,000,000. If you like to compare savings accounts where the maximum rate applies to the whole balance, please see this page.
For bonus interest earned, that amount will be applied on the balance for the following month. For example, if you meet the goal in January, your savings account balance for the month of February will have the bonus interest rate of 0.75% p.a. applied to it. It is a variable interest rate, so will most likely move alongside the RBA cash rate.
You can set up direct credits from your payroll into the Bonus Savings Account to ensure that you don't forget about making the goal.
You can make unlimited deposits into your account and unlimited withdrawals by using internet and mobile banking, phone banking or in a branch free of charge.
$0 Monthly account maintenance fee
You are not charged a monthly fee for having this account.
You can transfer funds from this account to any Australian bank account, though the transfers could take 1-3 business days to process. AUD transfers are instant to any HSBC Australia account.
Bonus Savings also available in major foreign currencies
Save in foreign currencies with flexible access to your account. Please note, the rates on this page do not apply to the foreign currencies. To see the rates, please see this page.
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.
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.
- For what will this account be used for? This is a personal savings account only. Businesses, companies and trusts should contact HSBC for information about their commercial banking options or refer to our business banking section.
If you meet the criteria, gather the following documentation and proceed to the secure application page:
- Your identity documents. You are required by law to prove your identity before opening a bank account in Australia. This can be done using a driver's licence or passport. If HSBC is unable to confirm your identity electronically, you may be asked to present yourself in person.
- Your account details. In order to be able to transfer funds in and out of your new savings account, you will need to provide HSBC with the details of a transaction account you will be using for your transactions.
- Your personal details. You will be asked to provide your full name, date of birth, residential and email address.
What happens after I submit my application?
Once your application has been submitted, expect to hear back from an HSBC account representative in two business days. Once you have been issued an account number, you can begin depositing money to reach your saving goals.
What if I'm a non-resident or not eligible to apply online?
HSBC provides migrant services that you can use so that before you arrive in Australia, or currently a non-resident, an account can be set up. If none of the above applies to you, please speak to HSBC directly or visit a local branch to find out more.