HSBC Flexi Saver Account

Saving can be both flexible and rewarding with the HSBC Flexi Saver Online Savings account.

When you choose to save with the HSBC Flexi Saver 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.

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Alison Banney

Last Updated Jan 5, 2021

0.25% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

$300

Minimum deposit

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Product Name	HSBC Flexi Saver Account
Maximum Variable Rate	0.25% p.a.
Standard Variable Rate	0.05%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

Ongoing, variable 0.25% 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

Go to site More info

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

To earn the 0.25% 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 0.05%. 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 Flexi Saver, 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.

Key features

Base interest of 0.05% p.a.

The standard variable rate for this savings account is 0.05% p.a.

Your bonus interest - receive up to 0.25% 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 0.2% p.a. interest for the following month. Added to your standard rate, this equals an interest rate of 0.25% 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 0.2% p.a. applied to it. It is a variable interest rate, so will most likely move alongside the RBA cash rate.

Direct credit

You can set up direct credits from your payroll into the Flexi Saver Account to ensure that you don't forget about making the goal.

Accessibility

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.

Electronic transfers

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.

Flexi Saver 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.

Launch savings calculator

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 Flexi Saver 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.

Documentation needed

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.

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10 Comments

Simone
February 4, 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.

Nikki
February 4, 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

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.

finder Customer Care

Jeni
January 30, 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

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?

finder Customer Care

Jeni
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

Jose
October 10, 2018

I would like to know if the Flexi Saver Account has an interest rate maximum of 2.50% with the bonus interest. Do you need to be a permanent resident in Australia for open Flexi saver account?

finder Customer Care

Jhez
October 11, 2018

Hi Jose,

Thank you for your comment.

The HSBC Flexi Saver Account maximum interest rate is 2.50% p.a. interest rate including Monthly Bonus (variable) of 1.25% p.a. Just ensure that on the last business day of the month, your balance is at least $300 higher than it was on the first business day of that month.

One of the eligibility criteria of this account is that you must be a valid Australian resident with a valid Australian residential address.

Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

Regards,
Jhezelyn

QP
October 16, 2017

If we open a new account,we can earn just the normal interest rate of 1.5 % on the first month , is it correct?
Can we use ATM machine to withdraw a small amount of cash

Maria
October 17, 2017

Hi QP,

Thank you for reaching out to us.

The bonus interest is rewarded when on the last business day of the month, your balance is at least $300 higher (excluding interest) than it was on the first business day of that month. So on the first month, you’d earn the normal interest rate of 1.5%.

Also, ATM withdrawal is not possible for this Savings Account. You may need to link this to a Transaction Account to make withdrawals.

You may click on the “Go to site” and look for their contact page to reach out to HSBC directly to confirm this information and/or begin your application.

Best,
Maria

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