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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.
$300
Minimum deposit
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Product Name | HSBC Flexi Saver Account |
---|---|
Maximum Variable Rate | 0.85% p.a. |
Standard Variable Rate | 0.05% |
Monthly Account Fee | $0 |
Minimum Opening Deposit | $0 |
Minimum Age | 18 |
Review by
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.
To earn the 0.85% 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.