HSBC Foreign Currency Term Deposit – USD
Plan for your future with a fixed rate savings account that lets you grow your foreign currency investments.
With the Foreign Currency Term Deposit from HSBC you are given the same flexibility and benefits as a regular term deposit account, plus the ability to save in different currencies. The competitive interest rate is fixed for the length of your chosen term, allowing you to make a savings plan that helps you meet your goals.
|Product Name||HSBC Foreign Currency Term Deposit USD|
|3 month interest rate||0.15%|
|6 month interest rate||0.10%|
|9 month interest rate||0.10%|
|12 month interest rate||0.05%|
|Minimum Opening Deposit||$5,000|
|Minimum Age Requirement||18|
|The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.|
With HSBC you are allowed to bank in up to nine foreign currencies. These currencies include; Hong Kong dollars (HKD), United States dollars (USD), Great Britain Pound sterling (GBP), Euro (EUR), Canadian dollars (CAD), Japanese yen (JPY), Singapore dollars (SGD), New Zealand dollars (NZD) and Chinese Yuan Renminbi (CNY). Some restrictions on your banking may apply when making transactions with CNY.
There is no establishment fee charged with the Foreign Currency Term Deposit nor will you have to pay any monthly ongoing fees.
Investors in the Foreign Currency Term Deposit can choose terms of one, two, three, six or twelve months.
The interest rates for this account are fixed and competitive, but will vary depending on the currency you opt to save in.
Interest is paid when the terms mature.
When your chosen term does mature you can choose to withdraw the total amount or reinvest all or part of it.
Manage your term deposit and watch its progress through internet, mobile and phone banking.
The minimum deposit you are permitted to make with the Foreign Currency Term Deposit is dependent on the currency you choose.
How to apply
If you are interested in applying for the HSBC Foreign Currency Term Deposit you will need to visit an HSBC branch in order to fill out an application in person. You can also enquire about the term deposit online using a simple form which can be accessed by visiting the HSBC website". There will be some eligibility requirements that you will need to show you meet before you will be permitted to proceed with the application:
- Minimum age. Applicants should be at least 18 years of age if they are interested in opening this account.
- Residency requirements. In order to be eligible for this account you must be able to show that you are a resident of Australia with a residential address.
- Depository requirements. The minimum deposit amount will depend on the currency that you are choosing to open the term deposit in.
If you are able to meet these requirements than before meeting with a representative from HSBC, have the following documentation ready:
- Tax file number. Although not required, by providing your tax file number (TFN) or exemption code, you can avoid having withholding tax deducted from your interest earnings at the highest marginal rate.
- Identification. In order to confirm your identity you will need to show a photo identification document such as your driver's licence or passport.
What happens after I submit my application?
After having your application approved, the Foreign Currency Term Deposit will be activated once your funds have cleared into the account. You can then watch the progress of your earned interest through online banking.