HSBC Online Savings Account

HSBC Online Savings Account

Maximum Variable Rate


Standard Variable Rate


Earn bonus interest each month with a flexible banking account that gives you the option of withdrawing your savings when you need them.

  • Benefit from a introductory variable interest rate
  • Have an incentive to save every month and make no withdrawals
  • Link to any other Australian bank account (doesn't have to be with HSBC)

Product details

HSBC offers Australians a flexible savings account that pays a competitive rate of interest along with a bonus for meeting certain terms. This account also allows you to move money in and out freely, without penalties or extra fees. It’s worth taking a closer look at if you want to see a return on your savings investment, but still want access to it.

Product Name
HSBC Online Savings Account
Maximum Variable Rate
2.50% p.a.
Standard Variable Rate
2.00% p.a.
Bonus Variable Rate
0.50% p.a.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Maximum Deposit
Joint application?
Minimum Age Requirement
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)
The HSBC Online Savings Account is no longer available for new applications. Instead, it has been replaced with the HSBC Flexi Saver. Below, you’ll find a review for the Flexi Saver.

What are the features of the HSBC Flexi Saver account?

When you are comparing savings accounts across various Australian banking institutions, you should be looking at similar products and comparing their features. The Flexi Saver from HSBC has the following for you to consider:

  • Monthly account keeping fee. You are not charged any monthly fees for using this account.
  • Standard interest. Your savings receive the benefit of a variable competitive interest rate each month.
  • Bonus interest. Bonus interest is variable, and added to the standard interest rate each month that you are able to increase your savings balance by at least $300. Interest paid into the account is not included as a part of this requirement. The terms to meet in order to receive your bonus interest begin on the first business day of each month and end on the last business day of the same month. The chance to earn bonus interest resets each month, so if you don’t qualify for one month, you can still try again in the subsequent.
  • Interest calculation. The interest is calculated daily, and paid into the account each month. The rate applied will be dependent on whether or not you met the terms for receiving the bonus interest.
  • Account limits. Interest is paid on balances of up to $5,000,000.
  • Ongoing balance. There is no ongoing balance requirement for this account.
  • Accessibility. You can make transfers into and out of the account using internet and phone banking as well as transactions inside of a branch. There is no limit to the number of transactions, and none will incur a fee. Electronic direct credits and debits are also provided free of charge.
  • Linked account. There is no requirement for an HSBC transaction account, you can make transfers into any Australian bank account where the financial institution allows these transactions. While this is a free service from HSBC, the hub account you choose may charge you a fee.
  • Foreign currency. You can also open this account with a major foreign currency, but will not receive the bonus interest if you do.
  • Availability. This savings account is only available for individuals and joint account holders. Business, trust and company applications will not be accepted.


  • Pay a $0 service account fee every month.
  • Access account via online, mobile and phone banking.
  • Receive credits when you reach a $5000 deposit per month.


  • Fees apply on withdrawals and transfers made on branch.
  • $20 fee applies to internet banking.
  • $4.50 overseas transaction fee.
  • A foreign currency transaction charge of 3% applies.

How do I apply for the HSBC Flexi Saver account?

Start your online application now by clicking “Go to Site” and following the instructions. Before you begin, check to make sure that you are able to meet the eligibility requirements:

  • Minimum age. Only applicants who are at least 18 years of age will be considered.
  • Residency requirements. You must be able to provide a verifiable Australian residential address. If you are an overseas Australian resident, you will need to contact HSBC over the phone.
  • Depository requirements. There is no minimum deposit required to open the account.

You should also be prepared to provide HSBC with certain documentation in order for them to be able to process your application successfully:

  • Tax file number. Your tax file number (TFN) or exemption code ensures that your earned interest is being taxed at the correct withholding rate.
  • Identification. HSBC will attempt to verify your identity using your driver’s licence, passport or Medicare card. If unable to complete this step, you will be asked to visit a local branch.

Once submitted, your details will be verified and a savings account opened in your name. At that point you can begin making your deposits to reach the $300 goal that allows you to earn a bonus interest.


Bonus interest is for limited time only, how long is the time?

This account doesn’t have a limited time interest offer. Rather, you’ll continue to earn the bonus interest on balances up to $5 million as long as you make sure your account balance on the last business day of the month is $300 higher than it was on the first business day of the month.

If I have a flexi saver euro account can I transfer the euro to my hsbc Malta account?

Yes you can transfer Euro, but you need to do it online as in branch services are limited to AUD and HKD. I’ve also taken this out of the HSBC fees and charges guide – “Where you are a customer of an HSBC Group member that offers you the ability to transfer funds from your Account to the account you hold with an HSBC Group member via the HSBC Global Transfer platform available only through Personal Internet Banking, the sum of $8.00 per transaction will be debited from your Account by the HSBC Group member . This fee does not apply if you are an HSBC Premier customer.”

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