Product details
Hong Kong and Shanghai Banking Company Limited (HSBC) gives you good reason to keep your savings in the bank by rewarding you with a competitive interest rate each month that you make no withdrawals. Plus, for opening your account, you are rewarded with a introductory bonus rate for the first 4 months.
HSBC is an international banking corporation. If you make a lot of transactions overseas or want a bank with international ties, this could be a bank to consider.
- Product Name
- HSBC Serious Saver
- Maximum Variable Rate
- 3.10% p.a.
- Standard Variable Rate
- 1.40% p.a.
- Bonus Variable Rate
- 1.70% p.a.
- Introductory / Bonus Offer Conditions
- Earn 3.10% p.a. variable interest rate for the first 4 months when you don't make a withdrawal between 28th of the month up to the 27th of the next month. Applies on balances up to $1,000,000.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Introductory Interest Period
- 4 month(s)
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Joint application?
- Yes
- Minimum Age Requirement
- 18
- Maximum Age Requirement
- No Maximum Age
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the HSBC Serious Saver?
There are a number of features and benefits to look at with the HSBC Serious Saver in addition to the competitive interest rates when you are making comparisons with other banks savings accounts:
$0 Monthly account fees
You are charged $0 monthly maintenance fees for using your Serious Saver savings account.
Online accessibility
The HSBC Serious Saver is an online account that can be accessed from anywhere at any time by using the internet or with phone banking. If you link the Serious Saver to a Day to Day Account, the transfers are instant.
$0 transaction fees
You are not charged by HSBC for transferring money in or out of your savings account.
Standard interest rate of 1.40% p.a. if you don't withdraw
The base interest rate of 1.40% p.a. will be applied to your account monthly so long as you make no withdrawals from your account between 28th of the month to the 27th of the next month. If you make any money transfers out of your account, there will be no interest applied for that month. This is calculated monthly, so if you need to make a withdrawal in 28 March, you may not be eligible for any interest earnings. It is available on balances up to $1 million.
Introductory bonus interest rate of up to 3.10% p.a. on the first 4 months on your first HSBC Serious Saver
For the first 4 months after you open your savings account, balances will receive the maximum variable rate of 3.10% p.a. The same restriction of no withdrawals applies in order to get this special rate. Once the four month period ends, the interest rate reverts back to the standard 1.40% p.a.
No deposit requirement
There is no minimum monthly deposit required in order to receive interest on your balance.
Calculating interest
Interest is calculated daily and paid monthly only on balances of up to $1,000,000 It is a variable interest rate, so will most likely move alongside the RBA cash rate.
Initial deposit
There is no minimum requirement for your opening deposit.
No minimum balance
You are not required to maintain a minimum balance on this account.
Statements
You'll automatically receive a statement every 6 months – you can request to change to monthly or quarterly, or even switch to online statements.
Pros
- $0 account keeping fee
- Introductory rate of 3.10% p.a. for 4 months
Cons
- Interest rate reverts to 0% when you make a withdrawal in the month
- Only available on balances up to $1,000,000
How do I apply for the HSBC Serious Saver?
If you have decided that this is the ideal way for you to reach your savings goal, click ‘go to site’ to be taken to a secure application page.
Online eligibility requirements
Before doing so, check that you are able to meet the following eligibility requirements:
- Age requirement. You must be at least 18 years of age in order to be considered for this account.
- Residency requirement. Only Australian residents or citizens with a valid Australian residential address may open a Serious Saver account from HSBC.
- Account purpose. This account is meant for personal use only. If you are representing a trust, company or business you can contact HSBC for information regarding accounts intended for business purposes.
Online verification requirements
If you determine that you can meet these conditions you can gather the following documentation that will be needed to help complete the form and continue to the application:
- Identification documentation. A valid driver’s licence, passport, birth certificate or Medicare card is needed in order for HSBC to verify your identity. If HSBC is unable to verify your identity electronically you will be asked to do so in person.
- Account details. You will need to provide information about your transaction account, including its number, so that you can be prepared for transferring funds between accounts.
- Personal information. Your full name, date of birth and physical address will all be required while filling out the application.
What happens after I apply?
Filling out the online application should take approximately five minutes. Once complete it will be submitted to HSBC who will contact you within two business days. At that time they will provide you with the details of your account so that you may begin making your savings deposits.
What if I'm not eligible to apply online?
If you're moving to Australia or currently a non-resident, you can apply for this account through HSBC migrant services. If none of the above situations apply to you, it's best to visit a local HSBC branch.
I act for my sister, under Power of Attorney.
My sister is currently suffering from severe memory loss and is in Aged Care while I manage her financial affairs.
She has an amount of $400,000 that I wish to place in a savings account and have looked at various online bank interest rates and terms and feel that HSBC offers the most suitable terms. How do I proceed?
Hi John,
Thanks for your inquiry and apologies for the delayed response.
If you’re already sure to open an HSBC Serious Saver account for your sister, just click on the ‘Go to site’ button above to be redirected to HSBC’s main page and apply from there. Please also note of the requirements you’ll need to first secure by clicking on the ‘How to apply’ tab above.
Just in case you may want to further check your other savings account options aside from HSBC, you may like to visit this page. Just use the calculator above the table and supply the required details to see the results for the interest earned then start comparing.
I hope this has helped.
Cheers,
May
Hi,
I’m thinking to open a serious saver account. Will I get 3.10% for the first 4 months if I deposit $750 000 and if I don’t make any withdrawals then after 4 months can I transfer my money elsewhere?
Hi Robert,
Thank you for getting in touch with finder.
That would be fine if you choose to transfer your investment after the introductory period. There are no fees for moving to another savings account with another provider at any time.
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
For the Serious Savings Account, if I wish to deposit >1m, is there a better rate offered?
Hello Claudia,
Thank you for your comment.
As per checking, the HSBC Serious Saver can give you Maximum Variable Rate of 3.10% p.a. for the first 4 months if you deposit 1 million AUD or more. Please note that the interest rate will revert to 1.40% p.a. after 4 months.
Alternatively, you may compare other high-interest savings accounts on this page. Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.
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
Hi, is this account able to be used by a company, or it is for individuals only?
Hi Emma,
Thanks for getting in touch! It’s helpful to know that this account can only be opened for personal purposes. If you’d like, you can compare alternative small business bank account on this page.
Hope this helps! Feel free to reach out, we’re on standby!
Cheers,
Nikki
I had one of these accounts a year ago. Can I now restart another one and receive 3.1% interest for four months?
Hello Scott,
Thank you for your comment.
Upon checking, the introductory offer will only be applied to the first Serious Saver account opened with HSBC. Hence, the second account is no longer eligible for the introductory offer.
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
Is this serious savings account a term deposit that can only be opened via online or can it be opened at a local city branch in Melbourne? If so please can you provide address.
Hi Carmen,
Thank you for getting in touch with finder.
This HSBC Serious Saver is a savings account not a term deposit. You may also apply for this savings account when you visit a local HSBC branch. There’s one at 271 Collins St, Melbourne and 188 Swanston St, Melbourne. You may utilise this page to locate the nearest HSBC branch.
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
How long are you locked into the serious saver? Are there any fees for closing the account?
Hi Caroline,
Thank you for leaving a question.
There is no minimum locked requirement for the HSBC Serious saver and no fee associated to closing the account. Hope this helps!
Cheers,
Reggie
Once the funds have matured after the 4mth period can the balance and interest be trf to another bank account
Hi Carmen,
Thanks for reaching out!
Yes, you can definitely transfer the funds to another provider at any time. Also, there are no fees for moving to another savings account.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
HSBC Serious Saver max rate 3.10% for 4 month, can you roll over when due and continue on the same basis for another term?
Hello Tai,
Thank you for your comment.
Please be advised that the introductory offer will only be applied to the first Serious Saver account opened with HSBC. Introductory bonus points is only applied on one Serious Saver Account per customer. No interest is payable for balances over $1,000,000.
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
Does the introductory rate of 3.01% apply for the 4 months within the no withdrawal parameters, or can it go down with the variable rate before four months?
Hello,
Thank you for your comment.
Upon checking, for the first 4 months after you open your savings account, balances will receive the maximum variable rate of 3.10% p.a. Once the four-month period ends, the interest rate reverts back to the standard 1.40% p.a. If in case you had withdrawn from the account before the fourth month, the standard variable rate applies and you will not qualify for the bonus interest rate.
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