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
- $0 monthly account keeping fee
Cons
- Very restrictive on withdrawals
- 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.
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
Hi the serious saver account is that 3.05%
Hi Jeff,
Thanks for leaving a question on finder.
You can earn 3.10% p.a. variable interest rate (not 3.05%) 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 with the HSBC Serious Saver account. One of it’s features is you also do not have monthly account keeping fee with this savings account. Please note also that you will not be charged any fee for making a withdrawal from your account. However, no interest will be credited for the particular month/s in which any withdrawals were made from your account between the 28th of the month and 27th of the subsequent month. No interest will also be paid upon the closure of your account.
Cheers,
Joel
Is there any fee or charges associated with withdrawing my funds and interest at the end of the 4th month or during the 5th month?
Hi Christina,
Thanks for leaving a question on finder.
You will not be charged any fee for making a withdrawal from your account however, no interest will be credited for the particular month/s in which any withdrawals were made from your
account between the 28th of the month and 27th of the subsequent month. No interest will also be paid upon the closure of your account.
Hope this information helps.
Cheers,
Charisse
Is the 3.0% interest compounding with HSBC?
Hi Hugh,
Thanks for your message and for contacting finder.
Yes, the 3% interest of HSBC Serious Saver is a compounding interest, however, an introductory bonus interest rate composed of the standard variable rate of 1.6% and the bonus variable rate of 1.4% and this is valid when there are no withdrawals made on the principal deposit for 4 months.
Hope this clarifies!
Regards,
Nikki
Hi, I just wanted to clarify something about the interest rate. After the initial 4 months, is the maximum rate the standard 1.6% even without withdrawals during that month? Or is there a bonus rate on top of the 1.6% even after when the 4 months have passed?
Hello Julie,
Good day! Appreciate you contacting finder regarding your inquiry today.
In regards to your inquiry, the bonus interest rate is only available for the first 4 months upon opening the account; there will be no additional bonus interests beyond that.
After the initial 4 months, the maximum applicable standard interest rate to your account monthly will be 1.60% p.a. so long as you make no withdrawals from your account between 28th of the month to the 27th of the next month.
Hope this helps!
All the best,
Ron
Hi there, with this account, could you technically open it for 4 months while you get the bonus rate, then move the money to a different high interest account (that’s higher than the standard rathe you get lost the 4 months) afterwards (as long as you move it after the 27th of month 4?)
L
Hi Lucy,
Thank you for your inquiry.
Yes, it’s possible to pull out your funds and move it to other high-interest savings account after the 4-month introductory period. If you want to know other high-interest savings account comparable to HSBC Serious Saver, you may check this comparison page.
I hope this information has helped.
Cheers,
Harold
Can I transfer money directly from or to another bank’s account or do I need an HSBC normal saving account as well as the Serious Saver?
Hi John,
Thanks for reaching out.
To deposit or transfer funds into the HSBC Serious Saver you can link this account to an HSBC Day to Day Account or any other Australian bank account. You can transfer funds to your linked account via Internet, Mobile and Phone Banking.
Cheers,
Joanne
Can you take out your interest earned each month
Hi Nick,
Thank you for your comment.
The HSBC Serious Saver is very restrictive on withdrawals. Please take note that the you will earn an interest only when you don’t make a withdrawal between 28th of the month up to the 27th of the next month for the first 4 months. This applies on balances up to $1,000,000. for the base interest rate of 1.60% p.a. on the other hand, this 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 $100,000.
I hope this helps.
Regards,
Jhezelyn
Hi Can I deposit a cheque from another bank? Or does it have to come via an HSBC Transaction account.
Hi Brad,
Thanks for reaching out.
Yes, you can deposit a cheque issued by other banks to your HSBC account. Your bank may have designated time when the cheque clears before the money will be credited to your account. Please note that the cheque should be deposited in the Day to Day Account first before it will be transferred to the HSBC Serious Saver. For more details on depositing cheques, please get in touch with HSBC directly.
Cheers,
May
What is the difference between a max interest rate and the standard variable interest rate? How do I know which I will be guaranteed to receive?
Furthermore, would I get the bonus 1.60 interest if I have already received the ‘maximum interest’ of 3.60?
Hi Ann,
Thanks for your enquiry.
With the HSBC Serious Saver, the maximum variable interest rate of 2.75% p.a. is the highest amount of interest you can earn with this account. This maximum rate of 2.75% p.a. includes the bonus variable rate of 0.65% p.a. which you will earn in the first four months since opening the account if you don’t make any withdrawals during the calendar month.
Please note that this bonus rate is only available for balances up to $1 000 000.
If you don’t meet the above conditions, then you’ll earn the standard variable rate of 2.75%p.a.
Please note that these interest rates are subject to change.
I hope this clarifies things for you.
Thanks,
Belinda