HSBC Serious Saver

HSBC Serious Saver

Maximum Variable Rate


Standard Variable Rate

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Avoid the temptation of spending your savings with a competitive interest rate every month you don't withdraw.

  • Introductory rate of 3.00% p.a. for 4 months
  • Reverting to 1.60% p.a if you don't withdraw
  • Available on balances up to $1,000,000.
  • 24/7 account access using phone, online or mobile banking

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
3.00% p.a.
Standard Variable Rate
1.60% p.a.
Bonus Variable Rate
1.40% p.a.
Introductory / Bonus Offer Conditions
Earn 3.00% 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
Minimum Opening Deposit
Introductory Interest Period
4 month(s)
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
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 1.60% p.a. if you don't withdraw

The base interest rate of 1.60% 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 $100,000. You can compare savings accounts that award the maximum rate on balances >$100,000 here.

Introductory bonus interest rate of up to 3.00% 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 3.00% 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 1.60% 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.


You'll automatically receive a statement every 6 months – you can request to change to monthly or quarterly, or even switch to online statements.

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  • $0 account keeping fee
  • Introductory rate of 3.00% p.a. for 4 months
  • $0 monthly account keeping fee


  • 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.

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.

Yes, there is a maximum of one Serious Saver account per HSBC customer.

To deposit funds into the HSBC Serious Saver you can link 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.

To discuss your eligibility for the HSBC Australia Serious Saver account, you’ll need to speak to HSBC UK. This will depend on their policies and whether they can open an account for you here in Australia. If you are able to open one, you can provide rights for the account for your granddaughter.

Please note that can’t directly withdraw funds from the HSBC serious saver. First you’ll need to transfer the funds to the linked account and access the funds from there.The fees and charges will depend on the product disclosure statement of your linked account. There may international transaction fee and foreign ATM withdrawals fees involved.

Your mother will need to open the account in her name first (she can choose to do this online if she wishes). Once the account has been established she will need to head into a HSBC branch with you. HSBC will then provide the relevant documents for you to sign as the Power of Attorney.

The maximum variable rate is a combination of both the bonus or introductory interest plus the standard variable interest rate. I hope this has cleared up any confusion you may be experiencing.

Hong Kong and Shanghai Banking Corporation (HSBC) is owned by HSBC Holdings Plc – a British multinational banking and financial services company.

Unfortunately this account can only be opened for personal purposes. If you’d like, you can compare alternative small business bank account on this page.

Unfortunately you don’t get interest is your withdraw funds during the month.

Your HSBC account is usually set up after you’ve submitted your application. If you’re a new HSBC customer, you may need to provider proof of ID before you can to withdraw funds from your account. Please note that it might take a few days for the funds to appear in your account if you made an initial opening deposit.

At the moment there is no requirement to make a monthly transfer into the Serious Saver from another local Australian HSBC account. However, we are not sure if this was a requirement in the past. It’s advisable to speak to HSBC directly regarding this.

Unfortunately this account can only be used for personal purposes.

Yes you can still open a joint saver account if you both bank with different banks. Please note that you can only choose one nominated account to link with your HSBC Serious Saver.

You’re not able to open this account un the name of a trust. It also can’t be opened by a business or company.

You can make deposits into this account and withdrawals through the transaction account you link to it. This can be from any Australian institution, meaning you can link it to your regular transaction account which gives you branch access if you like. If you choose to link your account to a HSBC transaction account, and therefore need access to a HSBC branch, there is one in Lakeside Joondalup Shopping Centre.

You must be 18 years of age or older to be eligible for an account. If you would like to discuss alternative accounts for your needs, please get in touch with HSBC.

This account is available for personal customers only. The bonus interest doesn’t apply if you make a withdrawal. No, the interest rate will revert to the standard variable rate after the first four months.

Moving funds in and out of this account doesn’t come with any fees, although you might want to check the fees on your Westpac account if planning to move fees from this.

We have a page dedicated to SMSF savings accounts here. This lists a small number of accounts in the market at the moment. For more information it might be helpful to carry out a web search of accounts. In most cases you’ll need to supply the new institution with the Tax File Number (TFN) and Australian Business Number (ABN) of the SMSF trust. You’ll also need to provide ID and signatures for each of the trustees.

No, there are no fees for moving to another savings account with another provider at any time.

This account cannot be opened through a superannuation account. UBank, RaboDirect and others have such accounts.

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4 Responses

  1. Default Gravatar
    BradJuly 17, 2017

    Hi Can I deposit a cheque from another bank? Or does it have to come via an HSBC Transaction account.

    • Staff
      MayJuly 17, 2017Staff

      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.


  2. Default Gravatar
    ANNJuly 24, 2015

    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?

    • Staff
      BelindaJuly 24, 2015Staff

      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.


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