HSBC Serious Saver

HSBC Serious Saver

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Maximum Variable Rate


Standard Variable Rate


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 (conditions apply)
  • Reverting to 1.60% p.a after 4 months (conditions apply)
  • 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 $1 million.

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.

Launch savings calculator


  • $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.

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14 Responses

  1. Default Gravatar
    HughJune 27, 2018

    Is the 3.0% interest compounding with HSBC?

    • finder Customer Care
      NikkiJune 28, 2018Staff

      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!


  2. Default Gravatar
    JulieMarch 14, 2018

    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?

    • finder Customer Care
      RonMarch 18, 2018Staff

      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,

  3. Default Gravatar
    LucyJanuary 25, 2018

    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?)

    • finder Customer Care
      HaroldJanuary 28, 2018Staff

      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.


  4. Default Gravatar
    JohnOctober 24, 2017

    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?

    • finder Customer Care
      JoanneOctober 24, 2017Staff

      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.


  5. Default Gravatar
    NickOctober 11, 2017

    Can you take out your interest earned each month

    • finder Customer Care
      JhezelynOctober 12, 2017Staff

      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.


  6. 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.

    • finder Customer Care
      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.


  7. 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?

    • finder Customer Care
      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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