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.
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.
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 2.50% 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 2.50% 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.
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.
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.
- $0 account keeping fee
- Introductory rate of 2.50% 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.
- 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.
Can you please advise if there are any limits on the amount of Serious Saver accounts a customer of HSBC could have? I am looking at calling and asking for 15 to save for different bills throughout the year.
Yes, there is a maximum of one Serious Saver account per HSBC customer.
How can I get money from my saving in my account?
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.
Can I open an account for my granddaughter, born and living in Australia, although I am a UK resident?
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.
If I withdraw money from outside Australia, what charges should I expect?
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.
If I hold Power of Attorney for my elderly Mother, what documents would you need if I were to open an account in her name?
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.
What is the difference between maximum variable and the standard variable rate. How does that work?
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.
Who owns or is the underwriter for HSBC?
Hong Kong and Shanghai Banking Corporation (HSBC) is owned by HSBC Holdings Plc – a British multinational banking and financial services company.
I have around $50,000 in a business investment account and looking around for best rate. Can I deposit this money into HSBC Serious Saver at bonus interest for 4 months. Question being can this be used for business accounts vs personal account? I do have a personal credit card with HSBC.
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.
If you make a withdrawal during the month, do you get no interest at all or does it revert to that month after which it returns to the higher rate for the remainder of the term?
Unfortunately you don’t get interest is your withdraw funds during the month.
How long after filling in application is a/c opened?
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.
With the serious saver account is there a requirement or has there ever been a requirement to make a monthly transfer into the serious saver account from another local Australian HSBC account?
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.
Can we open this account in the name of our joint superannuation fund?
Unfortunately this account can only be used for personal purposes.
Can I open joint saver account if my partner’s bank is commonwealth bank and me is ANZ bank?
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.
Can I open this account in my family trust name?
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.
I don`t want to do online banking, only through a branch. Does that disqualify me on this type of a/c.? Is there a branch in Joondalup, WA.?
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.
I would like to open accounts for my children. Please could you explain the best way for me to do that?
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.
Is this account available to SMSFs? What is the interest rate bonus if there are no withdrawals? Does the interest rate stay the same after 4 months if there has been no withdrawal?
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.
If I am with a previous Westpac, can I get all my money transferred to another account without fee.
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.
I operate a SMSF for my personal superannuation being trustee and sole director. Could you advise what savings accounts you have available and requirements if I wanted to open an account?
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.
I am interested in your introductory high interest rate but would like to know if there is any problem to move my savings to another high interest account after the four month introductory period. If I was to do this, what withdrawal fees would there be?
No, there are no fees for moving to another savings account with another provider at any time.
Can this account be opened in a superannuation name and my husband and I as trusties. We have a self managed fund that we have had for over 25 years.
This account cannot be opened through a superannuation account. UBank, RaboDirect and others have such accounts.