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 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.
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 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.
- 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.