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How your bank account can help supersize your savings

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RateCity
- 3 min read
How your bank account can help supersize your savings

Whether you’re saving for a holiday, your dream car or maybe something bigger like a new home, scrimping and saving can be a tough battle.

But it doesn’t have to be that hard. By using HSBC’s Everyday Global Account, you could boost your savings with little effort, thanks to several perks it offers called Everyday Extras.

In recognition of these standout features, it recently won RateCity’s Best Bank Account Gold Award 2020.

What is cashback and how can it help you save?

One of the neatest perks that comes with the HSBC Everyday Global Account is its cashback feature.

Transaction accounts are usually for spending but there aren’t many that can actively help you save.

HSBC’s Everyday Global Account helps you do both through a cashback system. Cashback is when you receive a set proportion of an expense back into your own account in cash.

The Everyday Global Account lets you earn 2% cashback on eligible purchases of under $100 when you pay with Visa payWave, Google Pay or Apple Pay. This means you could earn $1.80 back from a $90 purchase (capped at $50 each month).

While budgeting regularly is the key to building savings, if you’re a serious long-term thinker, you’ll know that every incoming dollar counts in the long run, especially if you’ve got financial goals to kick.

You’ll need to deposit at least $2,000 into your Everyday Global Account each month to receive cashback. It’s also important to note that not all purchases are eligible for cashback. Terms and conditions and exclusions can be found here.

How much could you earn in cashback using HSBC’s Everyday Global Account?

No two people are going to have the same lifestyle and spending habits.

Your cashback amount depends on how you spend and how much you spend. For instance, you may earn less in cashback if you tend to use cash more often, even if your monthly expenses are high.

The maximum you’d be able to earn each month is $50, which could potentially add up to $600 a year.

But let’s say you’re not a big spender, and you make an average of $550 in small purchases each month.  This could add up to $132 cashback in one year, just by spending as you usually would on your regular debit card.

To help give you an idea of how much you could potentially earn in cashback with HSBC’s Everyday Global Account, RateCity has run some calculations with a few different spending levels in mind. Only purchases of under $100 were included in the calculations.

Note that the calculations are hypothetical scenarios and actual earnings may differ based on individual circumstances and spend.

Monthly average spend (purchases under $100 only) 2% cashback in one month Total cashback in one year
$550$11$132
$850$17$204
$1000$20$240
$1500$30$360
$2000$40$480
$2500$50$600

So, whether you’re supersizing your savings by $600 a year or you’re receiving $132 in cashback a year, HSBC’s Everyday Global Account can help bring you closer to your financial goals.

For more information or to apply for an account, head to HSBC to find out about its Everyday Global account.



Disclaimer

This article is over two years old, last updated on July 8, 2020. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.

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This article was reviewed by Head of SEO Leigh Stark before it was published as part of RateCity's Fact Check process.