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HSBC Savings Accounts

HSBC offers two savings accounts, neither of which have minimum balance or charge monthly fees. Serious Saver only pays interest in the months when you don’t make withdrawals. Serious Saver also pays bonus interest for the first four months the account is open. Flexi Saver pays bonus interest in the months after you increase your net balance by at least $300. HSBC also offers term deposits, credit cards, home loans, personal loans and financial planning. HSBC is one of the world’s largest banks and has offices in 67 countries.



HSBC savings account interest calculator

Thinking about taking out a savings account with HSBC? Use our savings account calculator to see how much you can earn under different investment scenarios. You can also see how HSBC savings accounts compare with other options.

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HSBC Savings Accounts rates

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A savings account is exactly what the word suggests. It is an account separate from your everyday transaction account where you can set aside money for your savings plan. It can also be used as an emergency fund, should you need the extra cash.

A savings account generally has no monthly fee, along with a competitive and ongoing interest rate. There are different types of savings accounts, some with withdrawal restrictions and others with a bit more withdrawal flexibility.

Deciding which savings account is for you depends on your savings plan.

What are the types of HSBC savings accounts?

Many banks, including HSBC, offer certain types of savings accounts that would best suit your specific saving plans, whether you want to buy a gadget, a car, a house—or even something as simple as a nice pair of shoes.

High-interest savings accounts

High-interest savings accounts usually offer relatively high interest rates and often don’t have account service fees either. Commonly, there are certain conditions you have to meet if you want to earn the highest level of interest. These conditions can come in the form of meeting a certain net balance requirement or having withdrawal restrictions. But if you do meet the conditions, you’re likely to become a better saver and meet your savings goals faster.

HSBC offers savings accounts that do require a certain net balance before interest is paid, while other accounts will not pay you interest if you withdraw. 

Some HSBC accounts also offer higher interest rates that directly correspond to how much money you put in. This encourages customers to put in more money so they can benefit from a higher interest rate, too.

Minimum-deposit savings account

This is also a common type of savings account offered in banks. HSBC has its own name for this, of course, but it essentially functions the same way. With a minimum-deposit savings account, you will only receive interest – or even a bonus interest, depending on the specific product – if you meet a minimum deposit requirement.

Many lenders also have a type of savings account that will require you to increase your net balance by a particular amount by the last business day of every month. Failure to do so usually means you will not be paid the interest rate for that month and you might even be faced a penalty or fee.

The good news is that this gives you an incentive to consistently contribute, which will in turn boost your savings in the long run. Regularly contributing to this account also ensures that your savings goals will be met eventually – and it will make you a better saver in the long run, too.

Term deposit account

A term deposit account would be a good option for customers who are looking for a fixed interest rate for a fixed period of time (often called a ‘term’). Whatever amount is deposited there will stay in the account for the entire term, which could be anywhere from one month to five years. Over this period of time, the interest rate is guaranteed to remain the same.

You may only withdraw the amount you have placed into this account at the end of the nominated period. However, if you do choose to withdraw before the nominated period, there are usually penalties attached. This is ideal for customers who want to protect their investments from the fluctuations of the share market.

Standard savings account

HSBC, like many other banks, also offers an everyday savings account. Although the interest rates aren’t as high as other types of savings accounts, getting a standard savings account is still a good way to start off your financial planning.

A good number of HSBC’s various savings accounts allow you easy access to your money. Their online banking system allows you to monitor and manage your finances from anywhere, anytime, be it through a laptop or a mobile phone.

RateCity has its very own HSBC savings account interest calculator should you be interested in looking at different borrowing scenarios. You may also compare the HSBC savings accounts with other products to see what would best suit your financial goals.

The HSBC website also offers an online tool which will help you figure out how much your savings will be worth should you get an HSBC savings account. This could help you figure out which savings account would best suit your financial goals or savings plans.

They also have another online tool which will help you determine how much your spending reductions would be worth in the long run. It could help you see what to spend less on in order to tighten your budget. With this money management tool, you will get a better idea on how the little things you spend on add up to substantial amounts of money that you’re better off saving, instead.

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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