- Has branch access
- Has no ongoing fees
- Has no minimum balances
- Must satisfy conditions
Intro 4 months then 0.15%
Has eftpos facility
Has phone facility
Has branch access
Joint application available
Minimum age restrictions
Is online only
Maximum age restrictions
Minimum opening deposit
Has atm access
Minimum monthly deposit
Atm withdrawal fee
Account keeping fees
Overseas eftpos fee
Internet transaction fee
Over the counter deposit fee
Phone transaction fee
Over the counter withdrawal fee
Compare and review savings accounts with similar features
HSBC offers two savings accounts, neither of which have minimum balance requirements 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.
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 decide 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.
HSBC is one of the world’s largest banks and has offices in 67 countries. HSBC also offers term deposits, credit cards, home loans, personal loans and financial planning.
While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:
- Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
- Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
- Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)
As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria
It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.
Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.
Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.