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Formerly known as Credit Union Australia (CUA), the member-owned institution changed its name to Great Southern Bank in 2021. Now it’s the largest member-owned bank ...
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One of the world’s leading financial service providers, HSBC has more than 40 million customers scattered across all corners of the globe. The universal bank traces its roots back to British Hong Kong, where it was founded almost 160 years ago.
The bank has a large footprint in Australia, offering a range of financial services to hundreds of thousands of customers across 45 branches. Among their many banking services, HSBC offers a select range of savings accounts.
Comparing HSBC savings accounts with Savvy gives you the best possible shot at finding the right product for you. Consider the best mix of variables to ensure you get the most from your money.
*Please note that Savvy does not represent HSBC for their banking products. All product information and rates are correct as of May, 2022.
HSBC has a range of savings options available to Australian residents, with varying flexibility and accessibility. Compare savings accounts with us to ensure you find the best one for your needs:
Bonus Savings Account
This type of savings account rewards you with an interest rate of up to 0.50% p.a. for growing your balance every month. Under a Bonus Savings Account, you’ll earn a base interest rate of 0.15% p.a. and a bonus rate of 0.35% p.a. if you grow your balance by $300 month-on-month. If you miss out on the bonus, your interest will be calculated on the base variable rate.
There are no minimum balance or withdrawal requirements, allowing you to access your money without losing interest. This account also has no monthly account keeping fees.
Everyday Savings Account
HSBC offers a high introductory interest rate to entice new customers to open one of their flexible online savings accounts. You can earn a rate of 0.85% p.a. for the initial three months after opening an Everyday Savings Account. Once this honeymoon period finishes, your interest will be calculated on a lower variable rate of 0.25% p.a.
The Everyday Savings Account has no minimum deposit or balance requirements and comes free of monthly account-keeping fees. You also aren’t capped on withdrawals, meaning you’re free to move money in and out of the account without losing interest. Using Savvy’s budget planner calculator can help you estimate what you can regularly deposit into your savings account.
Premier Children’s Savings Account
If you’re a HSBC Premier customer, you can open a children’s savings account for your child. This fee-free account, geared towards young people under the age of 30, comes in a few different forms depending on the age of your child. You can opt to be a trustee, set up a joint account in your and your child’s names if they are under 15 years old or open an account in your child’s name if they are between 16 and 30 years old. A Premier Visa debit card is available to children over the age of 12 years old.
Interest is tiered on this account, with different rates available at different balance brackets. These rates include:
Term Deposit Account
A low-cost and low-risk form of saving, HSBC’s term deposit allows you to earn a fixed return on your money over a set term. Unlike savings accounts, you won’t be able to tap into or top up your funds until your term deposit reaches maturity. You can access your funds before maturity; however, you must give your bank 31-days' notice and will likely have to pay a $30 break fee.
Much like other term deposits on the market, your term options range from one month to five years. You also get a choice of interest paid monthly, quarterly, annually or at maturity. These locked savings accounts come with a minimum opening investment of $5,000, a higher requirement than some of HSBC’s competitors. These accounts also come with no start-up costs or monthly fees.
Interest rates vary depending on how long you locked your money away. You can choose to reinvest this into your term deposit or an external account. The rates for balances above $5,000 as of June 2022 include:
Opening a savings account is relatively straightforward and can be done online for most of HSBC’s accounts. Before opening a savings account of your choice, double-check you meet the eligibility requirements. These include being over 16 years old and having an Australian residential address. The process of opening an account includes:
Once this is complete, you can review and submit your application. If HSBC is happy with your application, you can be approved to open your account and start saving straight away.
No minimum balance requirement
There’s no need to keep a minimum balance in your account to earn the top interest rate, allowing you some flexibility over your savings plan.
Zero monthly fees
HSBC savings accounts have no monthly account fees, saving you each year on account keeping costs which you may have to pay with other institutions.
Easy access to money
While some banks allow you just one withdrawal to qualify for bonus interest on your savings account, HSBC lets you access your money 24/7 without it impacting the interest you earn.
Low interest rates across the board
Interest rates across HSBC’s savings accounts are considerably lower than some of their competitors, which could stymie your savings growth.
Bonus interest conditions
Qualifying for bonus interest requires you to deposit at least $300 per month into your account, a higher requirement than some other banks.
High age restrictions
While most banks allow those aged 14 or older to open accounts by themselves, HSBC requires you to be at least 16 years old to open a Bonus Savings Account and over 18 to open a term deposit or Everyday Savings.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
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