Rates and fees verified as correct at 11 August 2022. Other information correct at the time of writing. Advertiser disclosure.
| Product | Interest rate | Maximum rate | Govt deposit guarantee |
|---|---|---|---|
| Bonus Savings |
0.15% p.a.(for $0 to $5,000,000) |
0.50% p.a. (for $0 to $5,000,000) |
Yes up to $250,000 |
| Everyday Savings |
0.75% p.a.(for $0 and over) |
1.35% p.a. (for $0 to $1,000,000) |
Yes up to $250,000 |
Mozo users have rated HSBC savings accounts on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
328 Reviews
It takes about 45 mins to open an account. They treat customers like criminals, so rude and unprofessional. Always issue to get through to them over the phone
Read full reviewIt takes about 45 mins to open an account. They treat customers like criminals, so rude and unprofessional. Always issue to get through to them over the phone
We chose this bank because the interest was higher than our previous bank.
Read full reviewWe chose this bank because the interest was higher than our previous bank.
Serious Saver said it was offering 2 percent followed by variable rate after four months. However, it turns out the 'introductory offer' (only for those who don't have an account with them) is also variable. Hang on, if you offer an 'introductory offer' that is variable, say in clear terms that it may vary from the day you begin banking with them. That's what happened. I put a large amount in this account but in less than a month, the rate dropped 0.5 %. And it could go down again, and again. An 'introductory offer' is a clever disguise for HSBC. I also put some money into the Macquarie Savings account offering a 'welcome rate' (again for those who have no prior account with Macquarie). The difference is, the 2 percent is fixed. HSBC needs to be more transparent.
Read full reviewSerious Saver said it was offering 2 percent followed by variable rate after four months. However, it turns out the 'introductory offer' (only for those who don't have an account with them) is also variable. Hang on, if you offer an 'introductory offer' that is variable, say in clear terms that it may vary from the day you begin banking with them. That's what happened. I put a large amount in this account but in less than a month, the rate dropped 0.5 %. And it could go down again, and again. An 'introductory offer' is a clever disguise for HSBC. I also put some money into the Macquarie Savings account offering a 'welcome rate' (again for those who have no prior account with Macquarie). The difference is, the 2 percent is fixed. HSBC needs to be more transparent.
I opened this account to get the honeymoon interest rate and bonus $100. I had heard that the app was atrocious but they’ve put out a new Australian app which is much better. The process to open an account is a bit clunky, but I got there in the end.
Read full reviewI opened this account to get the honeymoon interest rate and bonus $100. I had heard that the app was atrocious but they’ve put out a new Australian app which is much better. The process to open an account is a bit clunky, but I got there in the end.
† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.