based on 1269 HSBC banking product reviews as rated by Mozo community

HSBC savings accounts

HSBC in Australia is part of the HSBC Group, one of the world's largest banking and financial services organisations. HSBC has products for every money need you can think of, including savings accounts and term deposits for your day-to-day money management, a suite of home loans to finance your dream home, plus credit card and personal loan options. With branches all over the world, HSBC is the world's local bank!

HSBC offers the following savings accounts

Rates and fees verified as correct at 16 October, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate Maximum rate Govt deposit guarantee
Flexi Saver

0.05% p.a.(for $0 to $5,000,000)

0.25% p.a. (for $0 to $5,000,000)

Yes up to $250,000

Serious Saver

0.15% p.a.(for $0 and over)

0.30% p.a. (for $0 to $1,000,000)

Yes up to $250,000

How are HSBC savings accounts rated?

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.

Icon of savings-accounts
HSBC savings accounts
Overall
Price
Features
Customer service
Convenience
Trust

328 Reviews

Recent HSBC savings account reviews

HSBC Savings Account
Overall 1/10
Awful customer service

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

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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

Price
10/10
Features
5/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Sara, New South Wales, reviewed 4 days ago
HSBC Flexi Saver
Overall 7/10
Good interest

We chose this bank because the interest was higher than our previous bank.

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We chose this bank because the interest was higher than our previous bank.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
6/10
Trust
7/10
Less
Jo, Western Australia, reviewed 7 months ago
HSBC Serious Saver
Overall 2/10
HSBC Serious Sav account seriously not transparent

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.

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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.

Price
4/10
Features
2/10
Customer service
5/10
Convenience
1/10
Trust
2/10
Less
Jo, Victoria, reviewed 12 months ago
HSBC Serious Saver
Overall 9/10
New app is better.

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.

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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.

Price
10/10
Features
10/10
Customer service
6/10
Convenience
6/10
Trust
10/10
Less
Caitlin, New South Wales, reviewed about 1 year ago

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Savings account quick links