6.5/10

Based on 1314 HSBC product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

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 21 July 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate Maximum rate Govt deposit guarantee
Bonus Savings

2.00% p.a.(for $0 to $5,000,000)

4.25% p.a. (for $0 to $5,000,000)

Yes up to $250,000

Everyday Savings

3.00% p.a.(for $0 to $1,000,000)

5.15% 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 customer reviews
Overall
7.4/10
Price
7.3/10
Features
6.5/10
Customer service
7.1/10
Convenience
6.7/10
Trust
7.7/10
Based on 332 HSBC product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Recent HSBC savings account reviews

HSBC Everyday Savings
Overall 10/10
Comprehensive account. 2% cash back tops it off!

The HSBC Everyday Global Account is a comprehensive banking solution tailored for individuals and businesses with international financial needs. Key features include multi-currency functionality, no account keeping fees, robust online banking capabilities, no fees on international purchases, and favourable currency exchange rates. Additionally, the account offers a 2% cash back feature on eligible purchases made with the HSBC debit card. Benefits encompass convenience, cost savings, security, flexibility, and the added incentive of earning cash back on transactions.

Read full review

The HSBC Everyday Global Account is a comprehensive banking solution tailored for individuals and businesses with international financial needs. Key features include multi-currency functionality, no account keeping fees, robust online banking capabilities, no fees on international purchases, and favourable currency exchange rates. Additionally, the account offers a 2% cash back feature on eligible purchases made with the HSBC debit card. Benefits encompass convenience, cost savings, security, flexibility, and the added incentive of earning cash back on transactions.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Randall, Tasmania, reviewed 4 months ago
HSBC Savings Account
Overall 9/10
HSBC offer competitive savings product and service

HSBC offer some great savings products, with the HSBC Bonus Savings Account offering one of the best ongoing interest rates in the market at the moment. I like that you don’t need to have a transaction account for this product or additional requirements to transact. Also the flexibility of having no minimum opening balance and bonus interest paid up to $5m makes HSBC a bank I would recommend as being in touch with what customers are looking for in a savings product. It’s also lovely that there are multiple branches available if needed but if not, that the web and mobile experience is user friendly. I have called their customer service line a few times and received an excellent response as well, so overall I think HSBC have their finger on the pulse.

Read full review

HSBC offer some great savings products, with the HSBC Bonus Savings Account offering one of the best ongoing interest rates in the market at the moment. I like that you don’t need to have a transaction account for this product or additional requirements to transact. Also the flexibility of having no minimum opening balance and bonus interest paid up to $5m makes HSBC a bank I would recommend as being in touch with what customers are looking for in a savings product. It’s also lovely that there are multiple branches available if needed but if not, that the web and mobile experience is user friendly. I have called their customer service line a few times and received an excellent response as well, so overall I think HSBC have their finger on the pulse.

Price
10/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Susan, New South Wales, reviewed 9 months ago
HSBC Savings Account
Overall 1/10
HSBC AUSTRALIA loses the money in bank transfers

DO NOT open accounts with this bank - there is no accountability, no safety and no ability to provide any customer support via its dreadful offshore email and call centres, etc. All you get are AI bot-style responses. Very dangerous and dreadful circumstances for your money indeed. You will literally suffer a mental breakdown. I transferred $20, 000 euros from HSBC Australia to my bank account in a Hong Kong bank and the money is now lost. After one week, the transfer of euros has not arrived. I'm thinking I have to call the Australian Federal Police because I cannot use any HSBC Australia mechanisms to find my money.

Read full review

DO NOT open accounts with this bank - there is no accountability, no safety and no ability to provide any customer support via its dreadful offshore email and call centres, etc. All you get are AI bot-style responses. Very dangerous and dreadful circumstances for your money indeed. You will literally suffer a mental breakdown. I transferred $20, 000 euros from HSBC Australia to my bank account in a Hong Kong bank and the money is now lost. After one week, the transfer of euros has not arrived. I'm thinking I have to call the Australian Federal Police because I cannot use any HSBC Australia mechanisms to find my money.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Izzy, South Australia, reviewed 10 months ago
HSBC Savings Account
Overall 10/10
Amazing customer service at the HSBC bank.

Customer service at the HSBC bank is excellent. As I am in my 70's it is important to me to have staff that could help me set up my savings account and debit card, as well as explain everything in simple layman's terms. . Wing not only sent up my bank account and debit card, he explained everything to me And made sure I understood. He also put an app in my ancient cell phone. . Jom who also works there has also been helpful and caring. The receptionist is very sweet. So glad I decided to change banks. I recommended the bank to my friend and he signed up online.

Read full review

Customer service at the HSBC bank is excellent. As I am in my 70's it is important to me to have staff that could help me set up my savings account and debit card, as well as explain everything in simple layman's terms. . Wing not only sent up my bank account and debit card, he explained everything to me And made sure I understood. He also put an app in my ancient cell phone. . Jom who also works there has also been helpful and caring. The receptionist is very sweet. So glad I decided to change banks. I recommended the bank to my friend and he signed up online.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Laya, New South Wales, reviewed about 1 year ago
See all savings account reviews
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.
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.

Savings account quick links