Your selected savings accounts
HSBC Australia is a key player in the banking landscape, known for a range of financial products that cater to a variety of needs. When it comes to saving, HSBC offers a few different options that can make it easy for Aussies to watch their funds grow.
For those keen on maximising their savings, HSBC has two savings account options to choose from; the Everyday Savings Account and the Bonus Savings Account. Whether you're saving for a dream holiday, a new car, or just building an emergency fund, HSBC’s online banking platform can help to make managing your savings straightforward.
Your selected savings accounts
no interest fee and bonuses when putting in saved money
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.
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.
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.
HSBC is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). Therefore, your deposits are protected under the Australian Government's Financial Claims Scheme, ensuring that up to $250,000 is safeguarded.
Yes, you can open an HSBC savings account as a new customer. However, you must also link this account to a nominated HSBC transaction account. You'll also need to meet certain ID and residency requirements during the application process.
You can apply for an account online at the bank’s website, via the HSBC Australia app or in person at any branch.
There is no minimum deposit required to open an HSBC savings account.
You can register for HSBC online banking through the bank’s website or mobile app by providing your account details and following the prompts.
HSBC’s savings accounts have no monthly account-keeping fees.
If you don’t meet the conditions for the month, you will receive a lower interest rate on your balance.
You can make withdrawals from the HSBC Reward Saver but your balance must increase by $300 or more per month, otherwise you won’t qualify for the bonus interest rate. However, the HSBC Everyday Savings Account allows for withdrawals.
You can close your account by visiting an HSBC branch or contacting HSBC customer service for assistance.
^See information about the Mozo Experts Choice Savings Account Awards
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