HSBC Flexi Saver

Mozo snapshot:

To help you grow your savings, if you increase the size of your account by $300 in a month (not including interest) then the next month, you can score a bonus 2.50% interest rate on your HSBC Flexi Saver. More than just a bumper interest rate, the account also has no fees at all, and unlimited free phone, internet and branch transactions.

Key features:

Having a high interest rate on your savings account can really help your rainy day fund start to add up over time. At 2.50%, the HSBC Flexi Saver special rate may be just what you need to help you achieve saving success. To qualify for the special rate, you’ll need to increase the amount in your savings account by at least $300 each month (not including interest), then the bonus rate will apply to the next month's balance.

Just keep in mind, if you aren’t able to do this one month, the interest rate will fall down to the base rate of 1.25%. But don’t panic - slipping up one month won’t bring the rate down permanently, it will only affect months during which the bonus condition isn’t met.

Another great thing about the HSBC Flexi Saver is that you won’t be hit with any ongoing fees that can slowly chip away at your hard earned savings.

You’ll also have unlimited free transactions, whether you’re doing them over the phone, in branch or on the internet and you can link the account up to BPAY.

If you are interested in opening an account but don’t have a stash of cash in waiting, that’s no worry at all, as there is no opening minimum balance. And you’ll continue to earn interest on your stash up to $5 million dollars.

Who it's good for:

The HSBC Flexi Saver is great for regular savers who can capitalise on the special bonus interest rate by increasing their balance by at least $300 each month.