HSBC Serious Saver

Mozo snapshot:

Do you have a serious savings goal? The HSBC Serious Saver has a wow-worthy 2.60% intro rate for the first four months and no account fees. After that, you can score 1.10% interest, as long as you don't withdraw from your savings account and you have a connected Everyday Global Account and you deposit $2,000. To keep you on that savings track the there is a serious disincentive to make withdrawals - just one withdrawal in a month and your interest rate will plummet to 0%.

Key features:

The HSBC Serious Saver starts off strong with a 2.60% introductory rate for the first four months. You'll get this rate as long as it's your first Serious Saver Account, you balance is below $1 million and you don't make any withdrawals in the month. After that it gets a bit more complicated. Here's how it works.

After four months, if you don't make any withdrawals, you can earn an ongoing maximum rate of 0.70%. To bump that up even further, you can earn a 1.10% interest rate by:

• making no withdrawals from your Serious Saver account

• connecting your Everyday Global Account

• depositing $2,000 from an outside source (for example, your paycheck)

Keep in mind if you do withdraw from your account, the interest rate drops to 0%, even if you're meeting the other requirements. Interest is calculated daily and paid monthly and there's no minimum or ongoing balance requirements.

The HSBC Serious Saver makes transferring funds simple as you're able to choose between mobile, internet or phone banking. Often banks insist that you have a linked transaction account with their bank when you open an online savings account. So it's seriously convenient that with the HSBC Serious Saver you can link to any Australian bank account.

To keep on track of your savings you'll receive statements every 6 months and for the digitally savvy you'll also have the option of e-statements.

Who it's good for:

The HSBC Serious Saver is designed for a serious saver who has a savings goal in mind like a holiday, can make regular deposits and doesn't need (or have the urge) to make withdrawals regularly. It's also best suited to customers who have or want to open a HSBC Everyday Global Account as well.