The HSBC serious saver has a 1.40% ongoing bonus rate for balances of up to $1 million after the intro rate period ends. All you need to do to qualify for this rate is not make any withdrawals in the month, but keep in mind if you do withdraw from your account, the interest rate drops to 0%. 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 and doesn't need (or have the urge) to make withdrawals regularly.
While this account has the freedom of no minimum or ongoing balance requirements, if you make even just one withdrawal you'll receive NO interest for that month. Avoid this catch and you'll really start to see your savings climb!