The details shown below are for the Serious Saver

The details shown below are for the Serious Saver with Everyday Global Account

Choose the version of this product that suits you best

  • Serious Saver

  • Serious Saver with Everyday Global Account

Interest rate
0.15% p.a.(for $0 and over)
Maximum rate
0.30% p.a. (for $0 to $1,000,000)
Govt deposit guarantee
Yes up to $250,000
Go to site
Interest rate
0.15% p.a.(for $0 and over)
Maximum rate
0.30% p.a. (for $0 to $1,000,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review HSBC Serious Saver

Last updated: 22 February 2021.

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What's hot
  • 0.30% intro bonus rate (first four months)
  • No account fees
What's not
  • Interest rate drops to 0% with any withdrawal
Mozo snapshot

Do you have a serious savings goal? The HSBC Serious Saver has a 0.30% intro rate for the first four months and no account fees. After that, you can score up to 0.55% in interest, so long as you don't withdraw from your savings account, have a connected Everyday Global Account and you deposit $2,000 every month. To keep you on that savings track, there is a serious disincentive to make withdrawals - just one withdrawal in a month and your interest rate will plummet to 0%.


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Key features

The HSBC Serious Saver starts off with a 0.30% 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'll only earn an ongoing maximum rate of 0.15%. However, you can bump that up to a 0.15% 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.

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Who is it good for

The HSBC Serious Saver is designed for a saver who has a short term 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.

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Any catches

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!

Details

Rates and fees information correct as at 6 March 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.15% p.a.

  • Balances from $0: 0.30% p.a.
    Balances from $1,000,000: 0.00% p.a.

  • No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*

Fees
  • $0.00

  • n/a

  • unlimited free transactions from phone, internet, branch deposits

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • none

  • none

  • none

Details

Rates and fees information correct as at 6 March 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.15% p.a.

  • Balances from $0: 0.30% p.a.
    Balances from $1,000,000: 0.00% p.a.

  • No withdrawals in the month and deposit $2,000 to Everyday Global Account. Bonus rate for first 4 months, reverting to 0.55% bonus rate after*

Fees
  • $0.00

  • n/a

  • unlimited free transactions from phone, internet, branch deposits

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • 0.55% ongoing variable bonus rate only applies if no withdrawal made within the month. Must deposit $2,000 into Everyday Global Account from an external source to receive 0.45% additional bonus rate.

  • none

  • none

Customer Reviews

How are HSBC savings accounts rated by the Mozo community?

Overall
7.4/10
Price
7.3/10
Features
6.4/10
Customer service
7.1/10
Convenience
6.7/10
Trust
7.8/10

Latest reviews of HSBC Serious Saver

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About HSBC

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!

See HSBC savings accounts

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HSBC

Flexi Saver

0.05% p.a.(for $0 to $5,000,000)

0.25% p.a. (for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.30% p.a. (for $0 to $1,000,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Bankwest

Bankwest

Hero Saver

0.80% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.25% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

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Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.30% p.a. (for $0 to $1,000,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Bankwest

Bankwest

Hero Saver

0.80% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.25% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

0.10% p.a.(for $0 and over)

1.20% p.a. (for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for Bankwest

Bankwest

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

0.80% p.a. (for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.05% p.a.(for $0 to $5,000,000)

0.25% p.a. (for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

0.05% p.a.(for $1 and over)

1.05% p.a. (for $1 to $250,000)

Yes up to $250,000

Thumbnail icon for ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

0.40% p.a. (for $0 and over)

Yes up to $250,000

Thumbnail icon for Newcastle Permanent

Newcastle Permanent

Smart Saver

0% p.a.(for $0 and over)

1.40% p.a. (for $0 and over)

Yes up to $250,000

Thumbnail icon for UniBank

UniBank

Mighty Saver Account

0.10% p.a.(for $0 and over)

1.55% p.a. (for $0 and over)

Yes up to $250,000

Thumbnail icon for Teachers Mutual Bank

Teachers Mutual Bank

Mighty Saver Account

0.10% p.a.(for $0 and over)

1.55% p.a. (for $0 and over)

Yes up to $250,000