HSBC Serious Saver

This product is available in different versions. Pick the right version for you here.

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 loan that suits you best

  • Serious Saver

  • Serious Saver with Everyday Global Account

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

2.60% p.a. (for $0 to $1,000,000)

HSBC Serious Saver

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

2.60% p.a. (for $0 to $1,000,000)

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

2.60% p.a. (for $0 to $1,000,000)

HSBC Serious Saver

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

2.60% p.a. (for $0 to $1,000,000)

Mozo Review   HSBC Serious Saver Review

Last updated: 25 September 2019.

What's hot:
  • 2.60% intro bonus rate (first four months)

  • Up to 1.10% ongoing maximum rate (when all conditions are met)

  • 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 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.

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 18 October 2019. 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: 0.00% p.a.

  • Balances from $0: 2.60% p.a.
    Balances from $1,000,000: 0.00% p.a.

  • No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.70% 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

  • none

  • none

  • none

Details

Rates and fees information correct as at 18 October 2019. 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: 0.00% p.a.

  • Balances from $0: 2.60% 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 1.10% 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

  • 0.70% 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 0.40% additional bonus rate.

  • none

  • none

Customer Reviews

How are HSBC savings accounts rated by the Mozo community?

Overall customer rating
7.5/10
Price
7.3/10
Features
6.5/10
Customer service
7.2/10
Convenience
6.8/10
Trust
7.8/10

Latest reviews of HSBC Serious Saver

  • Overall
    7/10
    Great customer service

    Online banking seems to have good security. Easy to transfer funds between accounts.

    Online banking seems to have good security. Easy to transfer funds between accounts.

    Price
    7/10
    Features
    4/10
    Customer service
    6/10
    Convenience
    7/10
    Trust
    7/10

    Kate | Victoria

    reviewed almost 4 years ago

  • Overall
    0/10
    Lacking badly in customer service skills

    Communication and basic levels of customer service, left a lot to be desired.

    Communication and basic levels of customer service, left a lot to be desired.

    Price
    1/10
    Features
    1/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    0/10

    Andrew | Victoria

    reviewed over 4 years ago

  • Overall
    5/10
    There are better saving products out there

    Whilst the product offers a great interest rate, it really does penalise you if you need to...

    Whilst the product offers a great interest rate, it really does penalise you if you need to withdraw from the account. A whole month's interest is lost once you do, regardless if you withdraw on the first or last day of the month. There are other products out there that offer equally competitive rates without being penalised for withdrawals.

    Price
    6/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    7/10

    Lucy | New South Wales

    reviewed about 5 years ago

  • Overall
    8/10
    good interest rate

    good interest rate but for short time

    good interest rate but for short time

    Price
    8/10
    Features
    1/10
    Customer service
    10/10
    Convenience
    9/10
    Trust
    10/10

    Lokendra | New South Wales

    reviewed over 5 years ago

  • Overall
    9/10
    Best value

    The products and service are the best in the world - I should know I was assistant Vice President...

    The products and service are the best in the world - I should know I was assistant Vice President Bank of America for more years than I care to remember.

    Price
    9/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    10/10

    Phillip | Western Australia

    reviewed almost 6 years ago

HSBC

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!

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