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
| Name | |
|---|---|
| | Serious Saver |
| | Serious Saver with Everyday Global Account |
Serious Saver
Serious Saver with Everyday Global Account
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%.
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.
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.
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!
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*
$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
$0.00
$0.00
Monthly
no
none
no
no
no
no
no
yes
yes
no
no
none
none
none
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*
$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
$0.00
$0.00
Monthly
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
Serious Saver said it was offering 2 percent followed by variable rate after four months. However, it turns out the 'introductory offer' (only for those who don't have an account with them) is also variable. Hang on, if you offer an 'introductory offer' that is variable, say in clear terms that it may vary from the day you begin banking with them. That's what happened. I put a large amount in this account but in less than a month, the rate dropped 0.5 %. And it could go down again, and again. An 'introductory offer' is a clever disguise for HSBC. I also put some money into the Macquarie Savings account offering a 'welcome rate' (again for those who have no prior account with Macquarie). The difference is, the 2 percent is fixed. HSBC needs to be more transparent.
Read full reviewSerious Saver said it was offering 2 percent followed by variable rate after four months. However, it turns out the 'introductory offer' (only for those who don't have an account with them) is also variable. Hang on, if you offer an 'introductory offer' that is variable, say in clear terms that it may vary from the day you begin banking with them. That's what happened. I put a large amount in this account but in less than a month, the rate dropped 0.5 %. And it could go down again, and again. An 'introductory offer' is a clever disguise for HSBC. I also put some money into the Macquarie Savings account offering a 'welcome rate' (again for those who have no prior account with Macquarie). The difference is, the 2 percent is fixed. HSBC needs to be more transparent.
I opened this account to get the honeymoon interest rate and bonus $100. I had heard that the app was atrocious but they’ve put out a new Australian app which is much better. The process to open an account is a bit clunky, but I got there in the end.
Read full reviewI opened this account to get the honeymoon interest rate and bonus $100. I had heard that the app was atrocious but they’ve put out a new Australian app which is much better. The process to open an account is a bit clunky, but I got there in the end.
Only one contact number which goes to an off shore call centre full of people shouting. Staff member there was unable to assist me with even basic account information. Difficult to transfer money out of the account, without downloading a mobile phone app or waiting to receive a secure key device, none of which was explained in the account set up process. I felt very insecure about dealing with this bank due to the lack of customer support.
Read full reviewOnly one contact number which goes to an off shore call centre full of people shouting. Staff member there was unable to assist me with even basic account information. Difficult to transfer money out of the account, without downloading a mobile phone app or waiting to receive a secure key device, none of which was explained in the account set up process. I felt very insecure about dealing with this bank due to the lack of customer support.
Online banking seems to have good security. Easy to transfer funds between accounts.
Read full reviewOnline banking seems to have good security. Easy to transfer funds between accounts.
Communication and basic levels of customer service, left a lot to be desired.
Read full reviewCommunication and basic levels of customer service, left a lot to be desired.
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!
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.40% p.a. (for $0 and over)
Yes up to $250,000
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
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
