HSBC Serious Saver

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

3.10% p.a. (for $0 to $1,000,000)

 

HSBC Serious Saver Review

Rates and fees information correct as at 11 December 2018.

Review published: 21 February 2012

What's hot:

  • 3.10% intro bonus rate (first four months)

  • 1.40% ongoing bonus rate

  • 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 3.10% intro rate for the first four months and no account fees. And 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 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.

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!

How are HSBC savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.5

Based on 320
HSBC savings accounts reviews

7.3 6.5 7.2 6.8 7.8

Read HSBC savings account reviews by the Mozo community

Latest reviews of HSBC Serious Saver

HSBC

HSBC Serious Saver savings account review

Overall rating   7 / 10

Great customer service

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

Full review

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

Less

Kate, Victoria, reviewed about 3 years ago

HSBC

HSBC Serious Saver savings account review

Overall rating   0 / 10

Lacking badly in customer service skills

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

Full review

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

Less

Andrew, Victoria, reviewed over 3 years ago

HSBC

HSBC Serious Saver savings account review

Overall rating   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 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...

Full review

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

Less

Lucy, New South Wales, reviewed over 4 years ago

HSBC

HSBC Serious Saver savings account review

Overall rating   8 / 10

good interest rate

good interest rate but for short time

Full review

good interest rate but for short time

    Price   8 / 10

    Features   1 / 10

    Customer service   10 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Lokendra, New South Wales, reviewed over 4 years ago

HSBC

HSBC Serious Saver savings account review

Overall rating   9 / 10

Best value

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.

Full review

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

Less

Phillip, Western Australia, reviewed almost 5 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.00% p.a.

  • Balances from $0: 3.10% p.a.
    Balances from $1,000,000: 0.00% p.a.

  • No withdrawals in the month. Bonus rate for first 4 months, reverting to 1.40% bonus rate after

Fees

  • $0.00

  • none

  • unlimited free transactions from phone, internet, branch deposits

  • none

  • none

  • none

  • $0.00

  • none

  • none

  • $0.00

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • none

  • none

  • none

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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