HSBC Serious Saver
HSBC Serious Saver
Mozo Review HSBC Serious Saver Review
Last updated: 27 February 2019.
What's hot:
3.10% intro bonus rate (first four months)
1.20% 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 1.20% ongoing bonus rate for balances 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!
Details
Rates and fees information correct as at 19 April 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: 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 1.20% 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
Customer Reviews
How are HSBC savings accounts rated by the Mozo community?
Latest reviews of HSBC Serious Saver
- Overall7/10
Great customer service
Online banking seems to have good security. Easy to transfer funds between accounts.
Read full review
Online banking seems to have good security. Easy to transfer funds between accounts.
Price7/10Features4/10Customer service6/10Convenience7/10Trust7/10Less
Kate | Victoria
reviewed over 3 years ago
- Overall0/10
Lacking badly in customer service skills
Communication and basic levels of customer service, left a lot to be desired.
Read full review
Communication and basic levels of customer service, left a lot to be desired.
Price1/10Features1/10Customer service0/10Convenience0/10Trust0/10Less
Andrew | Victoria
reviewed almost 4 years ago
- Overall5/10
There are better saving products out there
Whilst the product offers a great interest rate, it really does penalise you if you need to...
Read 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.
Price6/10Features5/10Customer service8/10Convenience8/10Trust7/10Less
Lucy | New South Wales
reviewed over 4 years ago
- Overall8/10
good interest rate
good interest rate but for short time
Read full review
good interest rate but for short time
Price8/10Features1/10Customer service10/10Convenience9/10Trust10/10Less
Lokendra | New South Wales
reviewed almost 5 years ago
- Overall9/10
Best value
The products and service are the best in the world - I should know I was assistant Vice President...
Read 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.
Price9/10Features9/10Customer service9/10Convenience9/10Trust10/10Less
Phillip | Western Australia
reviewed over 5 years ago
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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