The HSBC Serious Saver comes with an introductory rate of 0.30% for three months, then a base rate of 0.15%, and there's no monthly account fee attached. These rates can be earned on balances of up to $1,000,000, making the Serious Saver an account that may be worth considering for savers with large nest egg.
The HSBC Serious Saver starts off with a 0.30% introductory rate for the first three months, which then drops to an ongoing base rate of 0.15%. These rates are available as long as it's your first Serious Saver Account and your balance stays between $0 and $1,000,000, and interest is calculated daily and paid monthly.
Transferring funds is straightforward 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 the fact that you can link the HSBC Serious Saver to any Australian bank account could be a plus.
The HSBC Serious Saver is designed for savers with larger savings balances, or those with a short term goal in mind who could benefit from the introductory rate.
The 0.15% base rate isn't one of the most competitive going around, so it may be worth comparing it to other high interest savings account options.
| Balances from $0: 0.15% p.a. | |
| Balances from $0: 0.30% p.a. | |
| Bonus rate for first 3 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 |
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.
Virgin Money
Boost Saver with Go Account
1.50% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
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
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
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
Virgin Money
Boost Saver with Go Account
1.50% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
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
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Rabobank
High Interest Savings Account
1.35% p.a. (for $0 to $250,001)
0.25% p.a.(for $0 to $250,001)
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
Virgin Money
Boost Saver with Go Account
0.10% p.a.(for $0 and over)
1.50% p.a. (for $0 to $250,000)
Yes up to $250,000
Virgin Money
Grow Saver
0.10% p.a.(for $0 and over)
0.65% p.a. (for $0 and over)
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)
0.25% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.20% p.a. (for $0 and over)
Yes up to $250,000
UniBank
Mighty Saver Account
0.10% p.a.(for $0 and over)
0.95% 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)
0.95% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.25% p.a. (for $0 and over)
Yes up to $250,000