Best rate (up to 1 year)
0.50% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review HSBC Term Deposit - last updated: 22 February 2021

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What's hot
  • 0.50% p.a. interest for 12 month term
  • Terms ranging from 1 month to 5 years
  • Flexible interest payment options
What's not
  • Minimum deposit of $5,000 required
Mozo snapshot

Thinking of opening a HSBC Term Deposit? You'll be looking at interest rates ranging from 0.05% p.a. to 0.50% p.a., plus you’ll have the option to have that paid out at maturity or on a more frequent basis. Interest can also be reinvested, including partially, if you wish.

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Key features

With the HSBC Term Deposit, you’ll be able to lock away your savings for as little as 1 month or as long as 5 years, so long as you have a minimum deposit of $5,000. Interest rates sit at 0.30% for 3 month investment options, 0.30% for 6 months, and 0.50% p.a. for 1 year.

Interest can be reinvested or paid directly to your account. There’s also the option to reinvest only a portion of the interest earned.

You’ll also have a say in how frequently you receive interest payments. If payment at maturity doesn’t work for you, there are also monthly, quarterly and yearly options available. Just keep in mind that a 0.25% reduction be applied to the advertised interest rate if you choose to be paid monthly, and a 0.15% reduction will be applied if you choose to be paid quarterly. This goes for all terms save for the 1 month option.

In the lead up to the maturity date, HSBC will send you a reminder via the Contact Centre within Online Banking. If you plan on withdrawing your term deposit make sure to let HSBC know, otherwise it will be automatically reinvested.

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Who is it good for

While there are plenty of shorter terms available, interest rates are considerably higher on the 12 month option. So if you’re willing to part with your savings for more than just a few months, the HSBC Term Deposit might be a good fit.

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Any catches

While there aren’t any account or application fees, a $30 early withdrawal fee will apply if you want to retrieve your funds before maturity. 

It bears repeating that at the end of the investment period, HSBC will automatically rollover your term deposit unless you have instructed them to do otherwise. If you don’t want your funds reinvested, make sure to contact HSBC to let them know.

Details

Rates and fees information correct as at 28 November 2021. 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

0.05% p.a. ($5,000 to $1,000,000)

0.10% p.a. ($5,000 to $1,000,000)

0.30% p.a. ($5,000 to $1,000,000)

0.15% p.a. ($5,000 to $1,000,000)

0.15% p.a. ($5,000 to $1,000,000)

0.30% p.a. ($5,000 to $1,000,000)

0.15% p.a. ($5,000 to $1,000,000)

0.15% p.a. ($5,000 to $1,000,000)

0.15% p.a. ($5,000 to $1,000,000)

0.15% p.a. ($5,000 to $1,000,000)

0.15% p.a. ($5,000 to $1,000,000)

0.50% p.a. ($5,000 to $1,000,000)

0.50% p.a. ($5,000 to $1,000,000)

0.50% p.a. ($5,000 to $1,000,000)

0.50% p.a. ($5,000 to $1,000,000)

0.50% p.a. ($5,000 to $1,000,000)

Other financial bits

$5,000.00

$1,000,000.00

Features

yes

yes

none

none

Different interest rates apply to different amounts or different interest payment frequencies.

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