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HSBC Term Deposit

Best rate (up to 1 year)
1.30% p.a.1 year
Interest paid to another bank?
yes

Mozo editorial review HSBC Term Deposit

Last updated: 12 May 2020.

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What's hot
  • 1.30% 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 0.35% p.a. to 1.30% 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. And if you’re an existing customer who signs up online, you’ll be treated to an extra 0.10% p.a. on top of your standard interest rate.

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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 0.70% for 3 month investment options, 0.70% for 6 months, and 1.30% p.a. for 1 year.

If you’re an existing HSBC customer, you can open a term deposit of between one and 11 months instantly via HSBC Online Banking. Online signups will also get a bonus 0.10% p.a. added to their standard interest rate.

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 1 June 2020. 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
  • 0.35% p.a. ($5,000 to $1,000,000)

  • 0.45% p.a. ($5,000 to $1,000,000)

  • 0.70% p.a. ($5,000 to $1,000,000)

  • 0.60% p.a. ($5,000 to $1,000,000)

  • 0.60% p.a. ($5,000 to $1,000,000)

  • 0.70% p.a. ($5,000 to $1,000,000)

  • 0.60% p.a. ($5,000 to $1,000,000)

  • 0.60% p.a. ($5,000 to $1,000,000)

  • 0.60% p.a. ($5,000 to $1,000,000)

  • 0.60% p.a. ($5,000 to $1,000,000)

  • 0.60% p.a. ($5,000 to $1,000,000)

  • 1.30% p.a. ($5,000 to $1,000,000)

  • 0.55% p.a. ($5,000 to $1,000,000)

  • 0.55% p.a. ($5,000 to $1,000,000)

  • 0.60% p.a. ($5,000 to $1,000,000)

  • 0.60% p.a. ($5,000 to $1,000,000)

Other financial bits
  • $5,000.00

  • $1,000,000.00

Features
  • direct credit, cheque

  • yes

  • yes

  • none

  • none

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

Customer Reviews

How are HSBC term deposits rated by the Mozo community?

Overall customer rating
6.5/10
Price
5.3/10
Features
5.0/10
Customer service
6.1/10
Convenience
6.3/10
Trust
6.7/10

Latest reviews of HSBC Term Deposit

  • Overall 10/10
    Full service

    Very full service - I have a sizeable sterling deposit, which is doing well in terms of FX, but the interest rate is derisory. So full service.

    Read full review

    Very full service - I have a sizeable sterling deposit, which is doing well in terms of FX, but the interest rate is derisory. So full service.

    Price
    1/10
    Features
    1/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Phillip, Western Australia reviewed over 6 years ago
  • Overall 1/10
    Friendly does not make up for the waste of my time

    The interest rates offered are the lowest around, there is clearly no attempt to even compete. When I called up to inquire about the rates while the consultant was friendly, she instead tried to sell me a high interest account without listening to my needs. Because HSBC is still a small bank in Australia there are limited branches which makes it much more trouble for the customer in terms of organising forms to be mailed or faxed (can you believe they don't allow you to email anything in!) and constant phone calls to chase things up!

    Read full review

    The interest rates offered are the lowest around, there is clearly no attempt to even compete. When I called up to inquire about the rates while the consultant was friendly, she instead tried to sell me a high interest account without listening to my needs. Because HSBC is still a small bank in Australia there are limited branches which makes it much more trouble for the customer in terms of organising forms to be mailed or faxed (can you believe they don't allow you to email anything in!) and constant phone calls to chase things up!

    Price
    1/10
    Features
    1/10
    Customer service
    3/10
    Convenience
    1/10
    Trust
    -1/10
    Less
    Rebekah, New South Wales reviewed over 7 years ago
HSBC

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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