Thinking of opening a HSBC Term Deposit? You'll be looking at interest rates ranging from 1.85% p.a. to 4.50% 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.
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 4.00% for 3 month investment options, 4.40% for 6 months, and 5.00% 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 0.15% reduction be applied to the advertised interest rate if you choose to be paid monthly, and a 0.10% 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.
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.
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.
1.85% p.a. ($5,000 to $1,000,000) |
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2.00% p.a. ($5,000 to $1,000,000) |
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4.00% p.a. ($5,000 to $1,000,000) |
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3.75% p.a. ($5,000 to $1,000,000) |
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3.75% p.a. ($5,000 to $1,000,000) |
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4.40% p.a. ($5,000 to $1,000,000) |
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4.00% p.a. ($5,000 to $1,000,000) |
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4.00% p.a. ($5,000 to $1,000,000) |
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4.50% p.a. ($5,000 to $1,000,000) |
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4.00% p.a. ($5,000 to $1,000,000) |
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4.00% p.a. ($5,000 to $1,000,000) |
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5.00% p.a. ($5,000 to $1,000,000) |
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3.75% p.a. ($5,000 to $1,000,000) |
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4.10% p.a. ($5,000 to $1,000,000) |
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4.00% p.a. ($5,000 to $1,000,000) |
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4.00% p.a. ($5,000 to $1,000,000) |
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4.00% p.a. ($5,000 to $1,000,000) |
$5,000.00 |
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$1,000,000.00 |
yes |
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yes |
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none |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
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 reviewVery 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.
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 reviewThe 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!