HSBC Flexi Saver Account
With its monthly bonus rate, the award-winning HSBC Flexi Saver Account offers an easy way to earn interest, with no minimum balance, no monthly account fees, and interest calculated daily.
Features: In Highlight
Fees & Interest
One of the first things to note about the HSBC Flexi Saver Account is the fact that it doesn’t charge a monthly account fee, or any other ongoing fees. There are also no establishment fees to worry about. This absence of fees is great news for savers, as it allows any money that may have gone towards fees to be invested in the account instead.
What about interest? Savings accounts are obviously all about saving. If you want those savings to grow – which, of course, you do – the potential for earning interest is all-important. With the HSBC Flexi Saver Account, HSBC offers a standard variable rate and a monthly bonus rate. Giving savers encouragement to keep adding to their account, this monthly bonus rate is applied each month the account balance is $300 higher at the end of the month than it was at the start of the month.
Features: In Depth
What do you need to know about the monthly bonus on the HSBC Flexi Saver Account? Here’s how it works.
On the last business day of the month, HSBC will check your balance. As long as it is at least $300 higher than it was on the first business day of the month, you will receive the monthly bonus rate for that month. Note, that $300 excludes interest payments paid into the account.
So, what happens if you transfer money in and out of the account throughout the month? In terms of fees, you will not be penalised for doing this. HSBC states there are no fees for branch withdrawals and transfers in AUD$. As long as your balance is $300 higher at the end of the month than it was at the start, you’ll benefit from that monthly bonus rate, regardless of what went in and out of the account up to that point.
However, it should be pointed out that interest is calculated daily and paid monthly on this account. That means, each day, the balance in your account accrues interest. If you choose to withdraw most of your savings at the start of the account, then deposit them again with an extra $300 towards the end of the month, you will miss out on a whole bunch of interest.
And what happens if you don’t manage to add $300 to your balance by the end of the month? You will simply receive the account’s standard variable rate, without the monthly bonus. Not to worry though, the monthly bonus resets every month, so you’ll have the opportunity to qualify again the following month.
As you’d expect from a large international bank such as HSBC, the HSBC Flexi Saver Account offers easy access to the account via online banking. In terms of statements, you’ll automatically receive a statement every six months, but you can request monthly or quarterly statements if you prefer. To stay on top of your account, you can switch to e-Statements and e-Notifications for a paperless experience.
Build Your Savings
Want to see your savings grow faster? HSBC allows you to set up direct credits from your transaction account into your HSBC Flexi Saver Account, helping you build your savings with minimal effort on your part. And as interest is calculated daily, this helps your savings grow even faster.
Need some motivation to save? As the HSBC Flexi Saver Account has no establishment fees or monthly fees, you could potentially open multiple accounts to save for different goals. You can even rename each account through online banking. It’s worth noting though that if you were to do this, you would need to ensure you could add at least $300 to each account to benefit from the monthly bonus rate.
HSBC Flexi Saver Account: Our Take
The HSBC Flexi Saver Account is a flexible option offering easy online access with no monthly account fees and no minimum balance. As long as you can add at least $300 to your savings total each month, you can benefit from HSBC’s monthly bonus rate, which is competitive in the market for this style of account.