HSBC Serious Saver Account
With no monthly account fees, the HSBC Serious Saver Account is an account that encourages you to save, providing an introductory rate over the first four months, applied each month you don’t make a withdrawal.
Features: In Highlight
Fees & Interest
As this is a savings account, let’s get into what you’ll earn in interest first. Over the first four months, you will earn an introductory variable rate of 1.85% p.a. each month you don’t make a withdrawal. HSBC offers an ongoing variable rate of 0.01% p.a., and for HSBC Everyday Global Account holders who qualify for Everyday Extras, there will be a bonus rate of 0.4% p.a.
And fees? There are no monthly fees on the HSBC Serious Saver Account, and no establishment fees either. It’s worth noting that while the account doesn’t charge any fees for transfers to your linked account via phone, mobile or online, you will not receive interest on your balance for the month if you choose to make a withdrawal.
Anything else to note? While the account has no minimum account balance – and no requirement to deposit specific amounts along the way – there is a maximum balance of $1 million. In addition to that, the introductory offer will only be applied to the first Serious Saver account you open with HSBC.
Features: In Depth
Time to take a closer look at how you earn interest on this HSBC Serious Saver Account. First up, the intro offer. For the first four months, you have the potential to earn an introductory rate of 1.85% p.a. But, to get that intro rate, you cannot withdraw anything from your account. Each month you make a withdrawal, you will earn no interest (that applies to both the intro rate and the ongoing rate).
After that four month intro period is up, you will continue to earn interest at the account’s ongoing variable rate.
Any small print to be aware of? You will only be eligible for the intro rate on your first Serious Saver Account. HSBC also states that there is a maximum of one Serious Saver Account per customer, and customers must be aged 18 or older to apply. As we mentioned earlier, the maximum balance on this account is $1 million, so no interest will be paid on amounts over this.
It’s also worth noting that interest is calculated daily and paid monthly on this account, helping you build your savings over time.
What about that bonus rate? If you have an HSBC Everyday Global Account, you can qualify for Everyday Extras as long as you deposit at least $2,000 in that account each month. One of the perks of Everyday Extras is that it bumps up your earnings on this Serious Saver account, by giving you a bonus rate of 0.4% p.a. on top of the ongoing variable rate.
HSBC is a global bank, so as you’d expect, it offers all the bells and whistles to its accountholders. In terms of account access, HSBC Serious Saver Account holders can access their account via online, branch and mobile banking, while phone banking is available 24 hours a day, seven days a week.
As for statements, you will be able to see how you’re tracking with six-monthly statements. If you want more feedback, simply request monthly or quarterly statements instead. You can also choose to go paperless by switching to e-Statements and e-Notifications via online banking.
HSBC Serious Saver Account: Our Take
If you’re looking for motivation to save, the HSBC Serious Saver Account could give you the encouragement you need. Not only is interest calculated daily, the account also offers an intro rate for the first four months, paid each month you don’t make a withdrawal. On top of that, you can keep costs down with no monthly account fees – and you have the opportunity to earn a bonus rate if you have an Everyday Global Account and qualify for Everyday Extras.