HSBC Term Deposit Accounts
Offering investment terms ranging from one month to five years, HSBC Term Deposit Accounts provide a fixed rate depending on the term you choose, with no establishment or ongoing fees to worry about.
Features: In Highlight
Fees & Interest
Time to look a little bit closer at what you can expect from this type of account in terms of fees and interest. Fees first. HSBC Term Deposit Accounts have no establishment fee or ongoing fees, however, you will be charged a $30 early withdrawal fee if you choose to withdraw any money from your account before the end of the term.
As for the amount of interest you can earn on your balance, this will depend on the term you choose. Check out the table to see what interest you can expect to earn. It’s worth pointing out that if you withdraw money from your account before the end of your chosen term, you will not only pay the early withdrawal fee, the interest rate you receive will only be half of the interest rate set out in your agreement.
Both the early withdrawal fee and reduced interest are designed to discourage you from withdrawing early. This is a standard feature for term deposit accounts, and can work well for accountholders who need a bit more motivation to leave their savings to grow. To make it work for you, make sure both your investment and term suit you before you apply.
Features: In Depth
Fixed Rates From Flexible Range Of Terms
Perhaps one of the most appealing aspects of these HSBC Term Deposit Accounts is the range of terms they offer. You could choose to park your savings here for a month, or look to a longer term investment of up to five years. And depending on the term you choose, you will receive a fixed rate that will not change over the term of investment.
In terms of minimum balance requirements, you will need to deposit at least $5,000. There is no limit to the amount you can invest, with the first $250,000 covered by the government’s Financial Claims Scheme.
It’s worth noting here that if you do not provide HSBC with re-investment instructions prior to the end of your term, your balance will auto roll into another term deposit of the same term, attracting the prevailing interest rate for that day. However, HSBC will notify you when your term is almost at maturity, so you can decide for yourself what you want to do with your balance.
Earn Bonus Interest
If you are an existing HSBC customer, you can open an HSBC Term Deposit instantly online within HSBC online banking. If you apply online for a term ranging from one to 11 months, you will benefit from a bonus 0.10% p.a. interest on your term deposit of choice. It’s also worth checking out the table for current special interest rate offers offered on certain terms.
Build Your Savings
Let’s talk more about the interest you earn on your balance. HSBC is pretty flexible here, allowing you to choose whether you want your interest paid monthly, quarterly, annually or at maturity. You may choose to have interest paid out to you, or re-invested into your term deposit. There is also the option for partial interest re-investment as well.
HSBC Term Deposit Accounts: Our Take
Whether you’re looking for somewhere to park your savings over the long or short term, these HSBC Term Deposit Accounts could be just what you’re looking for. You can choose from a range of terms, with the option to have your interest paid monthly, quarterly, annually or at maturity. You may also choose to have your interest paid back into your term deposit, building your balance over time.
With no establishment or ongoing fees, you can concentrate on saving instead of paying out fees. But, as with any term deposit account, it’s important to make sure you can afford to lock away your savings for your chosen term to avoid getting hit with fees and reduced interest as a result of early withdrawal.