HSBC

With a focus on global banking services, HSBC has a commitment to meet customer demands and individual needs with all of its savings accounts and products.

While HSBC is less established than other banks in Australia, and has fewer branches for people to access, this bank does offer competitive service and products.

In particular, HSBC aims to provide market-leading interest rates with competitive product features that encourage customers to save as much as possible with either of the HSBC saving accounts currently available.

The commitment to cater to individual customer needs has also helped develop two very different savings options and the following reviews of both should help you to figure out what kind of HSBC account would be right for your savings and your lifestyle.

HSBC Serious Saver

The HSBC Serious Saver is probably the best savings account choice for most people who would like to save with HSBC.

It features a competitive interest rate of 5.25% p.a., which is earned every month that a withdrawal is not made and encourages people to develop good saving habits.

Another great benefit this account offers is no minimum balance requirements and a higher introductory variable interest rate of 6.25% for four months on balances up to $1,000,000.

There are no account fees for the Serious Saver and it can be linked to an HSBC transaction account or any other bank account in Australia, so this account would be suited to a wide range of people looking to save money.

HSBC Term Deposit

Like many term deposit options, the HSBC Term Deposit account offers different interest rates depending on the amount of money deposited and the specific term requested (between one month and five years).

The most that can be earned on a balance of $5000 or less, for example, is 2.06% p.a. on a five year term, while other amounts and interest rates can range from 0.10% up to 4.25%. To figure out if this option is really worthwhile, it is a good idea to look at the interest rate guide on the HSBC website.

While interest may not be as appealing for this kind of account, it does offer a unique benefit for people who do a lot of international transactions because customers can hold investments in a number of different currencies including:

  • Australian dollars
  • Canadian dollars
  • US dollars
  • Hong Kong dollars
  • Euros; and
  • Pounds sterling

This option makes the HSBC Term Deposit account uniquely suited to someone who wants to hold a lump some of international currency.

However, for people who really want to make the most of their savings and interest potential, a higher interest option might be a better choice.

Whether the goal is ongoing savings or a savings investment, these two savings account options from HSBC provide value through both features and services that will be right for a number of financial situations and lifestyles.