• HSBC Flexi Savings Account Reviews

    Formerly known as the PowerVantage Account, the HSBC Flexi Account is an all-in-one account that lets you manage your finances better. This account combines the features of a current account that allows you to write cheques to pay bills and a savings account that offers high interest rates on your savings.

    Features and Benefits You’ll Love - Easy Cash Access With HSBC’s Vast Global ATM Network

    • Get total control over your finances with this packaged account.
    • Withdraw cash, transfer funds, and check your balance at over 550,000 ATMs in more than 100 countries.
    • Get one consolidated monthly statement with information on all your HSBC accounts.
    • Receive a debit card to draw cash from ATMs or to secure QuickCash from selected Dairy Farm Singapore stores.
    • Use the debit card to make transactions at more than eight million Mastercard merchants globally.
    • Option to opt for e-statements.
    • Enjoy optional facilities like credit cards and personal line of credit.

    The More You Save, the More You Earn

    The table below shows the interest you will earn when you deposit S$4,999.99 and more.

    Deposit amount Interest rate
    S$4,999.99 0.01% p.a.
    S$5,000 to S$14,999.99 0.01% p.a.
    S$15,000 to S$49,999.99 0.01% p.a.
    S$50,000 or more 0.01% p.a.

    What are the Fees and Charges?

    Fall-below/minimum balance fee S$10 if the daily average is below S$5,000
    Service fee S$2 per month
    Minimum balance fee (non-residents) S$50 each month if Total Relationship Balance is below S$200,000
    Account closure fee S$50 if the account is closed within six months from the date of opening

    Things to Consider Before Applying

    • You must be at least 18 years old.

    What Documents You Must Submit

    For Singaporeans and PRs:

    • NRIC/passport.
    • Proof of current residential address (in case the address on your NRIC is not up to date). You can provide any of the following documents as the address proof:
      • Driving license.
      • Utility or telephone bill (not older than 3 months).
      • Rental agreement.
      • Any letter received from a government organisation within the last three months.
      • Latest Income Tax NOA.
      • Letter from your employer confirming your address.
      • Any letter received from a bank or insurance company in the last three months.

    For foreigners:

    • Passport.
    • Proof of your current residential address. Documents admissible for this purpose are same as Singaporeans/PRs.

    How to Apply for This Account?

    To apply for this account, download the account opening form from the bank’s website and submit it in person at any nearest branch of the bank.

    Some of the Common Questions Answered

    Q. What is the minimum deposit amount?

    A. The initial deposit amount must be S$2,000.

    Q. Will I have to fill up two separate forms if I want to apply for a joint account and an individual account?

    A. No. If there are up to two applicants, you can use the same form to apply for both joint and individual accounts.

    Q. I am a foreigner and I do not have a permanent overseas address. What should I do?

    A. Please write ‘NA’ under the ‘My Contact Details and Address’ section if you don’t have a permanent address.

    Q. If I lose my debit card, do I have to pay anything to the bank?

    A. If you have misplaced your debit card, then you must notify the bank immediately. Your liability in case of any unauthorised charges is capped at S$100, if the bank is convinced that you did not act fraudulently, carelessly or failed to report the loss.

    Q. Is this deposit account insured?

    A. Singapore Dollar Deposits are insured by the Singapore Deposit Insurance Corporation for up to S$50,000 per depositor by law.

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