HSBC provides its customers option to deposit into several savings accounts. These accounts are designed to serve the unique requirements of different types of customers. You can easily manage these accounts using your Internet Banking facility.
There are primarily five savings accounts offered by HSBC - Singapore Dollar Savings Account, HSBC Premier Account, HSBC Premier Lite Savings Account, HSBC Flexi Account, and Multi Currency Savings Account. These accounts also help you in financial management. The Singapore Dollar Savings Account and Multi Currency Savings Account are characterised by tiered rates of interest. You can get exclusive rates of interest offered by HSBC Premier on HSBC Premier Account as well HSBC Premier Lite Savings Account. The Multi Currency Savings Account gives you access to 10 different foreign currencies.
Types of Savings Accounts Offered by HSBC
The savings accounts offered by HSBC are listed below:
- Singapore Dollar Savings Account: This is a savings account characterised by tiered rates of interest for your SGD savings.
- HSBC Premier Account: This is a Statement savings account that is held in-trust by parent(s) for their child. This account offers exclusive HSBC Premier interest rates.
- HSBC Premier Lite Savings Account: This account: This account is for Premier customers and is designed to encourage your child to start saving early. This account comes with a recognition card offering global emergency support for your child. This account is also characterised by HSBC Premier interest rates.
- HSBC Flexi Account: This accounts combines the benefits of both savings account and current account. With this account, you can enjoy optional benefits such as a personal line of credit.
- Multi Currency Savings Account: This account allows you to save and make transactions in up to 11 different currencies.
Features and Benefits: Enjoy Tiered Rates of Interest With Singapore Dollar Savings Account
The key features and benefits of these HSBC savings accounts include:
- The Singapore Dollar Savings Account is characterised by tiered daily interest rates. You earn higher rates of interest for an amount exceeding S$50,000.
- The Singapore Dollar Savings Account also comes with a personalised debit card and it combines Phone Banking and Internet banking services.
- In case of HSBC Premier Account, the statement savings account is held in-trust by parents for their children.
- You can enjoy exclusive interest rates from HSBC Premier in case of an HSBC Premier Account as well as HSBC Premier Lite Savings Account. With these accounts, you can also access global support at HSBC Premier Centres located globally.
- Both HSBC Premier Account and HSBC Premier Lite Savings Account provide you with the ease of accessing your account via Global view service or using the bank’s global ATM network and Phone Banking services.
- HSBC Flexi Account provides a packaged account for you to get complete financial control. This savings account also offers higher deposit rates. Besides, you can enjoy features such as Ready Cash as well as consolidated monthly statements.
- The Multi Currency Savings Account is characterised by tiered rates of interest as well as access to up to 10 foreign currencies. You can also get live exchange rates with the Online GetRate service.
- With Multi Currency Savings Account, you can not only check your account balances but you can also perform FX transactions using Personal Internet Banking. You can also use the Global View facility to check your balances for accounts worldwide while being able to make swift worldwide transfers using Global Transfers service.
Promotions: Earn an Additional 2% p.a. Interest With USD Savings Account
USD Savings promotion: Available on USD Savings Account, this promotion allows you to earn up to 2% p.a. additional rate of interest. To be eligible for this promotion, you must only place fresh funds. This offer will expire on 31 August 2018.
Fees Applicable on the HSBC Savings Accounts
The various fees and charges applicable on these accounts include:
- Fall-below fee: Depending on the account type, you need to maintain a minimum balance. The minimum account balance fee can range from S$2 to S$10 on these savings accounts.
- Early closure fee: An account closure fee will be charged if you terminate your account within 6 months from the opening date. You have to pay a charge of S$50 in case of the Singapore Dollar Savings Account, HSBC Flexi Account, as well as Multi Currency Savings Account.
- Monthly account service fee: A monthly account service fee of S$2 will be applicable in case of HSBC Flexi Account.
- HSBC Offshore Banking: If the Total Relationship balance goes below S$200,000, an HSBC Premier/Offshore Banking Service fee of S$50 will be applied each month. This is applicable on Singapore Dollar Savings Account and HSBC Premier Accounts.
- Commission in lieu of FX: A commission charge is also applicable in lieu of foreign exchange, for a cash deposit or withdrawal made in the same currency as the account. It stands at 1.5%, subject to a minimum sum of S$50. It is applicable for Multi Currency Savings Account.
- Returned cheque fee: Returned cheque fees are also applicable in case of HSBC Flexi Account. The returned cheque fee due to lack of funds is S$50, while the returned cheque fee due to technical reasons is S$30.
Q. What is the minimum initial deposit I have to make in case of a Singapore Dollar Savings Account?
A. You have to make a minimum initial deposit of S$1,000 if you have a Singapore Dollar Savings Account.
Q. What is the minimum age requirement for the HSBC Premier Account?
A. You must be at least 18 years of age or above to apply for the HSBC Premier Account.
Q. What is the minimum initial amount I have to deposit if I have an HSBC Premier Lite Savings Account?
A. If you have an HSBC Premier Lite Savings Account, you have to deposit a minimum sum of S$1 at the beginning.
Q. What is the minimum amount that I should deposit initially in case of an HSBC Flexi Account?
A. You have to make a minimum initial deposit of S$2,000 in case of an HSBC Flexi Account.
Q. What is the minimum initial deposit amount if I have a Multi Currency Savings Account?
A. in case of a Multi Currency Savings Account, the minimum initial deposit amount stands at S$100 or its equivalent in other currencies.
News About HSBC Savings Account
HSBC has launched a new promotional offer on SGD Savings accounts that allows new and existing customers a chance to earn interests worth up to 9.88%. Promotion ends on 28 February 2018.
02nd February 2018