In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

HSBC Everyday Savings

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HSBC Everyday Savings

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Maximum variable rate
5.15% p.a.
Base interest rate
3%p.a.

Our verdict

Earn a competitive 5.15% p.a. for the first 3 months after opening this savings account.

The bonus rate of 5.15% p.a. is offered for the first 3 months for new account holders. There are no deposit conditions to meet to get this high rate. However, once the intro period is up your money will earn the lower standard variable rate of 3%.

This account could be ideal if you’re looking for a place to park your savings for a few months while earning a high interest rate, particularly if you've got a large balance. You’ll get the bonus rate on balances up to $1,000,000 which is very rare for such a competitive rate.

Once the introductory period is over, you could consider switching your balance to the HSBC Bonus Savings Account. This account pays a slightly lower (but still competitive) bonus rate of 4.25% every month that you grow your balance by $300, and you’re able to make withdrawals whenever you need.

Pros

  • $0 account keeping fee
  • Strong introductory rate of 5.15% p.a. for 3 months
  • Available on balances up to $1,000,000

Cons

  • Bonus rate only available for the first 3 months
  • Bonus rate is only available to new account holders

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name HSBC Everyday Savings
Maximum Variable Rate 5.15% p.a.
Standard Variable Rate 3.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18
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HSBC received the highly commended award for 'Banking and Payments Innovation' in the 2023 Innovation Awards.

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Key features

$0 Monthly account fees

You are charged $0 monthly maintenance fees for using your Everyday Savings savings account.

Introductory bonus interest rate of up to 5.15% p.a. for the first 3 months on your first HSBC Everyday Savings Account

For the first 3 months after you open your savings account, you'll receive the maximum variable rate of 5.15% p.a. To be eligible for this special rate, yor need to be a new account holder. Once the introductory period ends, the interest rate goes back to the standard 3% p.a.

Launch savings calculator

How to apply

If you have decided that this is the ideal way for you to reach your savings goal, click 'go to site' to be taken to a secure application page.

Eligibility

Before doing so, check that you are able to meet the following eligibility requirements:

  • Age requirement. You must be at least 18 years of age in order to be considered for this account.
  • Residency requirement. Only Australian residents or citizens with a valid Australian residential address may open an Everyday Savings account from HSBC.

Compare other savings accounts

1 - 9 of 181
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Name Maximum Variable Rate p.a. Base interest rate Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Bank of Queensland Simple Saver Account
BOQ logo
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
ING logo
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
 Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
ING Savings Accelerator ($150,000 - $500,000)
ING logo
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Macquarie Bank logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
5.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
ING Savings Maximiser
ING logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Account
IMB logo
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
 Earn up to 3.25% p.a. after the introductory period ends.
St.George Incentive Saver
St.George Bank logo
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance $50 ($0.01 if under 21)
  • Balance up to $249,999.99
Go to siteView details
 Extra 0.10% p.a. for 3 months for new customers who apply online, with balances under $250,000.
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Showing 9 of 9 results
Sources
  1. HSBC Everyday Savings information page
  2. HSBC Everyday Savings TMD

Your reviews

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Avatar

Nick

February 27, 2023

If i withdraw prior to the 3 moths period will i incur any penalties and am i able to do regardless?


Avatar

Alison Banney Finder

February 28, 2023

Hi Nick,

You are able to withdraw from the account whenever you like without any penalties.

Thanks,

Alison


Avatar

B

February 27, 2023

Hello. Can I invest funds from my SMSF into an Everyday saver account and get the bonus interest/ Thanks


Avatar

Alison Banney Finder

February 27, 2023

Hi,

This account is for personal use. If you’d like to open one with your SMSF HSBC advises you call them directly on 1300 131 605 to discuss your application.

Thanks,

Alison


Avatar

Chris

February 22, 2023

Hi,

I’m looking for a high interest saving account to grow my money. We have 70K that has been sitting in an account earning nothing for 18 months. How much could we earn monthly if we used you highest interest savings account available? We don’t need to make any withdrawals. Thankyou


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Raj Lal Finder

February 27, 2023

Hi Chris,

Thanks for contacting Finder.


You can use our savings calculator found here, to calculate how much you could earn on your savings. Additionally if you would like to see the rest of the savings rate offered by HSBC, then visit our HSBC accounts page.


Thanks

Raj


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Marius

February 11, 2020

I would like to open an HSBC Serious Saver Account. Can I withdraw the money after 4 months when the bonus interest finishes?


Thank you.


Avatar

Ash

February 12, 2020

Hi Marius,


Thanks for contacting Finder.


Yes, you may withdraw your funds from the HSBC Serious Saver Account after you have received the 4 months introductory maximum interest rate of 2.35% p.a.


Kindly take note that within the first 4 months, you must not make any withdrawals to receive the maximum interest rate.


I hope this helps.


Cheers,

Ash


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Avatar

Rose

October 30, 2019

If I want to open a Serious Saver Account will I be considered a new customer if I have previously held an HSBC account in UK but not in Australia?


Avatar

Nikki Angco

October 31, 2019

Hi Rose,


Thanks for getting in touch!


As HSBC UK and AU are separate entities, you are considered a new customer. As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the HSBC Serious Saver Account before applying. You may also contact HSBC should you have any questions about their product.


Hope this helps!


Best,

Nikki


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Avatar

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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