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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

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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Congratulations, HSBC!

HSBC received the highly commended award for 'Banking and Payments Innovation' in the 2023 Innovation Awards.

Full list of 2023 winners

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.

Access your account online

The HSBC Everyday Savings is an online account that can be accessed from anywhere at any time by using Internet banking, phone banking or the mobile app. If you link the HSBC Everyday Savings to a HSBC Day to Day Account, the transfers are instant. But remember, if you transfer money from the Everyday Savings to the Day to Day account you won't earn any interest that month.

$0 transaction fees

You are not charged by HSBC for transferring money in or out of your savings account.

No deposit requirement

There is no minimum monthly deposit required in order to receive interest on your balance.

Calculating interest

Interest is calculated daily and paid monthly only on balances of up to $1,000,000 It is a variable interest rate, so will most likely move alongside the RBA cash rate.

Initial deposit

There is no minimum requirement for your opening deposit.

No minimum balance

You are not required to maintain a minimum balance on this account.

Statements

You'll automatically receive a statement every 6 months – you can request to change to monthly or quarterly, or even switch to online statements.

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.

Account purpose. This account is meant for personal use only. If you are representing a trust, company or business you can contact HSBC for information regarding accounts intended for business purposes.

Documentation needed

If you determine that you can meet these conditions you can gather the following documentation that will be needed to help complete the form and continue to the application:

Identification documentation. A valid driver's licence, passport, birth certificate or Medicare card is needed in order for HSBC to verify your identity. If HSBC is unable to verify your identity electronically you will be asked to do so in person.
Account details. You will need to provide information about your transaction account, including its number, so that you can be prepared for transferring funds between accounts.
Personal information. Your full name, date of birth and physical address will all be required while filling out the application.

What happens after I submit my application?

Filling out the online application should take approximately five minutes. Once complete it will be submitted to HSBC who will contact you within two business days. At that time they will provide you with the details of your account so that you may begin making your savings deposits.

What if I'm not eligible to apply online?

If you're moving to Australia or currently a non-resident, you can apply for this account through HSBC migrant services. If none of the above situations apply to you, it's best to visit a local HSBC branch.

Compare other savings accounts

1 - 15 of 188

Name	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Ubank High Interest Save Account	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 Savings up to $100,000	Go to site View details Compare	Get 5.5% on your savings (up to $100K) when you deposit $500 per month. Get 5.00% on savings between $100K and $250K.	loading Fetching your data...
Rabobank High Interest Savings Account	Maximum Variable Rate p.a. 5.75%	Standard Variable Rate p.a. 4.40%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	Earn a high interest rate of 5.75% for the first 4 months and then 4.4% thereafter, with $0 account keeping fees and no monthly balance requirements.	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	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 site View details Compare	Ideal for higher balances, savers can earn up to 4.7% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.	loading Fetching your data...
Ubank High Interest Save Account	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 Savings up to $100,000	Go to site View details Compare	loading Fetching your data...
Rabobank High Interest Savings Account	Maximum Variable Rate p.a. 5.75%	Standard Variable Rate p.a. 4.40%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	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 site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account - Under 25s	Maximum Variable Rate p.a. 5.00%	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 site View details Compare	loading Fetching your data...
Macquarie Savings Account	Maximum Variable Rate p.a. 5.35%	Standard Variable Rate p.a. 4.75%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Simple Saver Account	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 site View details Compare	loading Fetching your data...
Suncorp Bank Growth Saver Account	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 site View details Compare	loading Fetching your data...
ING Savings Maximiser Finder Award	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 site View details Compare	loading Fetching your data...
ME HomeME Savings Account	Maximum Variable Rate p.a. 5.55%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $2000 Grow balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account	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 site View details Compare	loading Fetching your data...
First Option Bank Savings+Bonus Account	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 2.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $100 No withdrawals Balances up to $249,999	Go to site View details Compare	loading Fetching your data...
IMB Reward Saver Account	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 site View details Compare	Earn up to 3.25% p.a. after the introductory period ends.	loading Fetching your data...

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Alison Finder

Editor

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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?

Alison Banney Finder

February 28, 2023

Hi Nick,

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

Thanks,

Alison

February 27, 2023

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

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

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.

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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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?

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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HSBC Everyday Savings

Pros

Cons

Congratulations, HSBC!

Key features

$0 Monthly account fees

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

Access your account online

$0 transaction fees

No deposit requirement

Calculating interest

Initial deposit

No minimum balance

Statements

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

What if I'm not eligible to apply online?

Compare other savings accounts

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