Best HSBC Savings Accounts

HSBC Savings Accounts allow you to earn competitive interest rates of up to 1.55% on deposits without monthly fees. The HSBC Savings Account interest rate depends on your balance, calculated daily but paid monthly to the account holder.

Account holders also enjoy easy access to their funds with no monthly fee and free transactions, including Interac e-Transfers.

Aside from the competitive interest rate and HSBC online banking feature, other details make this account flexible. But first, what savings accounts does HSBC have? Are there HSBC savings account minimum balances?

HSBC savings accounts

Your choice of the best HSBC savings accounts will depend on the end goal of your saving journey. However, to make such a decision, here are the different HSBC savings accounts and their essential information to consider.

The High-Rate Savings Account

This savings account enables customers to earn interest on their deposits without requiring a minimum balance or charging monthly fees. Customers with Premier or Advance accounts also enjoy discounted fees for online transfers and access to Global View and Transfers.

Features

• Earn interest on every dollar deposited
• No minimum balance required
• No monthly fees
• No transaction fees
• 24/7 access through online and telephone banking services
• Real-time fund transfers among HSBC global accounts through Global View and Global Transfers
• Exclusive benefits for HSBC Premier and HSBC Advance clients

Tax-Free Savings Account (TSFA)

This is one of the best HSBC Savings Accounts available to Canadians, allowing them to earn tax-free income and capital gains. That encourages early saving and will enable individuals to meet future demands without worrying about taxes on their earnings and withdrawals.

Features

• Income earned on deposits and investments in the TFSA is not taxed.
• Funds can be withdrawn from the TFSA at any time without penalty.
• Various TFSA options are available to choose from.
• A spouse can contribute to their TFSA without negative tax implications if married.
• It is a good tax shelter for seniors in retirement.
• Income earned within the TFSA does not affect Old Age Security benefits eligibility.
• A $75 fee may apply if transferring TFSA funds to another financial institution.

Youth Savings Account

This is one of the best HSBC savings accounts because you earn daily interest on every dollar in your account, paid monthly. The HSBC Youth Savings Account is designed for individuals under 19 years old. However, continuity is possible until 30 years old if the parent/guardian is an HSBC Premier customer.

Features

• Daily interest from the first dollar, paid monthly
• No transaction fees
• Unlimited withdrawals and debits
• Rebates on ATM surcharges at other bank ATMs in Canada
• Free INTERAC e-Transfer
• Free withdrawals from HSBC Bank Canada or EXCHANGE Network ATMs
• Free mobile cheque deposit
• Secure mobile and online banking

Renminbi Savings Account

This account offers a secure and seamless way to save in Renminbi. It also features zero monthly charges and no minimum balance requirement.

Features

• Saving in Renminbi is secure and hassle-free.
• No monthly fees
• No minimum balance required
• Savings are easily accessible when needed
• Fees for self-service transactions apply
• No interest paid
• Only allows electronic transfers via wire transfer or HSBC Online Banking.

US Dollar High-Rate Savings Account

This high-rate savings account allows you to conveniently save and manage US dollars with flexible features and benefits. It benefits those who frequently travel to the US or conduct transactions in US dollars. With this account, Canadian customers can purchase US dollars at favourable exchange rates and keep them in the account until needed.

Features

• Buy US dollars when exchange rates are favourable and have them available when needed.
• Make USD transactions in US currency, avoiding extra exchange rate charges.
• No monthly fees
• No monthly administration fee.
• Competitive daily interest rates, up to $1 million.
• No minimum balance required
• Self-service and in-branch transactions don’t incur excessive charges.
• Inter-account cash transfer via digital and offline banking.

British Pound High Rate Savings Account

This high-rate savings account enables you to save and access British Pounds conveniently. You can buy and keep British Pounds when the rates are great for future use.

Features

• Saving in British Pounds is easy.
• Buy and keep British Pounds at favourable exchange rates.
• It operates a daily calculation but monthly payment of the interest earned.
• No additional cost for foreign exchange when you transact with British Pound.
• Has no minimum balance
• The monthly administration fee is free

Euro High Rate Savings Account

This account offers a convenient and flexible way to save Euros. It helps you transact in Euros without incurring extra exchange rate charges.

Features

• Purchase and keep Euros at competitive exchange rates.
• No minimum balance requirement.
• Zero monthly administration fees.
• Support cash transfers via online and offline banking options.
• Transact in Euros without additional foreign exchange costs.

Hong Kong Dollar (HKD) Regular Savings Account

This Savings Account is a flexible, cost-effective savings account offering competitive interest rates and low fees. It is ideal for those who travel to Hong Kong, own a business there, or need to transact in HKD.

Features

• Competitive interest rates.
• No minimum balance criterion.
• Flexible benefits with Hong Kong Dollars.
• Quick inter-HSBC account transfers via physical and online banking methods.
• Monthly account administration is free of charge.

How to open an HSBC savings account

To own one of the best HSBC savings accounts, you can follow these steps:

• Visit the HSBC Canada website at www.hsbc.ca.
• Click the “Bank Accounts” tab, then select “Savings Accounts.”
• Choose the savings account you want to open and click “Apply Now.”
• Fill in your data, such as your name, address, and other contact details.
• Review the terms and conditions of the account and agree to them.
• Provide the necessary identification documents, like proof of residence, driver’s license, or valid passport.
• Click to submit and patiently await the review and approval of your application.
• Once your application is approved, you will receive confirmation from HSBC, and you can start using your new savings account.

HSBC online banking

Access to online banking with your HSBC login details makes it possible to manage your account conveniently. All you have to do is tap HSBC sign in and enjoy the features from anywhere, anytime.

Features

Money Management:

• Access balance and transactions history
• Access to the statement of account and other notifications
• Customize alert patterns
• Facilitates cheque management
• Contributes to Registered Retirement Savings Plan

Billings & Cash Transfers:

• Conveniently pay your bills online
• Make Inter-HSBC account transfers and Interac e-transfers.
• Make other wired transfers.
• Global money transfer from one linked account to another.

Manage your International HSBC Accounts

• Access to your account balance from any HSBC account globally.
• Transfer up to $200,000 or equivalent currency amount per day.

What is the HSBC savings account interest rate?

The best HSBC savings accounts offer two different interest tiers that are calculated daily but paid monthly. The first tier provides an interest rate of up to 1.55% annually for a daily closing balance of $25,000 or over. However, the second tier offers 1.05% per annum for deposits below $25,000.

Note that the Dollar High Rate Savings Account allows you to earn higher deposit rates. However, this offer for a high-interest rate on savings is valid between April 17, 2023, and July 4, 2023.

Best HSBC savings accounts conclusion

Choosing from the best HSBC Savings Accounts becomes easy once you have compared the features of the different account options. While the interest rates are competitive, note that it offers two interest rate tiers depending on your closing balance. 

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