Canadians seeking to open a savings account with HSBC should compare the best HSBC savings accounts before settling for one. Whatever your saving goal or purpose is, HSBC has different saving accounts to help you meet your goal.
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Last Updated: May 21, 2023
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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?
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.
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.
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.
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.
This account offers a secure and seamless way to save in Renminbi. It also features zero monthly charges and no minimum balance requirement.
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.
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.
This account offers a convenient and flexible way to save Euros. It helps you transact in Euros without incurring extra exchange rate charges.
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.
To own one of the best HSBC savings accounts, you can follow these steps:
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.
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.
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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HSBC Bank does not require customers to maintain a minimum account balance. However, HSBC will always communicate any changes to the customers with a one-month prior notice from the bank.
Yes, there is. HSBC offers a welcome bonus for new holders of savings and Chequing Accounts. Though the savings promotion is inactive, you can earn up to $1,650 via the Newcomers Program Promotion.
Yes, you can. Using HSBC EasyID, opening a bank account entirely online in just a few minutes is possible. That is made possible through instant verification of your identity.
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