Savings accounts play a central role in people’s financial lives. They provide a safe place to keep your spare cash while allowing you to access it. They also allow you to earn interest and increase your savings over time.
If you’re looking to earn a decent interest rate on your savings, then you might want to take a look at the HSBC High Rate Savings Account. This is an excellent savings account that pays a competitive interest rate. HSBC is one of the world’s largest banking and financial companies, and as such, it offers an extensive range of products for its customers.
Here is my detailed review of the HSBC High Rate Savings Account, including its pros, cons, and features. Check it out.
Key Account Details
- Up to 2.65% per annum
- No minimum balance
- No monthly fee
- Bonus interest is earned on New Deposits of up to CAD $1,000,000
- Apply through this secure for a $50 cash rebate
Pros of the HSBC High Rate Savings Account
1. No monthly fee
One of the biggest benefits of the HSBC advanced savings account is that you do not have to pay any monthly fees. This means more money can go into your account rather than out. It’s also a great way to save money, especially if you’re trying to build your emergency fund. Since there’s no monthly maintenance fees, so you don’t have to worry about keeping up with the account’s maintenance. (See more: 6 Ways To Avoid Unnecessary Bank Fees).
2. No minimum balance
As there is no minimum balance requirement, the money in your account can start earning interest right away.
3. Bonus rate on new deposit
If you’re not already a customer of HSBC, now’s your chance to take advantage of their limited-time offer. New customers get a total 2.65% APY rate between now and June 24, 2022. That’s more than twice the standard average interest rate for savings accounts! Bonus interest is earned on New Deposits of up to $1,000,000
4. Free money transfer
HSBC savings accounts have no withdrawal limits, unlike some savings accounts.
HSBC Bank Canada customers get three free transactions (withdrawals and debits) per monthly statement cycle. Plus, free transfers between accounts under the same name.
HSBC High Rate Savings Account Downsides
One of the biggest drawbacks of this savings account is that it only offers a limited number of free money transfers each month. Like most other savings accounts, you’ll be charged a fee if you make a withdrawal that exceeds the number of free transactions you get per month. You’ll pay $5 per transaction once you exceed the free limit in this situation.
Eligibility requirements
If you are looking to open an HSBC high interest savings account, you must meet the following requirements:
- You must be 18 years old or older;
- Have a valid Canada social insurance number and reside in Canada.
In conclusion
HSBC High Interest Savings Account is an excellent option for most people. Because, you won’t have to worry about monthly fees with its excellent interest rate.
Its greatest downside:
Monthly transfers are limited. However, if you do not expect to reach these limits, there is no reason why you shouldn’t open an HSBC High Interest Savings Account.
Open an HSBC Canadian Dollar High Rate Savings Account and enjoy a total annual interest rate of up to 2.65% on new deposits from April 4, 2022 to June 24, 2022. If you open your savings account through this secure link, you will earn a $50 cash back rebate.
Therefore, whether you’re looking to save for a rainy day or earn some extra cash, the HSBC High Rate Savings Account is a great option. Start saving today and enjoy peace of mind knowing your money is in good hands.