Money Compare

The HSBC Online Savings Account is a savings account with great access and good incentives to save. There are some good features that have helped the account with Money Magazine’s Best of the Best Awards Gold prize for Best e-Transaction account twice in a row.

Is This Account For Me?

This account will suit someone looking to save a reasonably large amount of money, but is unlikely to need to access that cash regularly. If you are saving for your children’s university education, or perhaps to buy a car, this could be the account for you, as the high interest rate is maintained when you make no withdrawals from the account. If you do have to make a withdrawal, you lose your bonus interest, but the interest rate is still quite high. The only drawback with the account is that you can only manage it online, so if you’re a technophobe, or prefer to do your banking in person the old fashioned way, this might not be the account for you.

The Advantages of This Account

The HSBC Online Saver Account has several benefits that would make it attractive to certain savers. There is no monthly fee for the account and you can open it with just $1, so even if you are starting your savings from scratch, this account is still an option. In terms of access, the account is very convenient, with unlimited free HSBC ATM transactions, instant access to withdrawals, free automated internet and phone banking, and round-the-clock online access. You also get free BPAY, EFTPOS and Bank@Post, so wherever you are and whoever you have to transfer money to, the chances are you will be able to do so cheaply.

Eligibility

To be eligible for the HSBC Online Savings Account, you must be aged 16 or over, able to operate the account solely online, and not a public official.

How Do I Open an HSBC Online Savings Account?

You can open an HSBC Online Savings Account online, over the phone or in your local branch, but the quickest and easiest way to start saving is online. After the account has been set up, you can only manage it online, so setting it up virtually might be the best way to start!

Summary

The HSBC Online Savings Account offers great interest rates and bonuses if you don’t touch your money, and so is perfect for a longer term savings project. if you’re web-savvy too, this is the perfect account for you, and you will probably find the easy access to funds through HSBC ATMs useful too.