HSBC High Rate Savings Account review April 2021 | Finder Canada
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HSBC High Rate Savings Account

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Earn interest with the $0 monthly fee HSBC High Rate Savings Account.

If you want a no-fuss account that lets you earn a decent interest rate on your savings, you might like to check out the HSBC High Rate Savings Account. Get competitive rates on your savings and a handful of basic benefits with this $0 monthly fee account.

0.10%

Interest Rate

$0

Minimum Balance

Please note: All information about HSBC High Rate Savings Account has been collected independently by Finder and this product is not available through this site.

30-second take

  • Think about this account if you want basic benefits and no monthly account fees.
  • Choose something else if you want unlimited withdrawals.

The perks

If you want a no-frills account that doesn’t require you to pay for features you won’t use, the HSBC Canadian Dollar High Rate Savings account could be a good fit for you.

  • No monthly fee. HSBC charges a $0 fee per month to maintain this account.
  • Earn interest. You’ll earn 0.05%* on balances up to $24,999 and 0.05%* on balances $25,000 and above.
  • Money transfers. You’ll get 3 free transactions per monthly statement cycle (includes any withdrawals and debits) and free transfers between HSBC Bank Canada accounts in the same client name.
  • No minimum balance. The minimum balance requirement is $0, so it’s easy for the money in your account to start earning interest.
  • Online and mobile banking. You can manage your account online or over your mobile phone quickly and easily.

What to watch out for

While this account offers a number of benefits, there are also a couple of drawbacks you should keep an eye out for:

  • Fee for additional transactions. Like most savings accounts from other providers, you’ll pay a fee for every withdrawal you make that exceeds the number of free transactions you get per month. In this case, it’s $5 per transaction over the free limit.
  • Few benefits. You’ll get fewer benefits with this account than you might with a premium savings account from another provider.

HSBC High Rate Savings Account interest rate: How much will I earn?

This table shows how much interest you’d earn with a HSBC High Rate Savings Account if you were to make a $1,000 initial deposit, then contribute $100 a month for up to five years.

AccountAPY1 year2 years3 years4 years5 years
HSBC High Rate Savings Account0.05% (tier 1 interest rate up to a balance of $24,999)$0.83$1.43$2.03$2.63$3.23

How do I open an account?

To open an HSBC High Rate Savings Account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:

  1. Head to HSBC‘s website.
  2. Got to the Banking tab and click Savings.
  3. Click the Get Started button for the HSBC High Rate Savings Account option.
  4. If you already have an HSBC account, click the Open Online button. If you’re a new HSBC customer, click the Get started now button.
  5. Complete the application by providing all required information.
  6. Review the details of your account and apply quickly and easily with the click of a mouse.

Eligibility requirements

  • Be a resident of Canada with a valid social insurance number
  • Be 18 years of age or older
  • Have a Canadian residential address
  • Open an account in your name only

Required information

  • Name
  • Contact information, including your email address and phone number
  • Address where you have lived for at least 3 years
  • Employment information, including the company’s name and address
  • Income details
  • SIN number

Compare the HSBC High Rate Savings Account to similar accounts

We gathered a quick comparison of similar accounts to help you decide if HSBC High Rate Savings Account is right for you. For more options, select “Compare savings accounts” to compare even more savings accounts.

HSBC Logo

HSBC High Rate Savings Account

  • Monthly fee: $0
  • Interest rate: 0.05% – 0.05%
  • Free transactions: 3 free transactions per monthly statement cycle (includes any withdrawals and debits) and free transfers between HSBC Bank Canada accounts in the same client name

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EQ Bank Savings Plus Account

  • Monthly fee: $0
  • Interest rate: 1.25%
  • Free transactions: All are unlimited

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Scotiabank logoScotiabank international money transfers

Scotiabank MomentumPLUS Savings Account

  • Monthly fee: $0
  • Interest rate: 0.05% – 1.1%
  • Free transactions: All unlimited self-service transfers

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Does HSBC offer any other savings accounts?

Besides the HSBC High Rate Savings Account, HSBC offers a number of other savings account options:

  • HSBC Tax-Free Savings Account
  • HSBC U.S. Dollar High Rate Savings Account
  • HSBC Renminbi Savings Account
  • HSBC British Pound High Rate Savings Account
  • HSBC Euro High Rate Savings Account
  • HSBC Hong Kong Dollar Regular Savings Account

Bottom line

HSBC is a reputable bank in Canada that offers a suite of savings and investment products. The HSBC High Rate Savings Account offers a decent interest rate and a number of value-added features for no monthly fee. Learn what you need to do to qualify for this type of account and find out how you can apply online today.

Frequently asked questions about the HSBC High Rate Savings Account

*Rates are per annum and are subject to change without notice. For information and to confirm most recent rates, please contact any HSBC branch or visit www.hsbc.ca.
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