HSBC High Rate Savings Account

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Get competitive rates of up to 2.25%* until August 6, 2020 on your savings 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.

0.25%

Interest Rate

$0

Minimum Balance

Up to 2.25%*

Promotional Interest Rate

Details

OfferEarn up to 2.25%* interest on New Deposits* until August 6, 2020. *Terms and conditions apply.
Promotional Interest RateUp to 2.25%*
Minimum Balance$0
Account Fee$0
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More Info

30-second take

  • Think about this account if you want basic benefits, no monthly account fees and a special offer.
  • Choose something else if you want unlimited withdrawals.
  • Open an HSBC Canadian Dollar High Rate Savings Account and earn up to 2.25%* interest on new deposits± from April 6, 2020 to August 6, 2020.*

    The perks

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

    • Monthly fee. HSBC charges a $0 fee per month to maintain this account.
    • Special Offer. Earn up to 2.25%* interest on New Deposits* until August 6, 2020. *Terms and conditions apply.
    • Earn interest. Once the special bonus ends, you’ll earn 0.05* on balances up to $24,999 and 0.25%* 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.
    • 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.

    What should I know before I apply?

    To open an HSBC High Rate Savings Account online, you’ll need to meet the following criteria:

    • 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

    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. Complete the application, which includes providing your name, email address, social insurance number and birth date.
    3. Review the details of your account and apply quickly and easily with the click of a mouse.

    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 as of April 3, 2020, and subject to change without notice. Terms and conditions apply.
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