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HSBC High Rate Savings Account
Earn interest with the $0 monthly fee HSBC High Rate Savings Account.
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- Think about this account if you want basic benefits and no monthly account fees.
- Choose something else if you want unlimited withdrawals.
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 0.1%* 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.
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:
- Head to HSBC‘s website.
- Complete the application, which includes providing your name, email address, social insurance number and birth date.
- Review the details of your account and apply quickly and easily with the click of a mouse.
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.