HSBC High Rate Savings Account

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 1.65%* on balances up to $1,000,000.
• 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.

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.

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.

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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:

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

• Do I have to pay a monthly fee?

  You won’t have to pay a monthly fee to sign up for this account.

• Can I sign up for this account if I'm a new HSBC customer?

  Yes. You can sign up online as long as you qualify. As an existing customer, you can also sign up online if you log in to your online banking, select “Open New Account” and follow the instructions on the screen.

• Who can I contact if I have questions about my account?

  You can easily get in touch with HSBC by calling or emailing its customer support team. You can also visit a branch during business hours or contact them via online chat for more information.

• Can I apply for this account online?

  Yes, you can apply online via the HSBC website.