Good Savings Promo: Get up to 4.6% p.a. Plus Additional Cash Rewards With HSBC EGA!
For the months of February and March 2024, HSBC has a pretty great deal that gives you up to 4.6% p.a. interest for fresh funds! The bank is also throwing in additional hongbaos of S$8 cash each for every S$50,000 top-up made. Lastly, there is even a bonus hongbao when you reach certain top-up amounts. It’s quite a bit of returns so you might be interested in this for your idle funds.
You will need a HSBC EGA account for this, so sign up here first.
Promo Details
Here are the steps to get up to 4.6% p.a. plus additional cash rewards:
| Task | Details | Bonus Interest | Maximum |
| Send SMS | Between 1st to 29th February 2024, send SMS to 74722 EGA<space>First 9-digit of their Everyday Global Account number (e.g. EGA 123456789) | – | – |
| Top Up | Top up funds compared to January 2024’s average daily balance | 3.55% p.a. | S$2,000,000 top up |
| Every S$50,000 top-up | Get additional rewards per S$50,000 (compared to 31st January 2024 day-end balance) | S$8 for each S$50,000 | N/A |
| Top up certain amount | Get bonus rewards if you top up S$300,000, S$500,000, or S$2,000,000 | See table below | S$2,000,000 |
| Complete Everyday+ Rewards Programme | 5 eligible transactions with HSBC card or funds transfer to a non-HSBC account Deposit S$2,000 monthly (S$5,000 for Premier) | 1% p.a. | Approximately S$360,000 |
For topping up certain amounts, HSBC will also throw in extra Hongbao (cash rewards). You will need to maintain the top-up amounts until 31st March 2024. Top-up amount means the increase in deposits by 10th February 2024 compared against the day-end balance on 31st January 2024. If your day-end balance on 31st January 2024 was S$50,000 and your day-end balance on 10th February 2024 is S$150,000, your top-up amount will be considered as S$100,000.
| Top-Up Amount | Lucky Hongbao Amount | Bonus Hongbao Amount | Total Hongbao Amount |
| S$300,000 | S$48 | S$40 | S$88 |
| S$500,000 | S$80 | S$108 | S$188 |
| S$2,000,000 | S$320 | S$568 | S$888 |
Take note that 4.6% p.a. is for the 1st month; 2nd month gets a lower interest rate
The 4.6% p.a. figure is made up of a few things and they all have different references:
| Interest | Reference |
| Base interest of 0.05% p.a. | N/A |
| Bonus interest of 3.55% p.a. from this promo | January 2024’s average daily balance |
| Hongbao | 31st January 2024’s day-end balance |
| Additional 1% p.a. interest from completing HSBC Everyday+ programme | Compared to the average daily balance of the month before |
The bonus interest of 3.55% p.a. from this promo will apply to incremental funds, and both months will take January 2024’s average daily balance as the reference. So if your average daily balance in January s S$0 and you deposit additional S$100,000, you will get the 3.55% bonus interest on this S$100,000 for both February and March 2024.
However, the additional 1% p.a. interest from HSBC Everyday+ programme is on incremental funds compared to the previous month. For instance, if you have S$0 in your HSBC EGA account in January 2024 and topped up S$100,000 in February 2024, you will get this 1% p.a. interest for the month of February. Going into March 2024, this S$100,000 will no longer be considered fresh funds and hence not attract 1% p.a. interest.
| January 2024 | February 2024 | March 2024 | |
| Hypothetical Average Balance | S$0 | S$100,000 | S$100,000 |
| Interest Rate | N/A | 4.60% p.a. (0.05% base interest + 3.55% p.a. bonus interest from promo + 1% p.a. bonus interest from Everyday+) | 3.60% p.a. (0.05% base interest + 3.55% p.a. bonus interest from promo) |
More savings promos?
At the start of the year, I noted that banks seem to hungrier for deposits. Let’s hope this trend continues and you can stay updated by subscribing for the latest deals and personal finance content.
Also, stay subscribed if you want a comparison on the different promos and how you should place your funds!
Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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