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:

TaskDetailsBonus InterestMaximum
Send SMSBetween 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 UpTop up funds compared to January 2024’s average daily balance3.55% p.a. S$2,000,000 top up
Every S$50,000 top-upGet additional rewards per S$50,000 (compared to 31st January 2024 day-end balance)S$8 for each S$50,000N/A
Top up certain amount Get bonus rewards if you top up S$300,000, S$500,000, or S$2,000,000See table belowS$2,000,000
Complete Everyday+ Rewards Programme5 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
Please refer to terms and conditions for exact details

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 AmountLucky Hongbao AmountBonus Hongbao AmountTotal Hongbao Amount

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:

Base interest of 0.05% p.a.N/A
Bonus interest of 3.55% p.a. from this promoJanuary 2024’s average daily balance
Hongbao31st January 2024’s day-end balance
Additional 1% p.a. interest from completing HSBC Everyday+ programmeCompared 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 2024February 2024March 2024
Hypothetical Average BalanceS$0S$100,000S$100,000
Interest RateN/A4.60% 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.

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