HSBC EGA Savings Promo: Get up to 4.10% to 4.25% p.a. For October to December 2024
The monthly HSBC EGA promo for the months of October, November and December 2024 is out: HSBC EGA customers can get up to 4.25% p.a. interest on incremental balances depending on the tier they qualify for.
As expected, this is a continued dip in rates from the previous month’s promo which gave as much as 4.30% p.a. What’s different this time is that the promo is for 3 months instead of the usual 2.
Promo Details
To qualify, you need to register by sending the following text message to 74722 from 9AM 1st October to 31st October 2024:
EGA<space>First 9-digit of their Everyday Global Account number (e.g. EGA 123456789)
If you don’t have an account, you can sign up here.
Please note that this article is my interpretation of the terms and conditions found here and you should refer to that document for exact details.
For Premier Elite Customers
HSBC has a relatively new tier named Premier Elite. These are clients of the bank who maintains at least S$1.2 million with the bank and qualify as an Accredited Investor.
| Amount | Prevailing Interest Rate | Bonus Interest Rate | Total Interest on Incremental Amount |
| Incremental ADB up to S$5,000,000 | 0.05% p.a. | 3.20% p.a. | 3.25% p.a. |
For Premier Customers
Premier clients get the same rate as Premier clients if they deposit at least S$2,000,000. They get a slightly lower rate if the amount is anywhere below S$2,000,000.
| Amount | Prevailing Interest Rate | Bonus Interest Rate | Total Interest on Incremental Amount |
| Incremental ADB of S$2,000,000 or more, up to S$5,000,000 | 0.05% p.a. | 3.20% p.a. | 3.25% p.a. |
| Incremental ADB of less than S$2,000,000 | 0.05% p.a. | 3.10% p.a. | 3.15% p.a. |
Personal Banking Customers
For all other customers, 3.10% p.a. is the rate this time.
| Amount | Prevailing Interest Rate | Bonus Interest Rate | Total Interest on Incremental Amount |
| Incremental ADB up to S$5,000,000 | 0.05% p.a. | 3.05% p.a. | 3.10% p.a. |
Incremental Average Daily Balance Only
The bonus interest rates are given on incremental fresh funds compared to the average daily balance of September 2024. If you are a new customer signing up after September 2024, your average daily balance for September will be S$0 and every dollar you place will be considered fresh funds for the promo.
1% p.a. bonus interest for meeting HSBC Everyday+ Rewards programme
An additional 1% p.a. interest is awarded for meeting the HSBC Everyday+ Rewards programme. This has been an ongoing programme and all you need to do within the month is to deposit a minimum of S$2,000 (or S$5,000 for Premier customers) and make at least 5 transactions.
These 5 transactions can be FAST/PayNow transactions to other bank accounts. The bonus interest of 1% p.a. will be capped at S$300. This is maxed out with about S$365,000 ADB in months with 30 days and roughly S$353,000 ADB in months with 31 days.
Most optimal rate not possible for all three months
While the promo rate applies to the months of October, November and December, Everyday+ Rewards only gives the bonus 1% p.a. on fresh funds compared to the preceding month.
For example, this is what a personal banking customer can expect if he signs up and maintains a S$100,000 average daily balance in October before increasing his holdings by S$10,000 in November:
| September 2024 | October 2024 | November 2024 | December 2024 | |
| Hypothetical Average Balance | S$0 | S$100,000 | S$110,000 | S$110,000 |
| Base Interest | N/A | 0.05% p.a. on S$100,000 | 0.05% p.a. on S$110,000 | 0.05% p.a. on S$110,000 |
| Promo Interest | N/A | 3.05% p.a. on S$100,000 | 3.05% p.a. on S$110,000 | 3.05% p.a. on S$110,000 |
| Everyday+ Interest | N/A | 1% p.a. on S$100,000 | 1% p.a. on S$10,000 (increase of S$10,000 from previous month) | None (S$0 incremental ADB) |
| Effective Yield | N/A | 4.10% p.a. | 3.19% p.a. | 3.10% p.a. |
AW Teng from the chat helpfully points out something I missed out: what if someone places funds in October and December while emptying the account in November? It should work like so (assuming S$0 in September 2024):
| October 2024 | November 2024 | December 2024 | |
| Hypothetical Average Balance | S$100,000 | S$0 | S$100,000 |
| Base Interest | 0.05% p.a. on S$100,000 | N/A | 0.05% p.a. on S$100,000 |
| Promo Interest | 3.05% p.a. on S$100,000 | N/A | 3.05% p.a. on S$100,000 |
| Everyday+ Interest | 1% p.a. on S$100,000 | N/A | 1% p.a. on S$100,000 |
| Effective Yield | 4.10% p.a. | N/A | 4.10% p.a. |
Register for September’s promo instead?
If you are reading this on 30th September 2024, some chat members have floated the idea of registering for September’s promo which has a slightly higher rate. This seems possible according to the terms and conditions which I have uploaded to the Telegram.
Stay subscribed for more savings updates
It’s the start of October and the beginning of each month is usually chockfull of savings promos and new rates so stay subscribed for updates! Turn on notifications to not miss any time-sensitive updates and deals.
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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