HSBC EGA Savings Promo: Get up to 4.30% p.a. For September/October 2024
HSBC has published its monthly HSBC EGA promo for the months of September and October 2024 – HSBC EGA accountholders can get up to 4.30% p.a. interest on incremental balances if they register and meet the requirements for this promo.
This is a slight retreat in rates from the previous month’s promo which gave as much as 4.60% p.a.
Promo Details
To qualify, you need to register by sending the following text message to 74722:
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.
| Amount | Prevailing Interest Rate | Bonus Interest Rate | Total Interest on Incremental Amount |
| Incremental ADB < S$2,000,000 | 0.05% p.a. | 3.25% p.a. | 3.30% p.a. |
| Incremental ADB ≥ S$2,000,000 | 0.05% p.a. | 3.35% p.a. | 3.40% p.a. |
The bonus interest rates are given on incremental fresh funds compared to the average daily balance of August 2024. If you are a new customer signing up after August 2024, your average daily balance for August 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.
Highest 4.30% p.a. rate possible for only one month
Because Everyday+ Rewards only gives the bonus 1% p.a. on fresh funds compared to the preceding month, so you will not be able to enjoy 4.30% p.a. in both September and October.
If you place your funds in September, they will no longer qualify for Everyday+ Rewards’ 1% p.a. bonus in October. They will still get the promotional interest rate under the monthly promo, so your funds will get 3.30% p.a. (or 3.40% p.a. for amounts above S$2 million).
Sweet spot for the promo: about S$365,000 or under for a 30-day period
The 1% bonus interest from Everyday+ Programme is subject to a cap of S$300, so you will get the highest effective interest rate by keeping your average monthly balance at around S$365,000 or under for the 30 days in September. This figure will get a total of 4.30% p.a. made up of the promotional 3.30% p.a. rate added to the 1% p.a. bonus from Everyday+.
Above this figure, the 1% p.a. bonus interest would have reached its cap, and you will get only 3.30% p.a. interest for amounts beyond an average daily balance of S$365,000.
What I’m doing now that rates are sliding
I recently did a couple of videos talking about what I’m going to do with my cash savings and CPF funds now that rates are falling.
The situation is still evolving and likely to change over time, so stay subscribed for more updates and great savings promos.
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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