HSBC EGA Savings Promo: Get up to 4.45% p.a. For June/July 2024

HSBC has rolled out its promo for HSBC EGA accountholders – get up to 4.45% p.a. interest on incremental balances in the months on June and July 2024.

HSBC EGA – up to 4.45% p.a.

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

The bonus interest is given on incremental fresh funds compared to the average daily balance of May 2024. If you are a new customer signing up after May 2024, the average daily balance for May will be S$0 and every dollar you place will be considered fresh funds for this promo.

AmountPrevailing Interest RateBonus Interest RateTotal Interest on Incremental Amount
Maximum S$2,000,0000.05% p.a.3.40% p.a.3.45% p.a.

Refer to terms and conditions for exact details

Take note that there are three parts to this promotional rate of 4.45% p.a:

InterestCapReference Month
0.05% p.a.N/AN/A
3.40% p.a.
Promo Rate
S$2 million fresh fundsMay 2024
1% p.a.
Everyday+ Rewards
Roughly S$365,000 for a 30-day monthPrevious month
Seth
Seth

Check out a rundown of great options giving up to 6.8% p.a. for cash savings!

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1% interest for meeting HSBC Everyday+ Rewards programme

An additional 1% p.a. interest is awarded for meeting the HSBC Everyday+ Rewards programme which is as simple as depositing at least S$2,000 (or S$5,000 for Premier customers) and making 5 transactions. These 5 transactions can be FAST/PayNow transactions to other bank accounts.

With these two easy requirements done, you are awarded 1% extra cashback on incremental fresh referencing your previous month’s balance. The reference months for the promo and for HSBC Everday+ Rewards are different.

So if you had S$0 for May 2024 and deposited S$100,000 for both June and July 2024, the 3.40% p.a. bonus interest will apply to both June 2024 and July 2024. However, the 1% p.a. bonus from Everyday+ will only apply to June 2024.

May 2024June 2024July 2024
Hypothetical Average BalanceS$0S$100,000S$100,000
Interest RateN/A4.45% p.a.
✅ 0.05% base interest

✅ 3.40% p.a. bonus interest from promo

✅ 1% p.a. bonus interest from Everyday+
3.45% p.a.
✅ 0.05% base interest

✅ 3.40% p.a. bonus interest from promo

❌ No 1% p.a. bonus interest from Everyday+ since no fresh funds compared to June 2024

Sweet spot for the promo: about S$365,000 for June 2024

While the promo rate of 3.40% p.a. applies to up to S$2 million of fresh funds, the 1% p.a. bonus from Everyday+ has a cap of S$300 a month. This is reached with an average balance of S$365,000 for a 30-day month. Since June only has 30 days, you can put maintain an average daily balance of S$365,000 to max out the S$300 cap.

If you place more than this amount, only the first S$365,000 will receive 4.45% p.a. interest (base + promo + Everyday+) while the remaining amounts up to S$2 million will receive 3.45% p.a. (base + promo).

Viable place to reset OCBC 360

For those who are looking to “reset” their OCBC 360, 4.45% p.a. isn’t too far from 4.65%. You do lose about S$16.70 in interest for a S$100,000 balance moving from 4.65% p.a. to 4.45% p.a, but do remember also that amounts above S$100,000 in OCBC 360 only earns 0.05% p.a.

For every S$500 above S$100,000 in OCBC 360, you incur an opportunity cost of about S$1.83 a month if we assume 4.40% p.a. So if you have about S$5,000 or more above S$100,000 in your OCBC 360, you start to make a little bit more interest when you reset your OCBC 360 with the EGA promo this month.

Other options to look at

StanChart just released e$aver rates for June and July 2024 – get 3.55% p.a. on fresh funds.

There are also days left for Citigold’s promotional offer which you may be interested in if priority banking is something of value to you, and you want to lock in a longer period for your funds.

In May, I compiled a list of savings options and a new list will be made as we move into June. Stay subscribed for updates.

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1 thought on “HSBC EGA Savings Promo: Get up to 4.45% p.a. For June/July 2024

  1. Is a two player strategy viable for HSBC EGA to get around 4.5%?
    Say less than 350k, transfer back and forth every month.

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