HSBC EGA Savings Promo: Get up to 4.6% p.a. For April 2024

For the month of April 2024, deposit fresh funds to your HSBC Everyday Global Account (EGA) and get up to 4.6% p.a. on the incremental balance! Registration via SMS is required.

If you don’t have an account, you can sign up here.

Promo Details

There are two tiers of interest to be received depending on the amount of incremental funds you place in your account. The increase in balance is compared to the average daily balance of March 2024.

To register, send the following text message to 74722:

EGA<space>First 9-digit of Everyday Global Account number (e.g. EGA 123456789)

AmountPrevailing Interest RateBonus Interest RateTotal Interest on Incremental Amount
< S$500,0000.05% p.a.3.45% p.a.3.50% p.a.
≥ S$500,0000.05% p.a.3.55% p.a. 3.60% p.a.
Refer to terms and conditions for exact details

The bonus interest applies to incremental funds compared to March 2024, and will apply for months of April and May 2024.

This is on top of additional 1% p.a. given by HSBC Everyday+ Rewards programme which requires you to deposit at least S$2,000 (S$5,000 for Premier customers) within the month and make 5 transactions (credit/debit card transactions, funds transfer to non-HSBC accounts, or GIRO transactions).

Bonus interest will be fulfilled by 31st July 2024.

Seth
Seth

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

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Sweet spot for this promo

Although depositing S$500,000 or more gives a slightly higher 3.55% p.a. bonus rate, the 1% bonus interest given by HSBC Everyday+ Rewards programme is capped at S$300 per month. That’s maxed out with an average balance of about S$353,000 to S$365,000 (depending on the number of days in a month).

To optimise this promo, I would personally maintain an average daily balance of S$350,000 to get 4.45% p.a. for my entire balance. My March 2024 balance is nearly zero, so whatever I am depositing this month would almost all qualify as fresh funds.

If you have existing funds in your EGA in March 2024, this month’s promo will not be as attractive for you since the bonus interest is awarded only on incremental balances (e.g. if you have S$100,000 of average balance in March 2024 and place S$150,000, only the S$150,000 will receive bonus interest).

Everyday+ interest is only on the first month’s incremental balance

While the promo’s bonus interest applies for both April and May 2024 and incremental funds are compared to March 2024, Everyday+ interest applies only to incremental balance compared to the month before.

March 2024April 2024May 2024
Hypothetical Average BalanceS$0S$100,000S$100,000
Interest RateN/A4.45% p.a.
(0.05% base interest +
3.45% p.a. bonus interest from promo +
1% p.a. bonus interest from Everyday+)
3.45% p.a.
(0.05% base interest +
3.55% p.a. bonus interest from promo)

Because you can only get 4.45% p.a. on the first month you put funds in, depending on your situation it might be better to take advantage of this promo in May 2024… you know, when other bank accounts drop in interest rates. In April, you can still get up to 5% p.a. pretty easily.

HSBC credit card promo

Since we’re on the topic of HSBC, do take a look at this month’s promo which is plenty generous.

Nerfs are incoming

HSBC has just announced changes to the HSBC EGA which would take place from 2nd May 2024. I intend to cover that in greater detail so stay subscribed for more updates.

Nothing in the changes affects this promo, so we can take advantage of this without too much worry. Given the way banks like UOB and StanChart have been dropping rates, it’s likely that the next EGA promo won’t be as good as this one.

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