HSBC EGA Savings Promo: Get up to 4.60% p.a. For August/September 2024
After a strange absence on the first day of August 2024, HSBC has published its monthly HSBC EGA promo for the months of August 2024 and September 2024 – get up to 4.60% p.a. interest on incremental balances in August 2024 and up to 3.60% p.a. for September 2024.
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. For HSBC credit cardholders, the bank has a strange quirk that has gone unresolved for some time: you would need to open an account at a physical outlet instead of online.
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 less than S$2,000,000 | 0.05% p.a. | 3.55% p.a. | 3.60% p.a. |
| Incremental ADB more than or equals to S$2,000,000 | 0.05% p.a. | 3.65% p.a. | 3.70% p.a. |
The bonus interest rates are given on incremental fresh funds compared to the average daily balance of July 2024. If you are a new customer signing up after July 2024, the average daily balance for July will be S$0 and every dollar you place will be considered fresh funds for the promo.
There is a limit of S$5,000,000 of fresh funds for this promo… which I’m guessing isn’t quite relevant to most people.
1% 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.
With these requirements met, you are awarded 1% extra cashback on incremental fresh with reference to the previous month’s balance. Note that because the reference months for the promo and for HSBC Everday+ Rewards are different, you will only be able to get both the promo interest rate plus the bonus 1% p.a. on the first month your funds hit the account. For instance:
| July 2024 | August 2024 | September 2024 | |
| Hypothetical Average Balance | S$0 | S$100,000 | S$100,000 |
| Interest Rate | N/A | 4.60% 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 ❌ No 1% p.a. bonus interest from Everyday+ which is only given on fresh funds compared to August 2024 |
Sweet spot for the promo: about S$353,000 or under for a 31-day period
Because the 1% bonus interest is subject to a cap of S$300, you will get the most optimal interest rate by keeping your average monthly balance at around S$353,000 or under for the 31 days in August. Beyond this figure, the 1% p.a. bonus interest would have reached its cap, and you will get only 3.60% p.a. interest until you reach the S$2,000,000 mark, after which this promo will give 3.70% p.a. until S$5,000,000.
| Amount | Interest Rate (assuming conditions met) |
| First S$353,000 | 4.60% p.a. ✅ 0.05% base interest ✅ 3.55% p.a. bonus interest from promo ✅ 1% p.a. bonus interest from Everyday+ |
| Amounts From S$353,000 to S$2,000,000 | 3.60% p.a. ✅ 0.05% base interest ✅ 3.55% p.a. bonus interest from promo ❌ 1% p.a. bonus interest from Everyday+ |
| Amounts S$2,000,000 to S$5,000,000 | 3.70% p.a. ✅ 0.05% base interest ✅ 3.65% p.a. bonus interest from promo ❌ 1% p.a. bonus interest from Everyday+ |
| Amounts Beyond S$5,000,000 | 0.05% p.a. ✅ 0.05% base interest ❌ Bonus interest from promo ❌ 1% p.a. bonus interest from Everyday+ |
Other options to look at
This month, POEMS’ SMART Park is a great option to look at since it offers guaranteed 5.9% p.a. returns for amounts between S$20,000 to S$100,000.
For those who have under S$20,000, Chocolate Finance is a good, relatively low risk option for 4.2% p.a. returns.
Note that although the above 2 are vested in relatively low risk assets, they are still investments are not the same as bank deposits. For that, you would have to look at things like StanChart e$aver for something that is relatively fuss-free.
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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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