HSBC EGA Savings Promo: Get up to 4.60% p.a. For July/August 2024

HSBC has rolled out its monthly HSBC EGA promo for the months of July 2024 and August 2024 – get up to 4.60% p.a. interest on incremental balances in July 2024 and up to 3.60% p.a. for August 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

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.

AmountPrevailing Interest RateBonus Interest RateTotal Interest on Incremental Amount
Maximum S$2,000,0000.05% p.a.3.55% p.a.3.60% p.a.

The bonus 3.55% p.a. interest is given on incremental fresh funds compared to the average daily balance of June 2024. If you are a new customer signing up after June 2024, the average daily balance for May will be S$0 and every dollar you place will be considered fresh funds for the promo.

There is a limit of S$3,000,000 of fresh funds for this 3.60% p.a. rate.

Seth
Seth

4.2% p.a. returns: get early access to Chocolate Finance!

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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. 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 4.60% p.a. on the first month your funds hit the account. For instance:

June 2024July 2024August 2024
Hypothetical Average BalanceS$0S$100,000S$100,000
Interest RateN/A4.60% 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 July 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. 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$3,000,000 limit for the 3.60% p.a. rate:

AmountInterest Rate (assuming conditions met)
First S$353,0004.60% 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$3,000,0003.60% p.a.
✅ 0.05% base interest 
✅ 3.55% p.a. bonus interest from promo
❌ 1% p.a. bonus interest from Everyday+
Amounts Beyond S$3,000,0000.05% p.a.
✅ 0.05% base interest 
❌ 3.55% p.a. bonus interest from promo
❌ 1% p.a. bonus interest from Everyday+

Other options to look at

Recently launched for new applications again after almost a year, Chocolate Finance is open to early access for those interested to get 4.2% p.a. returns. While it is not a bank account, I am personally comfortable with the arrangement and risk level of the underlying funds to place about S$40,000 in it (split across 2 accounts between a family member and myself).

Last month StanChart released e$aver rates for June and July 2024 and it is offering 3.55% p.a. on fresh funds. Also available this quarter is UOB’s Q3 promo, and there is of course government bonds to look at.

Stay subscribed for savings-related content and more

Given the options, savers have quite a few avenues to look at when deploying their funds. I intend to shift funds around for better returns on my savings, so do stay subscribed so I can share how I’m managing my cash.

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