HSBC Savings Promo: Up To 4.5% P.A. For Minimum S$100,000 Fresh Funds

HSBC has rolled out a new promotion that allows HSBC Everyday Global Account (EGA) customers to earn up to 4.50% p.a. on a minimum top-up amount of S$100,000 for the months of November and December 2023. A pretty decent rate if you can meet the promo requirements.

Promo details

This promo is opened to new and existing banking customers alike. If you don’t yet have a HSBC EGA, sign up here first.

To qualify, you need to perform the following:

TaskDetailsBonus InterestMaximum
Send SMSSend SMS to 74722
EGA<space>First 9-digit of their Everyday Global Account number (e.g. EGA 123456789)
Top UpTop up minimum S$100,000 (compared to September 2023 average daily balance)3.45% p.a.S$2,000,000 top up
Complete Everyday+ Rewards Programme5 eligible transactions with HSBC card
Deposit S$2,000 monthly (S$5,000 for Premier)
1% p.a.Approximately S$360,000

Note that the bonus interest is awarded on incremental deposits only. Meaning if you have an average balance of S$50,000 in your account in September 2023 and deposit S$100,000, only that S$100,000 will get the bonus interest for November and December, not the entire S$150,000.

The bonus interest will be paid at a later date and HSBC specifies the fulfilment date to be before 29th February 2024. Check out the terms and conditions here.

Actual interest earned

Note that the 3.45% p.a. bonus interest applies to both months of November and December 2023, while Everyday+ bonus 1% p.a. is on incremental funds compared to the previous month. As such, you can expect to get the following interest rates:

September 2023November 2023December 2023
S$0S$100,000S$100,000
N/A4.50% p.a.
(0.05% base interest +
3.45% p.a. bonus interest +
1% p.a. bonus interest)
3.50% p.a.
(0.05% base interest +
3.45% p.a. bonus interest)

The 1% bonus interest will not apply for December 2023 as there is no increase in balance from November 2023. Adding a bit of funds doesn’t quite do the trick – even if you added S$1,000 in December 2023, the bonus 1% from Everyday+ programme will only apply to that S$1,000 and not your entire balance.

In short, you won’t quite be getting 4.5% p.a. across two months. On average, if you placed your funds here for two months, your average yield is around 4% p.a.

Also, do note that the Everyday+ 1% bonus has cap of S$300 interest. That is approximately S$360,000 of average daily balance (see Xris’s breakdown for exact figures).

Still pretty attractive

Nevertheless, I find the promo pretty attractive. If you place funds for just a month, you do indeed get the 4.5% p.a. returns and even for 2 months, 4% p.a. isn’t too shabby. Let’s not forget also that HSBC EGA good for more than just giving you interest on your savings!

Moreover, it might be a good tool for me to “refinance” my OCBC 360. Long story but essentially the “Save” component of OCBC 360 requires me to keep increasing my OCBC 360 balance and there is now a few thousand dollars earning little to no interest. Shifting funds out for a month to this promo lets me “reset” my balance in OCBC 360.

Other places to put funds

There are many options to place funds these days. If you’re curious, I made a video recently on where I’m putting my funds. OCBC 360’s funds should indeed go over here from 1st November 2023, but do stay subscribed if you do want to be updated on similar promos and where I’m putting my funds in.

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2 thoughts on “HSBC Savings Promo: Up To 4.5% P.A. For Minimum S$100,000 Fresh Funds

  1. Just received the bonus interest for Dec 2023. However, I didn’t see incoming for Nov 2023 bonus interest. I deposited >$100k in the first week of Nov 2023 and have 2K ADB in Sep 2023 reference month. Now I am wondering if the Nov 2023 bonus interest will be deposited before end of February 2024 – in two days.

    1. Terms and conditions say before 31st March. Is your bonus interest for December from everyday+ or from this promo?

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