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The Royal Bank of Canada (RBC) will be purchasing HSBC Canada. As a result, HSBC products will be discontinued shortly. Please refer to the best high-interest savings accounts in Canada for alternatives.
There is never a bad time to open a savings account, but if you’ve been meaning to start saving for a short or long-term goal, now is a great time to start an HSBC High Rate Savings Account.
The HSBC High Rate Savings Account allows maximum savings and control over your funds and finances. The savings account offers an interest rate of 1.05%* for balances under $25,0000 and 1.55%* for deposits over $25,000. There is no minimum deposit required to start earning interest; you can begin earning a competitive interest rate from the first dollar you deposit. There are no monthly fees to open an HSBC High Rate Savings Account, and the account provides 3 free transactions per month, including INTERAC e-transfers. Below we will delve into the features of the HSBC High Rate Savings Account to help you determine if the account is the right savings strategy for you.
The HSBC High Rate Savings Account offers a competitive interest rate to help you meet your short or long-term savings goals. You can earn up to 1.55%* interest on balances over $25,000 CAD and 1.05% for anything under. There is no minimum balance or amount needed to start earning interest; interest is calculated daily by the day’s closing rate, and paid out each month. Even with a modest continuation, you will be able to start earning interest right away, with no extra monthly charges.
Unlike some savings accounts that penalize you for withdrawing your funds, you can access the funds in your HSBC High Rate Savings Account at any time.
HSBC also makes it easy to add funds to your savings account; you can make new deposits via a mobile cheque deposit through the HSBC app, by INTERAC e-transfer, by ATM deposit, or in person at any HSBC location.
There are no monthly fees or account minimums required to take advantage of this HSBC High Rate Savings Account offer. Any amount you deposit into your account will begin earning a high-interest rate without any additional maintenance fees or minimum balance requirements.
There are no monthly fees associated with the HSBC High Rate Savings Account. If you wish to access your savings account from HSBC ATMs or THE EXCHANGE Network ATMs in Canada, there is a $1.50 fee per transaction ($5.00 per transaction for ATMs in the United States).
High Interest: The HSBC High Rate Savings Account offers a high-interest rate of 1.05% or up to 1.55% for balances over $25,000. Interest is calculated daily based on the closing balance, and interest is paid out monthly.
No Monthly Fees: There are no monthly fees associated with opening an HSBC High Rate Savings Account. The account includes 3 transaction fees per month (including debit withdrawals, INTERAC e-transfers, etc.); any transactions over the limit are $5.00 each.
No Minimums: There are no minimum deposit requirements to open an HSBC High Rate Savings Account. Regardless of your budget, you can quickly begin earning interest on any amount your deposit into your account.
Easy Access: You can easily access your HSBC High Rate Savings Account via online banking as well as through HSBC ATMs and THE EXCHANGE Network ATMs in Canada (note that there is a $1.50 charge per ATM transaction). Internal transfers to your HSBC accounts through HSBC ATMs, and online and mobile banking are free.
Transaction Fees: While there are no monthly fees associated with maintaining an HSBC High Rate Savings Account, transaction fees do apply to procedures including withdrawing funds, moving funds, etc. The account includes 3 free transactions per month; a $5.00 charge is applied to each transaction following the threshold.
Minimum balance required for the best rate: There is no minimum deposit amount required to earn the competitive 1.05% rate, but those looking to lock in the 1.55% rate will need a deposit an amount of $25,000 or more
Opening an HSBC High Rate Savings Account is a simple process. You can quickly set up an account via the HSBC High Rate Savings Account . Once there, scroll down to “Apply Online” to start the application process (alternately, you can select “Make an Appointment” to make an in-person or online appointment to discuss the account with an HSBC advisor).
To complete the application process you will need to have some information on hand, such as:
A passport, driver’s licence, or provincial government issued I.D
All new and existing HSBC clients are eligible for the HSBC High Rate Savings Account. Note that only accounts with a new deposit of $25,000 or greater are eligible for the 1.55% interest rate
With a highly competitive interest rate, no minimum account balance requirements and no monthly fees, the HSBC High Rate Savings Account is a great way to grow your money and help you meet your financial goals.
Terms and conditions apply. Rates are subject to change without notice. For full product and offer details, please visit the High Rate Savings Account link. HSBC Bank Canada is not responsible for maintaining the content on this site. Please click on the HRSA links within the article for the most up to date information. WealthRocket receives compensation for each successful application that is started through this site.
The regular interest rate for the HSBC Hight Rate Savings Account is 1.05% for new deposits under $25,000 and 1.55% for new deposits over $25,000.
Yes, savings accounts are worth it. Regardless of your income and budget, putting even a small amount of money in a savings account is a smart way to grow your money. Unlike other investment options, you can easily access and withdraw or transfer funds from your savings account if need be, leaving your funds available to you at all times as your investment grows each month.
No, there is currently no bonus interest rate offer for the HSBC High Rate Savings Account. The previous promotional offer ended January 27th, 2023, where customers received a bonus interest rate of 3.50% on deposits on new deposits up to $1,000,000. The bonus rate was in addition to the regular interest rate of 1.05% for deposits under $25,000 and 1.55% for deposits over $25,000.
