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Opening an HSBC Savings Account in 2021: Is It Right for You?

A Top Choice for Convenience, Brand Reputation, and Attractive Promotional Offers

Opening an HSBC Savings Account in 2021: Is It Right for You?

A Top Choice for Convenience, Brand Reputation, and Attractive Promotional Offers

4.0/5.0

ValueChampion Rating ValueChampion Icon

Good for

  • Beginners; people who are opening their first savings account
  • Customers who value brand recognition and access to a large ATM network
  • Customers who value a streamlined and integrated banking experience

Bad for

  • People who want to earn a lot of money via interest from their savings account
  • Business people who often move funds between countries

HSBC's savings accounts are especially attractive for those who prefer to bank with an internationally established bank with a large network. Accordingly, having an HSBC account affords you access to HSBC's various banking products and services, as well as no-fee cash deposits and withdrawals at Hong Kong's 1000+ HSBC or Hang Seng ATM machines. Moreover, HSBC offers the HSBC One account—a comprehensive account that allows customers access to the HSBC Hong Kong Dollar Savings Account, Foreign Currency Savings Account, Time Deposit Account(s), and Cheque/Current Account all through one application. HSBC's attractive promotional benefits also provide wonderful opportunities to earn cash back, making signing up for an HSBC savings account a low-risk and potentially high-reward engagement.

ProsCons
  • Easy no-fee cash withdrawal; access to over 1000+ ETC (HSBC and Hang Seng) cash machines
  • No minimum deposit; start earning interest at HK$5,000
  • Access your account via branches, phone banking, online, and mobile app/website
  • International and foreign currency banking options
  • Attractive promotional offers
  • The max EIR of this account is 0.0010%, regardless of how much you deposit
Promotion You can enjoy up to HK$2,550 in rewards when you sign up for the HSBC One Account. Until 31 January 2021, the following promotions will be available to new signees.
Pros & Cons
Pros:
  • Easy no-fee cash withdrawal; access to over 1000+ ETC (HSBC and Hang Seng) cash machines
  • No minimum deposit; start earning interest at HK$5,000
  • Access your account via branches, phone banking, online, and mobile app/website
  • International and foreign currency banking options
  • Attractive promotional offers
Cons:
  • The max EIR of this account is 0.0010%, regardless of how much you deposit
  • Promotion You can enjoy up to HK$2,550 in rewards when you sign up for the HSBC One Account. Until 31 January 2021, the following promotions will be available to new signees.

What Makes HSBC Savings Accounts Stand Out?

HSBC savings accounts stand out primarily for their brand reputation and affiliation with HSBC, which is the largest bank in Hong Kong. While the default option for savings accounts from HSBC, the HK Dollar Savings Account, has interest rates consistent with most other large banks in Hong Kong, they allow customers access to HSBC's other services as well.

If you are determined to use HSBC, we recommend signing up for the HSBC One Account, which integrates the HSBC HK Dollar Savings Account with other HSBC deposits and accounts, credit cards, investment accounts, and insurance, through just one application. Customers who sign up for the HSBC One Account and actively use its component accounts can also take advantage of HSBC's ongoing promotional offers, making signup for HSBC both seamless and rewarding.

The savings accounts composing the HSBC One Account and otherwise offered by HSBC are as follows:

  • HSBC Hong Kong Dollar Savings Account: Store your money in the HSBC HK Dollar Savings Account in order to keep your savings flexible while earning interest on your balance. You will begin earning interest once HK$5,000 is deposited.
  • HSBC RMB Savings Account: The RMB Savings Account allows you to store Renminbi (RMB) savings in Hong Kong while earning interest through HSBC. Through standing instructions, you may set up automated withdrawals or send your RMB savings to family in mainland China.
  • HSBC Foreign Currency Savings Account: An HSBC Foreign Currency Savings Account can be set up with a minimum deposit of US $1,000, across 10 different currencies. Interest rates will accrue regardless of shifts in exchange rates.
  • HSBC Children Savings Account: Young people, or people with children, can set up HSBC Children Savings Accounts to begin saving, earning daily interest, and spending with a free ATM card at an early age. There is no minimum age or money requirement, however children will need to be accompanied by a parent or guardian to apply.

Convenience aside, the HSBC Savings Account offers a market average maximum interest rate of 0.0010% when you are at or above the deposit threshold of HK$5,000. Although this rate is consistent with rates offered by most major financial institutions in Hong Kong, some offer marginally higher rates for large deposits. For instance, competitor Bank of China's HK Dollar Savings Account features 0.0020% rates for deposits over HK$1,000,000. Since marginally higher interest rates offered by competitors are still low, you may choose to bank with HSBC instead for its accessibility and benefits.

HSBC HK Dollar Savings Account Interest Rates

Deposit AmountInterest Rate
Under HK$5,0000.0000%
HK$5,000 and above0.0010%
Bonus interest can be earned if your Total Relationship Balance is or exceeds HK$1,000,000

HSBC HK Dollar Savings Account Interest Rates

Deposit Amount

Interest Rate
Under HK$5,0000.0000%
HK$5,000 and above0.0010%
Bonus interest can be earned if your Total Relationship Balance is or exceeds HK$1,000,000

HSBC Savings Accounts Details & Requirements

Details and Requirements
Minimum Age Requirement
  • 18 to sign up for your own account
  • Customers aged 11-17 can apply with parental/guardian sponsorship
Proof of Identification / Address
  • Hong Kong citizens: HK identity card and residential address proof
  • HK non-permanent residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK residents: valid travel document and current residential address proof
Minimum Initial DepositHK$0
Minimum Balance RequirementN/A
Fall-Below FeeN/A

Promotional Offers

HSBC's promotional offers are another particularly enticing in that they offer various ways you can earn cash back. At a minimum, we recommend signing up for your new account through the HSBC app, where you can earn guaranteed cash back for simply depositing over HK$10,000 initially. Through the Smart Money Challenge and One Million Lucky Draw promotions, HSBC also incentivises customers to pair their account with other HSBC products to earn more rewards opportunities. We've included more information about HSBC's promotional offers below:

Mobile Account Opening Offer: You can earn up to HK$750 after you open an HSBC One Account with the HSBC Hong Kong mobile app and maintain the following balance(s) in February and March 2021:

  • Between HK$10,000 and HK$29,999.99: HK$150 reward
  • Between HK$30,000 and HK$49,999.99: HK$450 reward
  • HK$50,000 and above: HK$750 reward
Smart Money Challenge: As an HSBC One customer, you are eligible to participate in the Smart Money Challenge, which can earn you up to HK$1,800 from tiered rewards:
  • HK$700 RewardCash when you apply for an HSBC credit card
  • HK$200 RewardCash if you already hold an HSBC credit card and apply for another
  • HK$100 in cash rewards when you trade funds in FlexInvest
  • HK$100 in cash rewards when you buy or sell stocks through HSBC
  • HK$200 cash coupon for each successful application of HSBC's life or medical insurance plans
  • HK$200 in cash rewards when you set up salary autopay instructions with HK$10,000 or more
  • HK$500 in cash rewards when you set up salary autopay instructions with an initial HK$20,000 or more
HSBC One Million Lucky Draw: Existing HSBC customers and new HSBC One customers are eligible to receive one ticket in a drawing for HK$1,000,000.

You can earn 5 tickets by meeting each of the following criteria:

  • Level up: download the HSBC mobile banking app and make a transaction on it
  • Rack up: be a primary cardholder for an HSBC credit card
  • Power up: make an investment through HSBC
  • 1-up: hold an HSBC medical or life insurance plan
  • Boost up: set up salary autopay instructions with HSBC
Family and Friends Referral Offer: Earn HK$100 for yourself and the referred new customer up to 10 times when you recommend new customers when you are an HSBC One Account holder.

How Do HSBC Accounts Compare to Other Options?

Read our comparisons of HSBC savings accounts with other savings accounts in Hong Kong and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

HSBC Savings Accounts v. Standard Chartered Premium Banking Savings Account

Consider this if you are a high-income customer interested in premium banking services such as customizable financial management and on-demand expertise.

Standard Chartered Premium Banking is intended for higher income customers and are looking for more specified financial insights to pair with their savings account. The SCB Premium Banking account is one of the most exclusive accounts in Hong Kong, with stringent requirements for age and residence, monthly salary, initial deposit, balance requirement, and even a mortgage requirement. Moreover, its 0.0010% interest rate mirrors that of the HSBC HK Dollar Savings Account. However, as a new Premium Banking client of Standard Chartered, you will also be eligible for promotions and services.

All in all, both HSBC and Standard Chartered offer great options for customers who prefer to bank with large, established brands and who value integration of their bank accounts to other services. Because the Standard Chartered Premium Banking account requires more stringent qualifications, the HSBC HK Dollar Savings Account and—perhaps more effectively—the HSBC One Account are more accessible to everyday customers.

Details & Requirements
Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card
Minimum Monthly SalaryHK$20,000+
Minimum Initial DepositHK$200,000
Minimum Balance RequirementHK$200,000
Mortgage RequirementMortgage outstanding amount = sum of HK$1,500,000+
Max EIR
  • Minimum/Base Rate: 0.0010%

HSBC Savings Account v. Citibank Savings Accounts

Consider this if you already use Citibank services or are interested in an integrated savings and cheque account, expansive no-fee ATM access, and attractive sign-up promotions.

Citibank Savings Account is comparable to most other savings account options in Hong Kong, having similar opening requirements, interest rates, and convenience to its competitors. Like with the HSBC One Account, you can sign up for a Citibank savings and checking account through just one application. The seamlessness of the application process may be appealing for first-time customers who would like to open both accounts at once.

Citibank offers unique promotional offers for new customers of its Savings and Checking, Citibank Gold, and Citibank Priority Accounts. New customers who open an account through the Citibank mobile app are eligible for up to HK$1,700 in cash rebate(s). It is worth taking a look at Citibank's website to evaluate which promotions suit you best.

Details & Requirements
Minimum Age RequirementN/A
Proof of Identification / Address
  • Hong Kong Citizens: HK identity card and residential address proof
  • HK Non-Permanent Residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK Residents: valid travel document and current residential address proof
Minimum Initial DepositHK$0 to HK$500,000 (for Citibank Priority Banking)
Minimum Average Daily BalanceHK$0 to HK$500,000 (for Citibank Priority Banking)
Max EIR
  • Minimum/Base Rate: 0.0010%

HSBC Savings Account v. DBS Savings Account

Consider this if you value DBS's brand reputation and large ATM network.

DBS Savings Account, similar to Citibank, offers market average interest rates and integrated checking and savings accounts. Likewise, as DBS is a JETCO member, you will be able to use over 2,600 no-fee ATMs for cash withdrawals and deposits in Hong Kong. Through the DBS mobile app, you will also be able to check your funds and conduct your banking needs directly on your mobile phone.

All in all, the DBS Savings Account is very similar to Citibank's Savings and Checking Account. Clients of either bank will have access to the same ATMs, and have otherwise comparable mobile banking services and interest rates. Contrasted with HSBC, banking with DBS will afford you access to more cash machines but will not be as directly compatible with other accounts and banking services as the HSBC One Account.

Details and Requirements Minimum Age RequirementN/A
Proof of Identification / AddressHK permanent identity card or HK/foreign country identity card and valid travel document and proof of residence
Minimum Initial DepositHK$0
Minimum Average Daily BalanceN/A
Max EIR0.0010%
  • Minimum/Base Rate: 0.0010%

HSBC Savings Accounts v. Bank of China Savings Account

Consider this if you would like to earn a marginally higher interest rate on deposits over HK$1,000,000 or a slightly wider range of no-fee ATM access.

Bank of China HK Dollar Savings Account is comparable to HSBC's savings account options, and both are great options for beginners or people looking for no-fee, no-hassle account(s). There are, however, two notable differences between these two accounts.

First, as a member of the JETCO ATM consortium, Bank of China customers have no-fee access to over 2,600 Bank of China or fellow JETCO member banks' cash machines. Contrast this to HSBC's and Hang Seng's membership in the ETC ATM network, which maintains about 1,000 ATMs in Hong Kong. While customers should have no problem with no-fee ATM access at either bank, Bank of China and fellow JETCO banks do have more ATMs in Hong Kong.

Finally, the 0.0020% interest rate for deposits reaching HK$1,000,000 and above may be appealing to potential Bank of China customers. Although the difference between this and HSBC's flat rate of 0.0010% is marginal at best, higher income customers may find Bank of China's higher rates appealing.

Details and Requirements Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card and proof of residence
Minimum Initial DepositHK$0
Minimum Average Daily BalanceN/A
Max EIR
  • 0.000% (under HK$3,000)
  • 0.0010% (HK$3,000 - HK$999,999)
  • 0.0020% (HK$1,000,000+)
黄奭彤

黄奭彤 (Seaton Huang) is a Junior Research Analyst covering consumer finance products in Hong Kong. As an alumnus of Columbia University (M.A., 2020), Northeastern University (B.A., 2019), and a former Fulbright Fellow at Shaanxi Normal University (2018), he has significant academic and analytical expertise in the economic and political terrains of China, Hong Kong, and Asia Pacific. His past research has concerned the socioeconomic effects of mobile payment systems in China and the efficacy of China's Belt and Road Initiative in Central Asia, among other poignant topics in contemporary Asia.