HSBC Everyday Global Savings Account: Who Is This Account For?
HSBC Everyday Global Savings Account: Who Is This Account For?
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Pros
- Access to real time exchange rates and FX transactions.
- There are no transfer fees from fund transfers to other overseas HSBC accounts.
- No overseas ATM withdrawal or retail spending fees.
- 1% cashback + up to SGD 800 bonus cash reward with HSBC Everyday+
Cons
- Low base interest rates of 0.05% for SGD; no interest incurred for most currencies.
- Limited foreign currencies offered. Only 10 foreign currencies.
- Have to maintain a minimum balance of S$2,000 or pay S$5 fall-below fee.
Frequent travellers, especially to China, that wants a hassle free overseas transaction without any fees on ATM withdrawal or retail spending should consider looking at the HSBC Everyday Global Savings Account. Account holders are able to use the HSBC Singapore App to hold 11 different currencies seemlessly, as well as earn up to 0.5% interest when depositing Chinese Yuan (RMB).
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What Makes HSBC Everyday Global Savings Account Stand Out
If you're someone that travels often to overseas, or transact transfer foreign currencies often, HSBC Everyday Global Account may be the best option for you. The HSBC Everday Global Account can hold 11 currencies seamlessly, and allow users to transact in 9 different foreign currencies without any FX fees involved for retail spending or international ATM withdrawal with the HSBC Everyday Global Debit Card.
Using the HSBC Singapore App, you can transfer and receive money internationally with the HSBC Global Money Transfers to over 50 countries/territories like a local, and over 200 countries using SWIFT, China via UnionPay cards issued in Mainland China (only from non-RMB account), as well as instantly to other third-party HSBC bank accounts, all fee-free. You can also make FX transactions with real-time rates under the Online GetRate feature.
Another benefit of the HSBC Everyday Global Account is that you can earn a bonus 1% p.a. interest rate under HSBC Everyday+ on your incremental SGD balances in your Everyday Global Account, as well as other benefits such as 1% cashback on all spending with your HSBC credit card/Everyday Global Debit Card, and a 1% cashback on all your GIRO bill payments (with no minimum spend). The 1% bonus interest and cashback is capped at SGD 300.
You can also earn up to 3.5% cashback on all your purchases when you spend with your HSBC Advance Credit Card as well as bank with your Everyday Global Account.
HSBC Everyday Global Savings Account Interest Rates
| Currency | Interest Rate |
|---|---|
| Singapore Dollar (SGD) | 0.05% p.a. |
| Chinese Yuan (RMB) | 0.50% p.a. |
| US Dollar (USD) | 0% |
| Australian Dollar (AUD) | |
| Canadian Dollar (CAD) | |
| Hong Kong Dollar (HKD) | |
| New Zealand Dollar (NZD) | |
| Great Britain Pound (GBP) | |
| European Euro (EUR) | |
| Japanese Yen (JPY) | |
| Swiss Franc (CHF) | |
| Bonus Interest Rate (Everyday Global Account) | 5.35% p.a. |
| Bonus Interest Rate (Everyday Global Premier Account) | 5.50% p.a. |
_ Chinese Yuan (RMB)|0.50% p.a. _ US Dollar (USD)|0% _ Australian Dollar (AUD)|^^^ _ Canadian Dollar (CAD)|^^^ _ Hong Kong Dollar (HKD)|^^^ _ New Zealand Dollar (NZD)|^^^ _ Great Britain Pound (GBP)|^^^ _ European Euro (EUR)|^^^ _ Japanese Yen (JPY)|^^^ _ Swiss Franc (CHF)|^^^ _ Bonus Interest Rate (Everyday Global Account)|4.3% p.a. _ Bonus Interest Rate (Everyday Global Premier Account)|4.45% p.a.
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You are able to earn up to 5.35% p.a. on your SGD deposits. However, there is no interest rate for the other nine currencies other than RMB.
There is also a minimum balance of S$2,000 that you have to keep in the bank account, with a S$5 penalty if your bank balance falls below S$2,000.
HSBC Everyday Global Savings Account Details & Requirements
- Min. Age Requirement
- 18
- Min. Initial Deposit
- S$100 or equivalent
- Min. Balance Requirement
- S$2,000
| Details & Requirements | |
|---|---|
| Minimum Age Requirement | 18 |
| Minimum Initial Deposit | S$100 or equivalent |
| Minimum Balance Requirement | S$2,000 |
| Fall-Below Fee | S$5 (No Waiver) |
How Does HSBC Everyday Global Savings Account Compare to Other Accounts?
Read our comparisons of HSBC Everyday Global Savings Account with other savings accounts and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs. Because HSBC is a multi-currency oriented account, they will be compared with other bank accounts with multi-currency features.
HSBC Everyday Global Savings Account v. Standard Chartered Bonus$aver Account
- Min. Age Requirement
- 18
- Min. Initial Deposit
- S$0
- Min. Balance Requirement
- S$3,000
Standard Chartered Bonus$aver Account is an excellent multi-currency account for those who wants to earn higher interest rates for SGD. You can earn up to 2.38% p.a. on the first S$80K eligible balance, which is up to S$1,904 in bonus interest p.a.! You can also access 14 currencies with $0 overseas transaction fees and competitive FX rates with LiveFX.
HSBC Everyday Global Savings Account v. UOB One Account
- Min. Age Requirement
- 18
- Min. Initial Deposit
- S$1,000
- Min. Balance Requirement
- S$1,000
UOB One Account is a great all in one savings account that suits your every needs, including transacting in foreign currency. The UOB One Account allows you to maximise interest rates by spending a minimum of S$500 on an eligible UOB card to earn 0.25% p.a. from your first dollar. Or get up to 2.5% p.a. by making 3 GIRO payments/credit your salary. With the UOB Mighty App, you can use Might FX to transact and invest in 10 different currencies at competitive rates directly from your phone with zero admin fees.
HSBC Everyday Global Savings Account v. Citi Wealth First Account (Citigold Status)
- Min. Age Requirement
- 18
- Min. Initial Deposit
- 250,000
- Min. Balance Requirement
- S$15,000
CitiGold provides premium world-class priority banking for the affluent. They have a dedicated relationship manager that provides substantial sound financial advice based on current individual and global situations. With the CitiBank Debit MasterCard, you can enjoy with zero conversion charges and transaction processing fees, as well as zero foreign exchange conversion fee and administrative charge at all Citibank ATMs worldwide complimentary to CitiGold members. You can also earn up to 2.8% p.a. by spending, investing, getting insurance, saving, and borrowing from CitiBank.
Interested to know more about savings accounts in Singapore? Click here to read more of our curated reviews on savings accounts in Singapore here.
Boon Hun spent over five years in the content marketing space as the managing editor of Goody Feed creating interesting and relevant content for the social media generation. In 2022, he moved to the FinTech space while remaining true to his roots, intending to bring financial literacy to more people in Singapore. When not doing his work, he can be found watching people build homes on YouTube.