Earn up to 5.5% p.a. interest on your SGD savings
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Having served millions of personal, wealth and corporate customers worldwide, HSBC has over a century of legacy as one of the world's largest banks with over $2.9 million in total assets (as per its latest 2021 annual report).
Their HSBC Everyday Global Account (Premier) offers you 1% cashback, up to $5,500 cash credit (exclusive one-time promotion for HSBC Premier sign-ups from now till 30 June), and even the convenience of making currency transfers worldwide with the HSBC Global Money Transfers on the HSBC Singapore app.
Currently, you'll be able to earn up to 1.55% p.a. on your savings with your HSBC Everyday Global Premier Account (as per their advertised interest rate on 13 June 2022), when you use your HSBC personal Credit Card or HSBC Everyday Global Debit Card for your everyday spending.
To find out if this card is suitable for you, we'll look at the pros and cons of taking up a HSBC Everyday Global Premier Account in this review.
Similar to other many banks' requirements in Singapore, you'll need to be aged 18 and above and be a Singapore Citizen, Permanent Resident (PR) or foreigner with a valid Singapore Employment Pass, to be eligible to apply for this savings account.
The minimum monthly income requirement is $15,000 for Singaporeans and PRs or foreigners residing in Singapore, as per HSBC's application eligibility requirements. In addition, you'll have to keep at least SGD200,000 (or its equivalent in foreign currencies) in your HSBC Everyday Global Premier Account at any point of time.
Considering these aspects, the HSBC Everyday Global Premier Account makes a good option for Singaporeans, PRs and foreigners who travel often (able to maximise the foreign currency exchange perks) and earning more than $15,000 per month.
Another thing to note is that this loan is only for new customers and not existing HSBC customers with HSBC Premier accounts or credit cards. You'll also need to make a minimum of 5 transactions with either your HSBC personal Credit Card or HSBC Everyday Global Debit Card ("Eligible transactions") each month for at least three months.
With HSBC’s latest promotion, you’ll be able to enjoy up to 1.55% p.a. on your savings with your HSBC Everyday Global Premier Account (as per their advertised interest rate on 13 June 2022), but the actual interest rate you’re entitled to really depends on the placement amount you have, the term (1 month, 3 months, 6 months, etc.) and whether it’s Singapore Dollars Deposit Rate or Foreign Currency Deposit Rate.
It’s also worth taking note that most banks actually do charge other fees that may eat into your savings, such as cash withdrawal fees, annual fees and foreign currency transaction fees, some of which they do not publish upfront on their websites. Let’s take a look at what fees you may or may not have to pay if you open a HSBC Everyday Global Premier Account.
The great thing about a HSBC Everyday Global Premier Account is that you don’t need to pay any overseas cash withdrawal fee whenever you withdraw cash from your account from HSBC ATMs worldwide.
Another advantage about having this account as a HSBC personal Credit Card or HSBC Everyday Global Debit Card holder is that you won’t be charged with any foreign transaction fees (applicable to 10 currencies) when you make any retail purchase at a store or online.
Just in case you’re not sure about what a foreign transaction fee is, here’s a simple breakdown of what it’s made up of. A foreign transaction fee usually comprise of 3 components: a fee that is charged by a credit card network such as MasterCard or Visa, and another fee that is charged by your card issuer company i.e. HSBC in this case, and lastly, the third component which is the dynamic currency conversion fee (only if you pay in SGD instead of overseas currency).
As there’s already a stipulated minimum balance of $200,000 (or its equivalent in foreign currencies) that you have to maintain in your HSBC Everyday Global Premier Account, there is a fee to pay if you do not meet this criteria. A HSBC Premier Service Fee of $50 per month will be charged once there’s less than $200,000 in your account.
Before you start applying for a HSBC Everyday Global Premier Account or any other type of savings accounts, you’ve got to be certain of the reason why you need it. Picking a suitable savings account that suits your lifestyle needs can help you maximise the benefits that the bank offers to you.
If you’re one who travels often due to work or study overseas and need to make funds transfers back to your own country or vice versa, the HSBC Everyday Global Premier Account may be good enough for you. However, if you’re after attractive dining deals and hotel-stay discounts, exclusive access to airport lounges or free limousine services to and from the airport, there are other premier banking services that are available.
You'll need to provide all the necessary documentation in order for HSBC to approve your application. This list of documents include:
If you’re a new customer who is a SingPass holder, you can apply on HSBC’s website with MyInfo for a quicker application as most parts of the form will be pre-filled with details from your Myinfo profile. Alternatively, you can contact your preferred Relationship Manager, or call HSBC’s banking hotline at 1800 - HSBC NOW (4722 669) and if you’re overseas, call (65) 6-HSBC-NOW (4722 669).
You’ll be entitled to be a HSBC personal Credit Cardholder or HSBC Everyday Global Debit Cardholder. Once you’ve decided on that, you’ll need to credit at least $15,000 of your salary into your HSBC Everyday Global Premier Account and make a minimum of 5 transactions each month, and then you’re ready to maximise the perks of your account!
Once you’ve completed the account application, a confirmation message will be sent immediately to your handphone and registered email address.
There are more benefits when you qualify for and open a HSBC Premier Savings Account as compared to a normal HSBC Personal Savings Account. Having a HSBC Premier Savings Account means you’re entitled to global support at any HSBC Premier Centres worldwide and HSBC Premier status recognition in all countries where you bank with HSBC, and a dedicated Premier Relationship Manager to help manage your personal finances.
While there is no minimum monthly income required to be credited into your HSBC Personal Savings Account, the minimum monthly income requirement for HSBC Premier Savings account is $15,000 for Singaporeans and PRs or foreigners residing in Singapore. In addition, you’ll have to keep at least SGD200,000 (or its equivalent in foreign currencies) in your HSBC Everyday Global Premier Account at any point of time, while the minimum to keep in your HSBC Savings Account is only $2,000.