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HSBC High Rate Savings Account Review 2024

Updated:

Fact Checked

HSBC Bank Canada’s High Rate Savings Account (HRSA) offers competitive tiered interest rates on your deposits and has no monthly fees.

As of this writing, you could earn up to 6.35% in total interest rates on new deposits up to $1 million.

Looking to save for a short or long-term financial goal? The HSBC HRSA may work for you.

HSBC High Rate Savings Account Features

To summarize, the HSBC Canadian Dollar High Rate Savings Account offers:

  • Competitive total interest rate of up to 6.35% on new deposits*
  • No monthly fees
  • 3 free transactions per monthly statement cycle
  • No minimum balance
  • Access to online banking and thousands of ATMs across Canada
  • CDIC insurance for deposits

HSBC HRSA Interest Rates

This account has tiered interest rates depending on your balance.

For deposits up to $24,999.99, you earn up to a 1.35% interest rate. For deposits over $25,000, you earn up to 1.85%*. These are the standard rates.

For a limited time, new HSBC customers earn an annual interest rate of up to 6.35% on new deposits± from October 16, 2023, to January 12, 2024*. This includes the regular tiered interest plus a 4.50% bonus during the promotional period.

This interest is calculated on your daily closing balance.

Free Transactions

You can easily connect the HSBC High Rate Savings Account to your other HSBC Accounts and transfer funds between them. Deposits from linked external bank accounts are also free.

An extra perk of the HRSA is that you get three free transactions each monthly statement cycle. These include withdrawals and debits, as well as Interac e-Transfer® transactions. Addition debit transactions cost $5 each.

No Monthly Fees

There are no monthly administration fees for this account.

For convenience, you can access your deposits via HSBC ATMs and THE EXCHANGE Network ATMs in Canada. Each ATM transaction costs $1.50 (or $5 for all ATMs outside Canada).

Other HRSA Accounts

In addition to the Canadian Dollar High Rate Savings Account, HSBC also has foreign currency savings accounts in the same category:

  • HSBC US Dollar High Rate Savings Account
  • HSBC British Pounds High Rate Savings Account
  • HSBC Euro High Rate Savings Account
  • HSBC Hong Kong Dollar Foreign Currency Savings Account
  • HSBC Renminbi Foreign Currency Savings Account

Note that the CAD High Rate Savings Account interest rates below are the regular rates.

Daily Closing BalanceUp to $24,999.99$25,000 – $49,999.99$50,000 – $99,999.99$100,000+
CAD High Rate Savings1.35%1.85%1.85%1.85%
USD High Rate Savings0.50%0.50%0.50%0.50%
GBP High Rate Savings0.25%0.25%0.25%0.25%
EUR High Rate Savings0.05%0.05%0.05%0.05%
HKD Foreign Currency Savings0.05%0.05%0.05%0.05%
RMB Foreign Currency Savings0.00%0.00%0.00%0.00%

How To Open an HSBC High Rate Savings Account

You can easily open an HSBC High Rate Savings Account online by visiting their website.

Click on the “open an account” button to start the application.

You will need to provide your email address, phone number, employment details, primary address for the last 3 years, and Social Insurance Number (SIN).

A valid piece of I.D. is also required and can either be a Passport, driver’s license, or provincial government-issued I.D.

If you are an existing HSBC customer, you can open a savings account from your Online Banking dashboard.

Open an HSBC High Rate Savings Account

Pros of HSBC High Rate Savings Account

The benefits of this account are:

  • Competitive interest rates on every dollar in your account
  • No monthly account fees
  • Includes 3 free debit and withdrawal transactions.
  • No minimum balance to start earning interest

Cons of HSBC High Rate Savings Account

You should note the following and their impact on your account:

  • Transaction fees may apply. If you exceed the three free transactions (debits and withdrawals) each month, a $5 fee applies per additional transaction
  • Tiered interest rates mean you only earn the top interest rate when your balance reaches a threshold amount

HSBC Savings Calculator

Use this savings calculator to estimate how your deposits could grow with a high-interest savings account.

HSBC High Rate Savings Account Alternatives

For high interest rates on your savings accounts, you can also check out these alternatives:

Simplii Financial Savings Account:

Simplii High-Interest Savings Account

simpliifinancialnewlogo3-img

6.00%* rate for 5 months

Unlimited debits and bill payments

Unlimited Interac e-Transfers

$400 cash bonus offer with a free chequing account

Neo Money Account:

Neo Money Account

neo logo

Unlimited 5% average cash back

No monthly fees + $20 bonus

2.25% non-promo interest rate paid on balance

Unlimited free transactions

Get a Mastercard for payments online and ATMs

Access to a no-annual-fee credit card

EQ Bank Savings Account:

EQ Bank Personal Account

EQ Bank tfsa.

Up to 4.00%* interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

HSBC Bank Canada Overview

HSBC Bank Canada is one of the largest banks in Canada. Its parent bank, HSBC, was established in 1865 and operates in 63 countries and territories.

HSBC offers several banking products, including chequing, savings, credit cards, investments, loans, and insurance.

FAQs

What is the HSBC high interest rate promotion?

HSBC does not currently appear to offer promotional interest rates on the High Rate Savings Account.

What is the interest rate on HSBC’s high interest savings account?

The interest rate on the HSBC High Rate Savings Account is 1.35% for amounts up to $24,999.99 and 1.85% for amounts exceeding $25,000.

Do I pay a monthly fee for this account?

There are no monthly maintenance fees for this account.

Is HSBC a good bank?

HSBC is one of the best banks in Canada, and it offers a complete suite of financial

Related:

*All rates as of October 16, 2023, and subject to change without notice. The regular interest rate is per annum and is calculated daily on the entire HRSA balance and paid monthly (regular interest rate tiers: $0-$24,999 at 1.35% and $25,000 or more at 1.85%). The bonus interest rate earned on new deposits is 4.50% per annum, calculated daily on the daily closing balance of the new deposits and paid monthly.
±New Deposits is the lower amount of the increase in Total Deposits (all your deposit accounts under the same Customer Account Number with HSBC Bank Canada) and increase in High Rate Savings Account Balance.

+ Debit card fees for withdrawal may apply (see Personal Service Charges Statement of Disclosure to learn more).
® THE EXCHANGE and Accel are registered trademarks owned by Fiserv Inc. licensed for use in Canada by FICANEX Services Limited partnership.
®Interac e-Transfer is a registered trade-mark of Interac Inc. Used under license.
For more information and to confirm most recent rates, please visit www.hsbc.ca.

Top Banking Offers for February

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

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Get a $100 welcome bonus with $1,000 spending in first 2 months.

Earn 2% unlimited cashback in 3 spending categories - no annual fees!

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and free insurance coverage.

Earn a regular 4.00% interest on your savings account

Earn a non-promotional 4.00% high interest rate on every dollar.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays an average cashback of 5% on purchases.

No monthly or annual account fees; free budgeting app.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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