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 Balance | Up to $24,999.99 | $25,000 – $49,999.99 | $50,000 – $99,999.99 | $100,000+ |
| CAD High Rate Savings | 1.35% | 1.85% | 1.85% | 1.85% |
| USD High Rate Savings | 0.50% | 0.50% | 0.50% | 0.50% |
| GBP High Rate Savings | 0.25% | 0.25% | 0.25% | 0.25% |
| EUR High Rate Savings | 0.05% | 0.05% | 0.05% | 0.05% |
| HKD Foreign Currency Savings | 0.05% | 0.05% | 0.05% | 0.05% |
| RMB Foreign Currency Savings | 0.00% | 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.
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
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
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
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
HSBC does not currently appear to offer promotional interest rates on the High Rate 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.
There are no monthly maintenance fees for this account.
HSBC is one of the best banks in Canada, and it offers a complete suite of financial
Related:
- HSBC Newcomer Program
- HSBC+ Rewards Mastercard
- HSBC World Elite Mastercard Review
- Compare HSBC Bank Canada Savings Accounts
*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.
