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Compare The Best HSBC Savings Accounts in Canada 2023

Read on to learn about the best HSBC savings accounts in 2023, their pros and cons, fees, and alternatives.

HSBC offers several savings accounts you can use to grow your deposits.

Its high-interest savings account is referred to as the High Rate Savings Account, and it pays 1.05% to 1.55% interest rates on deposits.

For foreign currency, HSBC has savings accounts for the U.S. Dollar, British Pound, Euro, Hong Kong Dollar, and Renminbi.

If you want to avoid paying taxes on income earned from your savings, you can open an HSBC Tax-Free Savings Account.

HSBC Savings Account Overview

Here’s a list of the savings accounts you can open at HSBC Bank Canada:

  • HSBC High Rate Savings Account
  • HSBC Tax-Free Savings Account
  • HSBC Youth Savings Account
  • HSBC U.S. Dollar High Rate Savings Account
  • HSBC British Pound High Rate Savings Account
  • HSBC Euro High Rate Savings Account
  • HSBC Renminbi Savings Account
  • HSBC Hong Kong Dollar Regular Savings Account
 High Rate Savings AccountTax-Free Savings AccountYouth Savings AccountU.S. Dollar Savings AccountBritish Pound Savings Account
Monthly fee$0$0$0$0$0
Interest rate1.05% to 1.55% 1.55%1.55%0.35%0.25%
Minimum balance requiredNoneNoneNoneNoneNone
Free debit transactions30Unlimited00
Debit transactions fees (each)$5$1.00Free$1 USD£0.60 GBP
CDIC InsuranceYesYesYesYesYes

HSBC Savings accounts do not have monthly fees, and there are no minimum balance requirements.

The interest rate on the EUR and HKD savings accounts is 0.05%, while the Renminbi savings account does not pay interest.

Depending on the transactions you make, service fees may apply.

HSBC High-Interest Savings Account

The high interest account for HSBC Canada is the High Rate Savings Account (HRSA). This account pays standard tiered interest depending on your daily closing balance as follows:

  • $0 – $24,999.99: 1.05%  
  • $25,000 – $49,999.99: 1.55%
  • $50,000 – $99,999.99: 1.55%
  • $100,000 and over: 1.55%

The HRSA works well if you don’t conduct many debit transactions each month. The first three withdrawals or debits are free for each monthly statement cycle, and you pay a $5 fee per additional transaction.

Interac e-Transfer® transactions and other transfers between HSBC accounts in your name are free.

HSBC Tax-Free Savings Account

A Tax-Free Savings Account (TFSA) earns income on deposits on a tax-free basis.

You can deposit up to your annual limit and carry over unused contributions amounts to future years.

The HSBC TFSA allows unlimited withdrawals without penalties. That said, if you transfer all or a part of your TFSA to another financial institution, a $75 fee applies.

In addition to savings, you can invest your TFSA using mutual funds, stocks, Exchange-Traded Funds (ETFs), Guaranteed Investment Certificates (GICs), and bonds.

Compare Best HSBC Savings Accounts in Canada-img

HSBC Youth Savings Account

Help your children learn about budgeting and money management by helping them open a bank account for youth.

The HSBC Youth Savings Account is available to Canadian residents until age 19 and offers:

  • No monthly account fees
  • Unlimited free transactions, including withdrawals, debits, and Interac e-Transfer® transactions
  • Free mobile cheque deposits
  • Rebates on ATM surcharges when you use other bank’s ATMs
  • Interest on your deposits

Here are other Canadian children’s bank accounts.

HSBC Savings Account Fees

HSBC Canada Savings Accounts have service charges that may apply, depending on your usage.

 Withdrawals & DebitsNon-bank ATM in CanadaATM Outside CanadaPaper Statement
CAD High Rate Savings Account3 free/month; $5 each after$1.50$5$2/statement/month
Youth Savings AccountFreeNo HSBC charge$5Free
TFSA High Rate Savings Account$1$1.50$5$2
USD High Rate Savings Account$1 USDN/AN/AFree
GBP High Rate Savings Account£0.60 GBPN/AN/AFree
EUR High Rate Savings Account€0.75 EURN/AN/AFree
HKD Savings Account$8.50 HKDN/AN/AFree
RMB Savings Account¥6.00 CNYN/AN/AFree

HSBC Savings Account Promotions

The HRSA promotion has ended.

There is no promotional interest rate offer for the TFSA or foreign currency HSBC savings accounts.

How To Open an HSBC Savings Account

If you are a new client, you can open a new HSBC savings account by visiting their website.

You will need to provide your:

  • Name
  • Email address
  • Primary address – where you have lived for the last 3 years
  • Social Insurance Number
  • Employment details and annual income
  • Valid government-issued photo identification and a secondary I.D

HSBC High Rate Savings Account

Up to 1.55% interest*

No monthly fees

Top Canadian bank

No minimum balance & 3 free debits monthly

HSBC Savings Account Alternatives

Compare HSBC Savings accounts against other alternatives in Canada.

Neo Money Account:

Neo Money Account

neo logo

2.25% non-promo interest rate

No monthly fees

Unlimited free transactions

Access to a no-annual-fee credit card

EQ Bank Savings Plus Account:

EQ Bank Savings Plus Account

EQ Bank tfsa.

2.50%* non-promotional interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

Scotiabank MomentumPLUS Savings Account:

Scotiabank MomentumPLUS Savings

scotiabank logo2

1.50% regular interest rate, plus bonus interest for a limited time

No monthly fees

Big Five Bank account

Access to other products


What is HSBC’s savings account minimum balance?

HSBC Savings Accounts do not have a minimum balance requirement, and you can start saving with any amount.

What is the interest rate for the HSBC high-interest savings account?

The interest rate on HSBC’s HRSA for deposits is between 1.05% and 1.55%.

What bank has the best savings account in Canada?

Compare the best savings interest rates in Canada here.

Does HSBC offer GICs?

HSBC offers Guaranteed Investment Certificates with terms ranging from 30 days to 5 years. You can open a non-redeemable, redeemable, registered, and non-registered GIC account.


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Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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