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 Account | Tax-Free Savings Account | Youth Savings Account | U.S. Dollar Savings Account | British Pound Savings Account | |
| Monthly fee | $0 | $0 | $0 | $0 | $0 |
| Interest rate | 1.05% to 1.55% | 1.55% | 1.55% | 0.35% | 0.25% |
| Minimum balance required | None | None | None | None | None |
| Free debit transactions | 3 | 0 | Unlimited | 0 | 0 |
| Debit transactions fees (each) | $5 | $1.00 | Free | $1 USD | £0.60 GBP |
| CDIC Insurance | Yes | Yes | Yes | Yes | Yes |
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.
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 & Debits | Non-bank ATM in Canada | ATM Outside Canada | Paper Statement | |
| CAD High Rate Savings Account | 3 free/month; $5 each after | $1.50 | $5 | $2/statement/month |
| Youth Savings Account | Free | No HSBC charge | $5 | Free |
| TFSA High Rate Savings Account | $1 | $1.50 | $5 | $2 |
| USD High Rate Savings Account | $1 USD | N/A | N/A | Free |
| GBP High Rate Savings Account | £0.60 GBP | N/A | N/A | Free |
| EUR High Rate Savings Account | €0.75 EUR | N/A | N/A | Free |
| HKD Savings Account | $8.50 HKD | N/A | N/A | Free |
| RMB Savings Account | ¥6.00 CNY | N/A | N/A | Free |
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
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
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
1.50% regular interest rate, plus bonus interest for a limited time
No monthly fees
Big Five Bank account
Access to other products
FAQs
HSBC Savings Accounts do not have a minimum balance requirement, and you can start saving with any amount.
The interest rate on HSBC’s HRSA for deposits is between 1.05% and 1.55%.
Compare the best savings interest rates in Canada here.
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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