HSBC

Transaction Accounts

HSBC has two everyday accounts to select from.

1. Everyday Global account

This multi-currency account includes everything you need for your everyday banking. With the Everyday Global account, you pay $0 in monthly service fees and transaction fees and nothing for withdrawing money from a HSBC ATM. Enjoy extra benefits with Everyday Extras when you deposit $2,000 or more each month. You have the ability to pay in local currency if you are travelling. You can also buy, hold and spend in up to 10 currencies.
Included with this account is an Everyday Global Visa Debit card and access to online and mobile banking.

2. Day to Day account

This is a straightforward everyday bank account, that is suitable for those with a Commonwealth Seniors Health card, Health Care card, Pensioner Concession card or other government concession card. There are no monthly account service fees and no minimum deposit is required. You can use your own money when shopping in-store, online and overseas with your HSBC Visa Debit Card. There’s no ATM withdrawal fees at any HSBC ATMs or other banks that offer free ATM access.

Savings accounts

HSBC Australia offer two savings accounts and a Term Deposit account.

1. Flexi Saver Account<

The Flexi Saver account offers a monthly bonus if you increase your balance by a minimum $300. It also offers easy access to your money at any time. There is a $0 minimum opening balance and no ongoing balance required. There is also no monthly account fee.

2. Serious Saver

The Serious Saver is an online savings account that offers a great four month introductory variable interest rate. In order to be able to transfer money in and out of this account, it must be linked to your nominated transaction account. There is $0 minimum or ongoing balance required and no monthly account fee.

3. Term Deposit

HSBC Australian dollar term deposits are perfect for short term or long term savings. Terms range from 1 month to 5 years. This account offers fixed interest rates with a minimum opening balance of $5000 and no monthly account fee.

Credit cards

HSBC keeps its credit card products simple, for ease of use. There are four main cards on offer.

1. Platinum Card

HSBC’s Platinum card holds the most amount of benefits.
Highlights

• Annual Card fee of $129
• $6000 minimum credit limit
• Rewards Plus Program
• Complimentary insurance benefits
• Mobile payment s through Apple Pay and Google PayTM
• My Card Control access. This gives cardholders the ability to choose when and how they use their card: contactless, online, over the phone. It also enables international transactions to be switched on and off as needed.

2. Platinum Qantas Card

Receive Qantas Frequent flyer points with this card.
Highlights

• Annual Card fee of $99
• $6000 minimum credit limit
• Qantas Frequent Flyer Program: earn 1 Qantas spent for every dollar of eligible spent up to $1000 in a monthly statement period
• Complimentary Qantas Frequent Flyer Membership
• HSBC Instant Savings
• Up to 55 days interest free
• 0% balance transfer for 12 months

3. Low Rate Card

Highlights

• Pay a lower rate with this card.
• Annual Card fee of $99
• $1000 minimum credit limit
• No rewards program
• No overseas transaction fees
• Complimentary domestic travel insurance
• Mobile payments

4. Premier World Mastercard

HSBCs Mastercard is accepted at over 32 million locations worldwide and gives customers choice of two rewards systems: HSBC Rewards Plus Program with no annual fee
or HSBC Qantas Rewards Program that earns up to 40,000 Qantas Frequent Flyer bonus points.

Highlights

• Annual Card fee of $0 for Rewards Plus or $99 for Qantas Rewards.
• $10,000 minimum credit limit
• Choice of Rewards Plus or Qantas Rewards
• HSBC instant savings
• MastercardTM Airport Experiences provided by LoungeKey
• Complimentary domestic travel insurance
• Mobile payments

Home Loans

1. Home Value Loan

This home loan offers a great variable rate. It comes with a personal HSBC Relationship Manager, who can guide you through the home loan process. Customers can make extra repayments without having to pay fees and a free redraw facility is available on any extra repayments you may have made. There are no monthly service fees, however there is a $600 establishment fee that can be waived with the promotional offer.

2. Standard Variable Rate Home Loan

If you combine your Standard Variable home loan with an offset account, you can save on interest. This home loan can be used for existing properties or as a construction loan. You can make extra repayments and have free redraw available on any extra repayments. Again, customers will be provided with a Relationship Manager. Use your Debit card for easy access to your home loan. If you add the HSBC home loan package for a $390 annual fee, you can enjoy a $0 establishment fee, $0 valuation fee and $0 settlement fee.

3. Fixed Rate Home Loan

Choosing a Fixed Rate Home Loan means you will always know what your repayments with be for your selected term. HSBC has a number of competitive rates to choose from. You can make up to $10,000 extra repayments per year and split your loan with a HSBC variable loan. Add the HSBC home loan package for $390 annual fee and enjoy a $0 establishment fee, $0 valuation fee and $0 settlement fee. You will receive a discount on the fixed rate by adding this home loan package, however break costs may apply if you choose to exit early.

Personal Loans

HSBC has a personal loan for every situation.

1. Personal Loan

HSBC’s unsecured personal loan can be taken under one to five year terms and customers can borrow from $5,000 to $50,000.
Highlights

• Online application that is quick and easy
• Fixed set monthly repayments to make managing your loan easier
• $150 establishment fee
• $5 monthly account servicing fee
• $199 early termination fee

2. Car Loan

Used for new or used cars, with terms from one to five years.

• Online application and get a response in 60 seconds
• Once approved, funds will be deposited into your account within a couple of days.
• $150 establishment fee
• $5 monthly account servicing fee
• $199 early termination fee

HSBC also offer a

• holiday loans
• wedding loan
• renovation loan
• debt consolidation loan

Pros

• Expats and non-citizens living in Australia are well catered to
• Enormous global presence
• Accounts with $0 monthly fees and no withdrawal fees
• Minimal fees on home loan products
• Simple banking products
• Competitive interest rates
• Easy to use internet banking

Cons

• Lack of many physical banks in Australia compared to other large banks
• No interest rate for day to day account
• International operations affected by global pandemic
• Hong Kong region, the company’s biggest market, also affected by political unrest, which could affect products and services for international customers