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HSBC LAUNCHES FEE-FREE ONLINE SAVINGS ACCOUNT
16 February 2001
HSBC Bank Australia Limited has launched its online banking service for personal customers with an Online Savings Account that pays high interest and can be operated free of charge. The account offers customers 24-hour instant access via the convenience of multiple channels and unlimited fee free transactions.
Customers using HSBC's Online Savings Account will earn a market leading 4.80 per cent interest on balances above $2,000. There are no set up charges or ongoing minimum balance requirements, although customers are initially required to open the account with a deposit of $2,000 or larger.
Kevin Martin, Head of Personal Financial Services, said: "HSBC already offers an award winning and market leading product in the cash management category. Our Online Savings Account offers customers the opportunity to earn levels of interest usually only associated with a cash management trust. No other online savings account in the Australian market offers the same combination of high interest, no fees, instant access and convenience.
"We see the Online Savings Account as the foundation of our customers' transactional and wealth building activities. Because funds held in an Online Savings Account are at call and pay high interest, there is no need for customers to move money between accounts or provide notice to withdraw or transfer funds. Investors can comfortably 'park' their surplus cash between investment decisions, knowing they still retain ready access and are being paid an attractive level of interest."
In addition to usual everyday deposit and withdrawal facilities, Online Savings Account customers are able to transfer funds to third party accounts both locally and internationally, pay bills via BPAY, schedule regular payments and view previous transactions. The account combines the ability to link directly to online share trading facilities, margin lending, personal line of credit, home lending and managed funds.
Notes to editors
1. Unlimited Fee-Free Transactions Specifications
Online Savings Account transactions are fee free if carried out via the Internet, phone banking, Eftpos, cheque, BPAY, GiroPost and HSBC ATMs. In addition customers can carry out up to five transactions per month fee free at non-HSBC ATM's, or transact more than five times at a cost of $1.50 per transaction. Withdrawals carried out over the counter in HSBC branches or by written or faxed instruction carry a fee of $5 per transaction. Overseas Telegraphic Transfers cost $15 if carried out online, $20 via HSBC branches and $25 via phone banking. Charges also apply to cancelled cheques and statement requests irrespective of the channel used.
2. HSBC in Australia
In Australia, the HSBC Group offers an extensive range of financial services through a network of 29 branches and offices. These services include personal and commercial financial services, trade finance, stockbroking, treasury and financial markets, corporate finance, funds management, electronic banking, and investment advisory and securities custody.
Principal HSBC Group members operating in Australia include HSBC Bank Australia Limited, HSBC Asset Management (Australia) Limited, HSBC Precious Metals (Australia) Limited and HSBC Bank plc.
3. The HSBC Group
Headquartered in London, the HSBC Group is one of the world's largest international banking and financial services organisations with assets of US$580 billion (A$999 billion) at 30 June 2000 and over 170,000 employees in more than 6,000 offices in 81 countries and territories. The HSBC Group has major personal, commercial, corporate and investment banking and insurance businesses in the Asia Pacific region, Europe, the Americas, the Middle East and Africa.
