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Serious Saver Account FAQ
Serious Saver Frequently Asked Questions
We have developed this guide to assist you with questions you may have about this account. If this guide does not answer your questions about the account, please contact our Direct Banking Centre on 1300 308 008.
About HSBC Serious Saver
- Who can open a HSBC Serious Saver?
- So how does the HSBC Serious Saver work?
- Are there any account fees?
- Do I have to close my existing account?
- Is there a minimum opening balance?
- Is there a minimum ongoing balance?
- How soon will my money earn interest?
- Is there a maximum balance?
- How is interested calculated?
- Explain Monthly.
- When is interest paid?
- When do I get my statement?
- When can I access my HSBC Serious Saver?
Opening the Serious Saver account
- How do I open a HSBC Serious Saver?
- Do I need to visit a branch?
- Can we set up a joint account?
- Do I have to change banks or close my existing account?
- Can I have more than one HSBC Serious Saver account?
- When do I receive my account details?
- How do I know when my account is ready for use?
Nominated Account information
- What is a Nominated Account?
- Transferring my money between my HSBC Serious Saver and my Nominated Account
- How do I change my Nominated Account details?
- Can my Nominated Account be in a different name to my HSBC Serious Saver account?
Making Deposits into Serious Saver
- How do I access my account?
- How soon can I deposit funds into the account?
- Once the account is open, how do I deposit money into the account?
- Can I set up a regular savings plan?
Making Withdrawals
- How do I withdraw money?
- Can I withdraw funds from my HSBC Serious Saver to an account that isn't the Nominated Account?
- Are there daily withdrawal limits?
- Withdrawals and interest
- Can I pay my bills from the account using BPAY®?
- Is there chequebook or branch access?
- How long does it take for my funds to clear?
Serious Saver Interest
- How is interest calculated with HSBC Serious Saver?
- Monthly Interest payable date
- How do I find out what the current interest rate is?
- How long does my money have to be in the account to earn interest?
- Do I need to keep a minimum balance?
- Is there a maximum balance limit?
- Are there any account fees?
About HSBC Serious Saver
Who can open a HSBC Serious Saver?
- You must be an Australian resident;
- You must be 18 years of age or older;
- You must be able to link your HSBC Serious Saver to an (your nominated) Australian deposit account with the same name;
- You must be comfortable opening and operating your HSBC Serious Saver online or over the phone; and
- HSBC Serious Saver is available as a personal account only. It is not available to trusts, businesses or companies;
- You must have a valid and accessible email address.
So how does the HSBC Serious Saver work?
- Firstly you don't need to change banks.
- HSBC Serious Saver is easy to use because it links electronically to your existing nominated bank account.
- When you apply for a HSBC Serious Saver, you simply nominate one of your existing bank accounts to link directly to the HSBC Serious Saver. You can then manage your savings via the HSBC Internet or Phone Banking Service, 24 hours a day, 7 days a week.
- Earn a Seriously high rate of interest on balances up to $1,000,000.
- If during any month, you do not make any withdrawals from your account or you do not close your account, we will pay interest at the prevailing HSBC Serious Saver rate.
Are there any account fees?
No. HSBC Serious Saver has no bank or account fees.
Do I have to close my existing account?
No. You don't need to close your existing bank account.
Is there a minimum opening balance?
No. There is no minimum opening balance required with HSBC Serious Saver.
Is there a minimum ongoing balance?
No. There is no minimum ongoing balance required with HSBC Serious Saver.
How soon will my money earn interest?
Every dollar up to $1,000,000 earns interest, commencing on the day it is deposited into your HSBC Serious Saver account. Interest is payable Monthly. Interest will not be payable in any month where you have either made a withdrawal or closed your account.
Is there a maximum balance?
There is no maximum balance, however interest will only be payable up to $1,000,000.
How is interested calculated?
Interest is calculated daily on you HSBC Serious Saver up to $1,000,000. Interest is payable monthly. Interest will not be payable in any month where you have either made a withdrawal or closed your account.
Explain Monthly?
Interest payments made monthly means interest is generally payable on the 28th day of each month.
However, when the 28th (interest payable date) falls on either a weekend or national public holiday, the interest payable date becomes the first next available business day.
The monthly withdrawal period is the period where making a withdrawal from the account will render the applicable Monthly Interest not payable.
The monthly withdrawal calculation period ends on the last business day before the Monthly Interest payable date (which is generally the 28th). Any non business days (weekends and national public holidays) that fall between the monthly withdrawal calculation period end date and the monthly interest payable date will count towards the next monthly withdrawal calculation period.
When is interest paid?
Interest is payable monthly. Interest will not be payable in any month where you have either made a withdrawal or closed your HSBC Serious Saver.
When do I get my statement?
You'll receive a statement by mail quarterly. To view your transaction history on a more regular basis, you can log onto internet banking.
When can I access my HSBC Serious Saver?
Any time you want by using either;
HSBC Internet banking at www.hsbc.com.au, or
HSBC phone banking, on 1300 308 008.
Both are available 24 hours a day, 7 days a week.
Opening the account
How do I open a HSBC Serious Saver?
It's simple to open an account online.
Alternatively, call the HSBC Direct Service Centre on 1300 308 880 to apply over the phone with the help of one of our consultants.
The phone application service is available Monday to Friday from 8:00am to 8:00pm AEST.
Do I need to visit a branch?
No. You can only apply for the HSBC Serious Saver either Online or via Phone Banking.
Once your account is opened you can operate your account online at www.hsbc.com.au or via Phone Banking, including checking your account balance, transferring funds to your nominated/ linked account, changing your address and contact details.
There is no branch access available with HSBC Serious Saver.
Can we set up a joint account?
Yes. Your HSBC Serious Saver can be set up as a joint account. Just follow the online application process and click on the 'joint account' option. Please note, the HSBC Serious Saver is not available where you require both parties to authorise transactions.
The Joint Account must be linked to a nominated joint account in the same name.
The maximum number of people who can open a Joint Account is 2.
Do I have to change banks or close my existing account?
No. You don't need to change banks or close your existing bank account.
Your HSBC Serious Saver is simply linked to your existing account (your nominated account). Your nominated account can be a deposit account with any Financial institution in Australia.
Can I have more than one HSBC Serious Saver account?
No. Only one per customer.
If your HSBC Serious Saver is closed, you cannot open another HSBC Serious Saver at any time within three months from the date of closure of your previous HSBC Serious Saver.
When do I receive my account details?
Your;
- Account number;
- BSB number;
- PBN; and
- Online Security Device;
Will be sent to you in the mail once we receive your paperwork and have verified your identity and opened your account.
How do I know when my account is ready for use?
We will advise you by letter. You'll receive your account number, PBN Account Number, BSB and Online Security Device in the mail.
Nominated Account information
What is a Nominated Account?
A Nominated Account is the personal Australian bank account you choose to link to your HSBC Serious Saver. Your Nominated Account must be in the same name(s) as your HSBC Serious Saver.
Transferring my money between my HSBC Serious Saver and my Nominated Account
You can only deposit funds to your HSBC Serious Saver by transferring funds from your Nominated Account.
Your nominated accounts financial institution may require you to register to use a "Third Party Transfer" or "pay anyone" service and may impose daily limits. Please contact your financial institution for more details.
To withdraw money from your HSBC Serious Saver, you must transfer the amount you wish to withdraw back to your Nominated Account, and then withdraw the amount from the Nominated Account.
How do I change my Nominated Account details?
By completing the 'HSBC Serious Saver: Change of Nominated Account' Form, returning it to us with original bank issue statements from both your existing and new nominated accounts, Your new nominated account statement must be less than 3 months old.
Can my Nominated Account be in a different name to my HSBC Serious Saver account?
No. The Nominated Account must be in the same name as the HSBC Serious Saver. Additionally, the owner(s) of the HSBC Serious Saver account must also be owner(s) of the Nominated account.
Making Deposits
How do I access my account?
You can access your account anytime you like using;
HSBC Internet banking at www.hsbc.com.au, or
HSBC phone banking, on 1300 308 008.
Both are available 24 hours a day, 7 days a week.
How soon can I deposit funds into the account?
You can make an electronic deposit into your HSBC Serious Saver from your nominated account as soon as you get confirmation of your HSBC Serious Saver being opened.
Once the account is open, how do I deposit money into the account?
You can deposit money into your account in a number of quick and convenient ways. Deposits can be made electronically from your Nominated Account to your HSBC Serious Saver, by either:
- Internet Banking;
- Phone Banking; or
- Telegraphic Transfer;
You cannot deposit cash or cheques directly into your account. You cannot transfer funds into your HSBC Serious Saver (either via Internet Banking, Phone Banking or Telegraphic Transfer) from any account other than your Nominated account.
Can I set up a regular savings plan?
Yes. Contact your nominated account bank to set up a standing order/ regular savings plan. You will need to advise them of your HSBC Serious Saver Account number and six digit BSB. We will mail you your account number and BSB once your HSBC Serious Saver is open.
Making Withdrawals
How do I withdraw money?
Use the HSBC Internet banking or phone banking to transfer funds back to your nominated account.
Can I withdraw funds from my HSBC Serious Saver to an account that isn't the Nominated Account?
No. For security reasons, you can only withdraw funds to the Nominated Account linked to your HSBC Serious Saver.
Are there daily withdrawal limits?
Yes. The maximum daily limit you can withdraw is $500,000. The $500,000 Account daily limit applies to all your HSBC accounts which have the same PBN. Therefore you may exceed your Account limit if you have withdrawn or transferred funds using the same PBN from other HSBC accounts.
Withdrawals and interest
The monthly withdrawal period is the period where making a withdrawal from the account will render the applicable Monthly Interest not payable.
The monthly withdrawal calculation period ends on the last business day before the Monthly Interest payable date (which is generally the 28th).
Any non business days (weekends and national public holidays) that fall between the monthly withdrawal calculation period end date and the monthly interest payable date will count towards the next monthly withdrawal calculation period.
Can I pay my bills from the account using BPAY®?
No. The only way you can withdraw funds from your HSBC Serious Saver is back to your linked nominated account.
Is there chequebook or branch access?
No. The only way you can withdraw funds from your HSBC Serious Saver is back to your linked nominated account.
How long does it take for my funds to clear?
If your HSBC Serious Saver is linked to an eligible HSBC Nominated Account, funds are transferred instantly between the accounts.
If your HSBC Serious Saver is linked to a Nominated Account with another financial institution, transferred funds are available on the next business day as long as the transfer is made prior to 4:00pm on a business day. Transfers are not processed on weekends or national public holidays.
Interest
How is interest calculated with HSBC Serious Saver?
Interest is calculated daily on the total closing balance of your HSBC Serious Saver up to $1,000,000. Interest is payable monthly.
Interest will not be payable in any month where you have either made a withdrawal or closed your account.
Monthly Interest payable date
Interest is generally payable on the 28th day of each month, covering the period beginning with the previous interest payable date, up to the day prior to this interest payable date.
However, when the 28th (interest payable date) falls on either a weekend or national public holiday, the interest payable date becomes the first next available business day.
How do I find out what the current interest rate is?
The current interest rate is always available at www.hsbc.com.au or by calling Phone Banking Centre on 1300 308 008.
How long does my money have to be in the account to earn interest?
Every dollar up to $1,000,000 earns full interest from the day it is deposited to your HSBC Serious Saver account.
Do I have to keep a minimum balance?
No. You can have as much or as little as you like in your HSBC Serious Saver at any time.
Is there a maximum balance limit?
There is no maximum balance limit but interest is only paid on balances up to $1,000,000.
Are there any account fees?
No. HSBC Serious Saver has no bank or account fees.
