HSBC Singapore launches savings programme offering up to 6.01% interest
Rewards+ links bonus interest to five banking activities, with bonuses applying to the first S$100,000 in an eligible account.
HSBC Singapore has introduced Rewards+, allowing customers who satisfy five qualifying conditions to receive up to 6.01% per annum on Singapore-dollar savings. The programme links interest bonuses to salary deposits, transactions, investments, insurance and housing loans, according to the bank.
Bonuses are calculated on the first S$100,000 of the average daily Singapore-dollar balance held in an HSBC Everyday Global Account (EGA) under a single name. They supplement the prevailing base rate of 0.01% per annum. Eligible customers are enrolled automatically without a separate application.
The five qualifying activities carry the following annual interest bonuses:
- Salary: 1.50% for monthly salary credits through GIRO of at least S$5,000.
- Transactions: 0.25% for at least S$1,000 in qualifying monthly activity, including eligible card purchases, bill payments and PayNow payments to businesses.
- Investments: 1.50% for investing at least S$50,000 in qualifying unit trusts, structured products or bonds.
- Insurance: 1.50% for qualifying purchases, with thresholds of S$12,000 annually for regular-premium plans or S$50,000 for single-premium plans.
- Home loans: 1.25% for a qualifying new mortgage worth at least S$500,000.
Salary and transaction bonuses apply monthly. Bonuses for investments, insurance and mortgages last one year. HSBC said Rewards+ can be combined with its other campaigns and reward programmes unless otherwise specified.
A dashboard in the HSBC Singapore mobile banking app lets customers monitor the five goals and interest earned. It includes achievement badges and visual progress indicators, while notifications flag completed activities and requirements that remain outstanding.
