HSBC is one of the leading companies in the world, offering banking services. It has over 45 million clients and runs several global business divisions.
Types of bank accounts
The HSBC bank offers different account options for its clients in the country.
The types of bank accounts are:
- HSBC Premium Cash Management
- Day to Day
- Flexi Saver
- Serious Saver
- AUD Term Deposit
- Multi Currency
- and finally, Foreign Currency Term Deposit.
Day to Day Account
The “Day to Day” account is for country’s residents who are 18 years or older and have a permanent address.
- no monthly account fee
- no requirement on ongoing or min balances
- comes with online mobile and phone banking
- has no ATM transaction fees
- also allows salary deposits and other payments.
Flexi Saver Account
It is available to customers who have an permanent address in the country and aged 18 years and above.
Main features are:
- money transfers to other country’s banks without having to link them
- opening multiple accounts for different savings goals
- transfers of AUD to any other HSBC bank account
- online banking
- available for major foreign currencies.
HSBC Premium Cash Management Account
This account is available for clients who have:
- a min of AUD 200,000 in savings and investments
- AUD 500,000 in loans or savings
- investments and loans totalling to a min of AUD 500,000 with the HSBC bank.
With this account:
- customer gets a dedicated manager
- banking network available globally
- card privileges and rewards
- preferable pricing on products like insurance, credit cards, term deposits, home loans and much more.
Serious Saver Account
It does not have a monthly account fee and does not require min ongoing or opening balances. The standard variable charges of 1.60% p.a are applicable after a 4-month introductory rate of 2.255 p.a for customers with balances up to AUD 100,000.
AUD term deposit account
It requires a min opening balance of AUD 5,000. Multi- and foreign currency term deposit bank accounts are available in the major foreign currencies for a client who meet opening deposit conditions.
How to apply
The country’s residents are required to be 18 years and above and have a permanent address to open a bank account.
By the law, the bank has a responsibility for a client ID, so they need to bring their ID proof. It can be a passport, a driver’s license, a birth certificate or a valid visa.
Residents are also need to have a Tax File Number (TFN). Otherwise, any interests earned will be taxed at highest rates.