How does the HSBC Advance stack up when compared against other savings multiplier accounts?
Recently, we at SingSaver, decided to do a test drive of the increasingly popular multiplier savings accounts. Multiplier accounts are called that because you earn an interest rate “multiplier” the more you do with that account when it comes to crediting your salary, credit card spend, home loan, insurance and investments. While the HSBC Advance is not new, we gave it a spin and compared it against some of the other popular multiplier accounts on the market.
Stay in control of your finances and achieve your goals
Most of the benefits other banks offer today seem to serve either your short-term needs (personal loans, credit cards, transactional accounts) or your long-term needs (mortgage loan, savings, investments, wealth management). Opening an all-in-one HSBC Advance account does both because its range of products and services — from the HSBC Advance Credit Card, online banking services and suite of wealth investment and forex currency options — grows with you as you progress through life’s milestones.
There’s no better example of this than the way they begin their banking relationship with you. To qualify for the automatic monthly fee account waiver, you can accumulate the minimum balance amount of S$30,000 over 24 months. As a young working adult, you may not be ready to start a full banking relationship, so a grace period of 24 months is one way of supporting your efforts to establish a firm financial footing. HSBC Advance allows you to gradually build to that minimum balance by crediting your salary of at least S$3,500 over a 24-month grace period.
Monthly fee waiver
Another simple feature we love is that $10 monthly fee can be waived if one meets the minimum criteria*. (One of our team members has a home loan and three accounts with his current bank and pays service fees on all three accounts). It’s a small gesture, but we personally think it is an important one. Once again, HSBC is seeing the bigger, long-term picture.
Earn up to 4.8% p.a. bonus interest on your SGD savings
At up to 4.8% per annum, this is one of the highest interest rates you can earn from a bundled account. To qualify for this rate, what you need to do every month is:
- Save: Top up between S$1 – S$2,000 to your HSBC Advance account
- Spend: Charge S$800 on your HSBC Debit Card for 3 months
- Remit: Remit minimum of S$500 with foreign exchange via WorldWide Transfer
More information here.
On top of that, you can also earn up to 3.5% cashback on your HSBC Advance Credit Card with no minimum spend required. As long as you bundle both the account and the credit card, you’ll get to enjoy the bonus 1% cashback on top of the flat 2.5% offered.
With attractive interest and cashback rates for both the HSBC Advance account and credit card, it’s no wonder why it’s a formidable bundle to make the most of your SGD savings.
Here’s a comparison of the most popular multiplier accounts in the market:
|Most Popular Multiplier Accounts In The Market|
|DBS Multiplier||Standard Chartered Bonus $aver||OCBC 360||HSBC Advance|
|Max Interest Rate||3.50%||3.88%||4.40%||4.80%|
Monthly Criteria To Hit Max Interest Rate
|Salary credit (no minimum)||Minimum salary credit of S$3,000||Minimum salary credit of S$2,000||Minimum top-up of S$1|
|Transactions in at least 2 categories
(credit card, home loans, investment, insurance) to hit S$30,000 monthly transaction
|Spend S$2,000 on credit card||Spend S$500 on credit card||Spend S$800 on retail transactions for three months|
|Pay 3 online bills at least S$50 each||Pay 3 online bills of at least S$150 each||Remit minimum of S$500 overseas with FX via Worldwide Transfer|
|Insure or invest||Insure or invest||Insure or invest|
One-minute approval for quick extra cash
Spot an investment opportunity or need quick cash to deal with life’s unexpected moments? The HSBC Personal Loan allows you a loan of up to 8x your monthly salary at a promotional interest rate from 4.0% per annum (effective interest rate: 7.5% p.a.). In addition, the usual S$88 processing fee is waived if you apply online. Best of all? It takes just one minute to get quick in-principle approval.
More information here.
Save, invest and plan from the very start
When we’re young, many of us don’t spend too much time growing our money. With HSBC Advance, however, you start to save, invest and plan for the future from the word go. Not only are you saving regularly (and earning much higher interest), but you also have access to wealth management tools and HSBC Advance Wealth Managers, who will help review your financial goals and identify your banking, borrowing and wealth management needs. How many banks can offer such a service as part of a customer’s first serious banking relationship?
What else you get
The HSBC Advance account’s other attractive benefits include:
- A Wealth Dashboard feature that gives you a unified overview of all your holdings with HSBC (Yes, it’s a bit early if you’re just starting out; but we think it acts as a good incentive to save more)
- The HSBC Advance Credit Card offers 3.5% cash back on all your local purchases. That’s on top of 16% petrol discount and dining deals. The annual fee is also waived permanently so no more calling the bank every year.
- Experience seamless convenience with Visa payWave, NETS Contactless and Apple Pay payment capabilities on the all-in-one HSBC Credit Card. Enjoy over 1,000 1-for-1 F&B deals with HSBC Entertainer, which comes with your HSBC Credit Card.
- Enjoy peace of mind with complimentary travel insurance coverage of up to S$300,000 when you charge your travel expenses to HSBC Advance credit card.
The bottom line
We believe the HSBC Advance account is great for those just starting their financial journey – be it as a first jobber or as someone who is on the road to financial security. It’s hard for one bank to meet your ever-evolving needs especially as you grow older and start planning for life’s big moments like getting married, buying a home or starting a family. But as a multiplier account, the HSBC Advance pretty much does that, and more, with its range of complementary services and facilities. Think of the HSBC Advance account as that one long-lasting banking relationship that underpins all your financial transactions as you go through life’s various stages.
Sign up offers
Enjoy welcome gifts worth up to S$478 when you apply for an HSBC Advance banking relationship now:
- Welcome gift of $128 cash credit
And, for HSBC Advance Credit Card:
- 55cm Samsonite Astra Luggage (worth S$350), or
- $120 cash back
*To qualify for the HSBC Advance account, you need to be at least 18 years old. Monthly service fee of S$10 is waived if you fulfil any of the following criteria:
Total Relationship Balance
- Total Relationship Balance of at least S$30,000 in deposits, investments and/or insurance, with 6 months’ grace period to place in your funds
- Salary crediting of at least S$3,500 per month, with 24 months grace period from Advance relationship opening to reach Total Relationship Balance of at least S$30,000
- Salary crediting or recurring deposit of at least S$3,500 per month and have applied for / hold a HSBC Credit card
- Recurring deposit of at least S$2,500 per month, with 24 months grace period from Advance relationship opening to reach Total Relationship Balance of at least S$30,000
- Home Loan with an initial loan quantum of at least S$200,000
Interested in the HSBC Advance Account?
This article was developed in collaboration with HSBC.