How does the HSBC Advance stack up when compared against other savings multiplier accounts?
Recently, we at SingSaver, decided to do a road test on 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 monthly fees 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 6.95% p.a. bonus interest on your SGD savings
At up to 6.95% 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
- Remit: Remit minimum of S$500 with foreign exchange online
- Insure: Insure with eligible HSBC plan with annualised first year premium of S$15,000
More information here.
Even if you can’t fulfil all four criteria, you still enjoy up to 2.25% p.a. on your savings. That’s way more than an ordinary savings account.
Here’s a comparison of the most popular multiplier accounts in the market:
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 4x your monthly salary at a promotional interest rate from 3.7% per annum (effective interest rate: 7% p.a.), one of the lowest market rates. In addition, the usual S$88 processing fee is waived and, if you apply online, you receive S$50 in cash back. 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 about 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 Debit Card. Plus, get easy access to cash from over 800 locations like 7-Eleven, Cold Storage, Guardian, HSBC ATM and atm5 Network. What’s more, your debit card can also be used as a public transit card.
- Enjoy zero cash withdrawal fee at all overseas HSBC ATMs with your HSBC Debit 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$480 when you apply for HSBC Advance now:
- Gifts worth a total of S$350 upon credit card sign-up (for new customers)
- Welcome gift of S$80 cash credit
- S$50 cash back with HSBC Personal Loan Online
*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:
- Maintain Total Relationship Balance of at least S$30,000 in deposits, investments and/or insurance, with 6-month grace period to place in your funds
- Home Loan with an initial loan quantum of at least S$200,000
- Salary crediting of at least S$3,500 per month, with 24-month grace period from the HSBC 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/month and have applied for/hold a HSBC Credit card
- Salary crediting or recurring deposit of at least S$3,500/month and have applied for/hold a Personal Loan with HSBC
- Recurring deposit of at least S$2,500/month, with 24-month grace period from HSBC Advance relationship opening to reach Total Relationship Balance of at least S$30,000
Interested in the HSBC Advance Account?
This article was developed in collaboration with HSBC.