HSBC Everyday Global Account (EGA) Review: Multiple Ways to Stack Rewards

Alevin Chan

Alevin Chan

Last updated 07 May, 2024

The HSBC Everyday Global Account stacks up rewards as you bank. Here’s how it works, and how it compares to similar accounts on the market.

We all work hard for our money, so wouldn’t it be nice if our bank accounts work equally hard to help stretch our money further? Or straight up give us cashback when we bank, pay bills and save – on top of providing S$0 ATM withdrawals in 10 currencies worldwide, low-fee international bank transfers, and access to favourable forex rates at our own convenience?

Well, if those are the features you’d love to have with your bank account, you’d want to hear about the HSBC Everyday Global Account (EGA).

In this article, we do a deep dive into the many features of the HSBC EGA, and give you three reasons why young professionals will likely find it a good fit for their banking needs.

Let’s dive right in.

Table of contents:

How Does the HSBC Everyday Global Account work?

The HSBC EGA has a base interest rate of 0.05% p.a. However, from 1 May to 31 May, you can earn up to 4.45% p.a. interest: 

  • 0.05% p.a. base interest
  • Up to 3.40% p.a. bonus interest:

    If you sign up for the HSBC EGA by 31 May 2024, you will receive a bonus 3.30% p.a. in interest on your top-up amount.

    What's more, if your top-up amount is between S$500,000 to S$2,000,000, you will receive a larger interest rate of 3.40% p.a..

    Customer segment

    Prevailing interest rate (p.a.)

    Bonus interest rate (p.a.)

    Total interest rate (p.a.) on incremental average daily balance (ADB)

    Incremental average daily balance (ADB) < S$500,000




    Incremental ADB  ≥ S$500,000




    Do note that this offer is only valid for May 2024 and June 2024, and will be paid out by 31 August 2024. The interest rate would return to 0.05% p.a. from July onwards.


    Deposits ADB

    April 2024 (reference month)


    May 2024


    Incremental ADB that will earn bonus interest


    Another important detail is that your average daily balance for April is used as a reference for the top-up amount. For example, if you have an average daily balance of S$100,000 and S$90,000 in May and April respectively, then your top-up amount would S$10,000

  • Additional 1.00% p.a. bonus interest: 
    Customers can also receive 1.00% p.a. bonus interest (capped at S$300 a month) on additional top-up amounts. This offer is available to HSBC Everyday+ Rewards Programme members.

    To qualify for this programme, HSBC Personal Banking customers are required to deposit at least S$2,000 into an eligible account and must make at least 5 eligible transactions.

    Meanwhile, HSBC Premier Banking customers must deposit a minimum of S$5,000 and make at least 5 eligible transactions. Do take note that the bonus interest is only available for one calendar month after meeting the previously mentioned eligibility criteria.

You can even receive up to S$1,300 total in cashback and cash rewards through the HSBC Everyday+ Rewards Programme. Here's how:

  • Cashback on HSBC Everyday Global Debit Card transactions: HSBC EGA holders may receive 1% in cashback (capped at S$500 a month for HSBC Premier customers and S$300 a month for HSBC Personal Banking customers) on transactions made with the HSBC Everyday Global Debit Card. Do take note that this offer is only valid for one calendar month after meeting the eligibility criteria.
  • Cashback on GIRO Bill Payments: Similar to debit card transactions above, HSBC EGA holders may receive 1% in cashback (capped at S$500 a month for HSBC Premier customers and S$300 a month for HSBC Personal Banking customers) on GIRO bill payments. Valid for one calendar month after meeting the eligibility criteria.
  • One-time bonus cash reward: HSBC Personal Banking customers can expect to receive a cash reward of S$150 provided that they meet the eligibility criteria for 6 months after initially meeting it and the sum of their average daily balances exceeds S$100,000. HSBC Premier Banking customers will receive a cash reward of S$300 provided that they, too, meet the eligibility criteria for 6 months after initially meeting it and the sum of their average daily balances exceeds S$200,000.

Back to top

Unlocking Financial Growth: Why HSBC EGA?

Reason #1: HSBC EGA gives you more for your everyday transactions

HSBC EGA is one that is well worth your attention.

With the HSBC Everyday+ Rewards programme, you’ll be earning cashback and bonus interest on many (if not all) of your essential transactions.

Check out this video for an illustration of how it works.

All clear? Let’s break it down further.

Qualifying criteria

To start earning your bonus rewards, all you have to do is to credit your salary to your HSBC EGA or make a monthly deposit of at least S$2,000 (freelancers and self-employed can also make recurring deposits).

HSBC Jade or Premier banking customers who deposit at least S$5,000 a month will also qualify for a higher tier of rewards from the programme.

Then, you simply need to make at least five eligible transactions (exclusions apply) within the same month.

Some easy ways to achieve this is via transactions on your HSBC Everyday Global Debit Cards, HSBC credit cards, GIRO bill payments or fund transfers.

What’s better? There’s no minimum spend for such transactions (hint: food delivery!).

Once these two criteria are fulfilled, you’re locked in to receive your rewards! The table below sums it all up.

HSBC Personal Banking
HSBC Premier 
Salary / recurring deposit
Minimum S$2,000
Minimum S$5,000
Make 5 transactions (initiated by you, not system generated transactions)
Spend on HSBC Everyday Global Debit
1% cashback* 
1% cashback**
Make GIRO bill payments 
1% cashback*
1% cashback**
One-time bonus cash after 6 months
S$150 (average account balance must be at least S$100,000)
S$300 (average account balance must be at least S$200,000)

*Total cashback capped at S$300 per month, including bonus interest
**Total cashback capped at S$500 per month, including bonus interest

Debit card spends – 1% cashback

The first is 1% cashback on your HSBC Everyday Global Debit Card spends and GIRO payments


GIRO bill payments 1% cashback

Chances are, your GIRO bill payments are for municipal services, subscriptions, utilities or insurance, which may be excluded from other credit card reward schemes, but if you’re an HSBC EGA customer, you get to benefit from even these transactions, helping you to squeeze out that extra bit of savings every month.

One-time bonus cash reward

If you have substantial savings in the region of hundreds of thousands of dollars, here’s a one-time special bonus you shouldn’t miss.

Yes, you can get additional S$150 or S$300 (terms & conditions apply) in cash simply for parking your money and continue to meet the Qualifying Criteria for at least six months!

Reason #2: Shop like a local

The HSBC EGA also comes with a number of nifty features and capabilities that should suit the needs of most young working professionals.

HSBC EGA allows you to conveniently hold 10 different currencies with one account.
You can access real-time FX rates, along with tools that help you lock in your preferred exchange rates when swapping currencies all under one account.

This means you can enjoy S$0 foreign exchange fees on 10 currencies when you make retail/online purchases.

What’s more, your HSBC Everyday Global Debit Card can be used not only at HSBC ATMs, but also any machines in the ATM and PLUS networks on the island and even overseas.

Not near any ATMs at all? No problem, you can withdraw cash at over 600 locations, including 7-Eleven, Cold Storage and Guardian stores. 

And perhaps best of all, ATM withdrawals are free no matter where you are, so no more having your holiday cash eaten away by bank fees!

Reason #3: Make faster international transfers to your loved ones

HSBC EGA also comes bundled with features that fit right in with the preferences of today’s digital natives - one of the most powerful features is the HSBC Global Money Transfers (GMT)  facility, which allows you to seamlessly send money to different countries and territories.

HSBC GMT lets you make faster and fee-free4 international transfers to your loved ones conveniently via the HSBC Singapore app.

You can send money internationally like a local to over 20 countries/territories, transfer money to China via UnionPay cards issued in Mainland China, send money globally to third-party HSBC accounts instantly5 and perform wire transfers to over 200 countries/territories via SWIFT.

Read also: HSBC TravelOne Credit Card Review: Travel and Earn Rewards All on One App

Back to top

HSBC EGA, Pros and Cons for the Young Professionals

Pros of HSBC EGA

  • Getting cashback and bonus interest is basically earning “extra money” (so long as you meet the conditions). A couple of bucks saved here and there may not seem like much at the time, but trust us, they’ll add up to a small fortune over time. Just transact as per normal, and watch the extra money start rolling in.
  • Being able to bank like a local across borders is increasingly essential, given how online shopping will only become more borderless and widespread. Thus, being able to save on foreign transaction fees via HSBC Everyday Global Debit Card will help you stretch your money further.
  • For those with family and friends overseas, don’t forget that with HSBC GMT, you can make faster and fee-free international transfers with real-time and competitive foreign exchange rates6. Additionally, you can convert foreign currency when the forex rates are in your favour, and hold them in your HSBC EGA until ready for use. 

Cons of HSBC EGA

  • Low base interest rate of only 0.05% per annum. Granted, HSBC is hardly the only offender in this regard, but this is still a con for those who are not the most active users. 
  • While the HSBC EGA supports 10 foreign currencies, there's no interest on most balances. Furthemore, the supported currencies are lower that some of its competitors. To be fair, the currencies provided will likely suit most users, but the lack of interest paid on most of them makes it disadvantageous for users to hold high amounts of foreign currency.
  • HSBC EGA comes with a fall-below fee of S$5, which is levied for every month your average account balance falls below S$2,000. This makes it important to maintain a larger balance.

Read also: Building A Credit Score Early Is Important, Especially If You’re A Young Working Adult. Here’s Why And How.

Back to top


HSBC Everyday Global Savings vs. Other Savings Accounts

HSBC EGA vs Standard Chartered Bonus$aver Account

The Standard Chartered Bonus$aver Account offers up to 7.68% p.a. interest on your first S$100,000 account balance should you fulfil all the required banking transactions. Given that you can earn at least 3.68% p.a. just with salary credit, credit card spend of at least S$2,000, and make at least three bill payments of S$50 each, earning the maximum bonus interest may not be a tall order after all. 

Also, this account offers access to 14 foreign currencies. You can also enjoy S$0 overseas transaction fees and no mark-ups when you spend with the Standard Chartered Bonus$aver debit card.

HSBC EGA vs UOB One Account

The UOB One Account lets you earn up to 6.00% p.a. interest on your savings, and makes it easy to do too. You simply need to spend at least S$500 on your credit card, and either credit your salary of at least S$1,600, or make three GIRO transactions. The catch is that the 6.00% p.a. interest is capped at your first S$150,000.

The UOB One Account also has multi-currency capabilities to help you save with better rates and lower fees. You can also use the bank’s mobile app to keep track of all your banking and money needs at all times.

HSBC EGA vs Citi Wealth First Account (Citigold Status)

Citi Wealth First Account is a premier banking service that offers up to 7.51% p.a. Interest. This comprises the base interest of 0.1%, and then 1.5% interest each when you spend, insure, borrow, invest or save. 

You’ll also be granted access to several perks, such as the CitiBank Debit MasterCard that offers zero conversion and foreign transaction fees on over 150 currencies worldwide, perpetual waivers for all Citi credit cards, and professional wealth management services with personalised advisory. 

However, to qualify, you’ll need to make an initial deposit of S$250,000.

Citigold Tactical 50_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Get an Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) or S$1,200 Cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy 3.0% p.a. on a 6-month SGD Time Deposit. Valid till 2 June 2024. T&Cs apply.

Plus, get additional welcome rewards on top of the above offer (T&Cs apply):

  • Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
  • Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card
  • Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of S$800,000 within 3 months of account opening
  • Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank

Back to top

Conclusion: HSBC EGA for Rewards Every Day

The HSBC EGA is not the flashiest nor the most fancy. Some might even find its reward structure to be a little too convoluted for their taste.

Yet, those whose spending habits and budget naturally fit into the requirements will likely find it quite a seamless experience enjoying all that the account has to offer. 

The main draw here is the extra interest and cashback that accumulates as you spend, save and bank. 

Furthermore, it offers low-fee cross-border features and multi-currency capabilities that cover most popular currencies, making the HSBC EGA a competent companion for young professionals with globe-trotting aspirations.


This article was written in partnership with HSBC.

This article is meant for information only and should not be relied upon as financial advice. This advertisement has not been reviewed by the Monetary Authority of Singapore.

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences!