The HSBC Everyday Global Account just got a sweet boost, and it might just be a great fit for young working professionals seeking a robust, rewarding and multi-functional bank account.
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 – on top of enabling us to make cross-border transactions and overseas ATM withdrawals without hefty fees?
And while we’re making up our banking wish list, contactless mobile payments and easy access to cash withdrawals wherever we happen to be wouldn’t hurt either.
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.
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 programme1, 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.
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||HSBC Jade|
|Salary / recurring deposit||Minimum $2,000||Minimum $5,000||Minimum $5,000|
|Make 5 transactions (initiated by you, not system generated transactions)|
|Spend on debit / credit cards||1% cashback*||1% cashback**||1% cashback**|
|Make GIRO bill payments||1% cashback*||1% cashback**||1% cashback**|
|Increase your SGD balance from previous month||1% p.a. bonus interest (capped at S$300 per month)||1% p.a. bonus interest (capped at S$300 per month)||1% p.a. bonus interest (capped at S$300 per month)|
|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)||S$300 (average account balance must be at least S$200,000)|
*Total cashback capped at S$300 per month
**Total cashback capped at S$500 per month
Credit and debit card spends – 1% cashback
The first is 1% cashback on your credit card or HSBC Everyday Global Debit Card spends. This is one of the easiest ways you can reach your maximum cashback cap, so you can enjoy optimal value.
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.
Increase your SGD savings – 1% p.a. bonus interest
What’s more, you can also reap bonus rewards when you increase your SGD balance in HSBC EGA, which essentially incentivizes you to save money! What’s worth noting is that this is not pegged to salary crediting, but incremental SGD balances.
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 11 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 fees3 on 10 currencies when you make retail / online purchases.
What’s more, your HSBC Everyday Global Debit CardHSBC Everyday Global Debit Card can be used not only at HSBC ATMs, but also any machines in the atm5 and PLUS networks on the island and even overseas2. Not near any ATMs at all? No problem, you can withdraw cash at over 600 locations, including 7-Eleven, Cold Storage and Guardian stores.
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)HSBC Global Money Transfers (GMT) facility, which allows you to seamlessly send money to different countries and territories.
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.
At a time when it isn’t easy to travel, this is an important feature for those with friends and family overseas.
Of course, nothing beats being there physically for say, your nephew’s birthday, or when Grandma goes to the hospital for a routine procedure. But with HSBC GMT, you can make international money transfers to your loved ones securely and efficiently, whenever you are, all through a few taps via the HSBC Singapore app.
How HSBC Everyday Global Account benefits young professionals
Now that you have an understanding of the various features of HSBC EGA, let’s sum up how they can benefit you.
Firstly, getting cashback and bonus interest is basically earning “extra money” (so long as you meet the conditions) – an advantage that no one would pass up. 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.
HSBC Everyday+ rewards programme is designed to seamlessly meld with your daily transactions, so there’s no need to go out of your way or jump through hoops. Just transact as per normal, and watch the extra money start rolling in.
Secondly, the ability 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.
And for those with family and friends overseas, don’t forget that with HSBC GMT, you can make faster and fee-free4 international transfers with real-time and competitive foreign exchange rates6!
More importantly, once border restrictions are relaxed and leisure travel makes a comeback, moneychanger and FX rates will jump right up to your priority list, you’ll benefit with HSBC EGA – just convert the currencies you need, and store them for later.
Conceivably, whether you’re going on a midday coffee run, grabbing a bite with the weekend gang, or on your weekly call with your parents overseas, the HSBC EGA has you well covered.
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.
1 HSBC Everyday+ Rewards Programme’s T&Cs apply. (Source)
2 HSBC Jade and Premier Everyday Global Debit Card Cardholders enjoy $0 HSBC ATM fees for overseas cash withdrawals across all ATMs worldwide. HSBC Personal Banking Everyday Global Debit Card Cardholders enjoy $0 HSBC ATM fees for overseas cash withdrawal at all HSBC ATMs except in Argentina, France, Brazil, Greece, Malta, Mexico, New Zealand and Turkey. HSBC Fees apply for cash withdrawals at non HSBC ATMs. Please note that for all customers, fees may be applied by the 3rd party banks for cash withdrawals at non-HSBC ATMs worldwide. (Source)
3 Applies to successful retail purchase, online shopping and cash withdrawal made via the 10 supported currencies. If you do not have sufficient foreign currencies to complete the transactions, we will convert the transaction at a prevailing rate as determined by the bank and bill you in Singapore dollar. (Source)
4 Most transfers are fee-free but some intermediary banks may charge fees. You can see an estimate of the applicable fees when you review your transfer. The actual amount is subject to the intermediary bank and will be debited after you’ve confirmed your transfer.
Some banks may charge for incoming international transfers. Your payees will need to check with their banks on these charges as they vary and will be debited from the payee’s account. We are unable to advise you on the fees applied by other banks for payments sent through Global Money Transfers. (Source)
5 Foreign exchange transactions involving the following currencies: Bermudian Dollar, Egyptian Pound, Qatari Riyal, Indonesian Rupiah, Sri Lankan Rupee, Malaysian Ringgit, Vietnamese Dong, Philippine Peso and Omani Rial may not be processed instantly over the weekend and public holidays. (Source)
6 Real-time rates are available from Monday at 09:30 until Saturday at 05:00 Singapore Time, excluding bank holidays. (Source)
Deposit Insurance Scheme:
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Information correct as at 1 December 2021.
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By Alevin Chan
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.