3 ways to maximise your local and international banking needs with one account
Savings accounts are no longer just a place to simply store your money. There are many ways your bank account can work harder for you today.
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When it comes to savings accounts, modern banking has allowed for so much more than just leaving them alone to accrue interest. The HSBC Everyday Global Account (EGA) aims to help you increase your savings by rewarding you for going about your daily transactions while enabling you as you bank globally as well.
EARN MORE FROM YOUR DAY-TO-DAY ESSENTIALS AND SAVINGS
Come rain or shine, essential activities like grocery shopping and paying the bills never stop. For others, this might also include food delivery services, especially with hybrid working arrangements slowly becoming the norm.
While paying endlessly for these necessities is unavoidable, not getting rewarded for it is. The HSBC Everyday+ Rewards programme1 gives HSBC EGA account holders 1 per cent cashback on all spending with HSBC credit cards and the HSBC Everyday Global Debit Card, as well as 1 per cent cashback on GIRO bill payments, so whether you’re paying your electricity bills or indulging in that new pair of shoes, you can still get cashback on them.
The cashback is capped at S$300 per month but if you’re a HSBC Premier or Jade customer, this goes up to S$500 a month.
Other than spending to earn cashback, the HSBC EGA also rewards you for being a disciplined saver. You can earn 1 per cent per annum in bonus interest of up to S$300 a month on incremental SGD balances from the previous month. This means that even if you don’t have a regular monthly salary credit arrangement – such as professionals engaged in freelance or gig work – you can still earn this bonus interest so long as you cover incremental balances in your account.
The HSBC EGA has the additional benefit of a one-time cash reward of S$150 if you maintain an average account balance of S$100,000. If you’re an HSBC Premier or Jade customer, the one-time cash reward hits S$300 for an average account balance of S$200,000.
These benefits listed are only available if you make a recurring deposit or savings of at least S$2,000 into your HSBC EGA every month and if you perform at least five transactions each month. For the average Singaporean, this is easily achieved through monthly GIRO payments and card transactions.
SYNC YOUR MULTI-CURRENCY SPENDING LIKE A LOCAL
With your daily essentials and savings covered, you can also make your money work for you as you take your transactions on a global scale. We’re now all more connected across the world, whether socially, through business or even with our retail transactions. Having a multi-currency account is the next logical step for any bank account holder who wants to make their money work better for them.
HSBC EGA holders are issued the HSBC Everyday Global Debit Card, a card that allows for zero FX fees2 when paying in 10 different currencies. Savvy shoppers who are always on the look-out for a good buy from overseas can convert currencies, purchase something in foreign currency, and skip out on exorbitant fees usually associated with overseas shopping.
If you’re one of those who have been quick to jump on the vaccinated travel lanes (VTLs) and are already booking your travel plans, you can withdraw converted foreign currencies with no additional fees2 in select countries with HSBC EGA. This means there’s no need to hurriedly look for money changers before the flight while keeping an eye on exchange rates just to save some money.
Not only does the HSBC Everyday Global Debit Card reduce the hassle when it comes to overseas spendings, it also comes with the key features of a debit card, such as contactless and cashless payment options like Apple Pay, Visa payWave and NETS.
GO GLOBAL WITH JUST A FEW TAPS ON YOUR PHONE
Apart from spending globally like a local, HSBC EGA offers access to HSBC Global Money Transfers (GMT) that allows fee-free3 and faster international money transfers via the HSBC Singapore app. You can send like a local to over 20 countries and territories, transfer to third-party HSBC accounts instantly3 and send wires to over 200 countries and territories via SWIFT. You can also transfer money to China via UnionPay cards issued in Mainland China.
Whether it’s remitting money to loved ones back home and overseas, being able to transfer money without hefty transfer fees and cumbersome transfer processes makes life just that much more convenient. By simply using your phone, you can tap into HSBC Singapore’s app and settle things conveniently.
Coupled with bonus interest and cashback on your everyday transactions, the HSBC EGA is truly a global and local account that rewards you in many ways.
Start your banking journey with the HSBC EGA. Apply now easily with MyInfo via Singpass and top up your account to receive up to S$100 worth of Lazada vouchers and more. Terms and conditions apply. SGD deposits are insured up to S$75,000 by the Singapore Deposit Insurance Corporation.
1 HSBC Everyday+ Rewards Programme’s T&Cs apply. (Source)
2 HSBC EGA & HSBC Everyday Global Debit Card T&Cs apply. (Source)
3 HSBC Global Money Transfers T&Cs apply. Most transfers are fee-free but some intermediary banks may charge fees. (Source)
Information correct as at Nov 22, 2021.
