HSBC Term Deposit

While HSBC advertises itself as the world’s bank, it also has some competitive and flexible term deposit interest rate and account options which may suit Australian term deposit investors. An HSBC term deposit account requires a minimum of $5000-19999 to open the account but offers you a choice of investment terms and allows you to easily use your investment returns to supplement your income.

Comparing HSBC Term Deposit Options

To ensure you choose the right term deposit account for your needs, you need to be sure the account and the terms you choose will earn you the best possible interest rate, while also giving you the financial flexibility and availability you need should you require access to your funds. That is why HSBC allows you to choose a term to suit you, and offers you a range of other choices when you open a term deposit account:

• You can choose the length of your term deposit from the prescribed terms. You have the choice of investing for between one month and 11 months, 15 months and 18 months, or between one year and five years.
• Investment terms over 12 months are paid annually. For investments less than a year you have the choice of your interest returns being paid monthly, quarterly or at maturity. For investments longer than 12 months you can have your returns paid monthly, quarterly or annually.
• You need a minimum opening balance of $5000-19999 to invest in an HSBC term deposit account. Higher interest rates are available for term deposit investments over $5000-19999 but you can open a term deposit account with less. Special interest rates are negotiated directly with the bank for term deposits of more than $1 million.
• Your term deposit interest can be repaid or reinvested. You can have HSBC automatically reinvest your interest returns when your investment matures or you can have your returns paid by cheque or directly credited to your bank account to supplement your income.
• You can apply online if you are an existing customer. If you already hold an HSBC account you can fill in the online application form for a term deposit account. Applying online you are also eligible for 0.05% bonus interest if you are registered for internet banking on your existing HSBC account.
• You can apply by post or phone, or in branch. If you are not an existing HSBC customer or your would prefer to not use the online application form you can call HSBC to complete an application form, visit a branch or download the term deposit application form and the identity verification form and complete them both and post them into the bank to start your application.

HSBC term deposit interest rates:

• A one month investment will earn 1.63% interest with interest paid at maturity.
• A one year investment will earn 2.86% interest with interest paid at maturity.
• A five year investment will earn 3.50% interest with interest paid annually.

Why Invest in a Term Deposit Account?

If you like the idea of having your interest rate locked in for the term of your investment, and depositing your investment with a big name bank for security and peace of mind, there are a number of other term deposit benefits you might be interested in too:

• Easy application, set up and use of a term deposit account. Where HSBC will reward you for applying for a term deposit account online, you can also reap the rewards of saving time and money online too. Applying or starting your term deposit application online means you won’t waste time in bank queues and you can avoid application and set up fees which can sometimes be applied to new accounts opened in branch. Plus, because you can manage your account online and view your interest earned you have instant access to information about your investment.
• You won’t need to manage your term deposit account. HSBC gives you options at the end of your term to reinvest just the interest, reinvest your initial investment or pay out your funds and that is the only decision you will have to make when it comes to your term deposit account. Once the term deposit account is opened and the term has begun, HSBC takes care of calculating and paying your interest and your investment can grow without you.

If you would like more information about the HSBC term deposit account, or if you want to start an online application now, view the Savings Account Finder™ comparison tables where you can compare all term deposit accounts available in Australia before following our secure links to online application or enquiry forms.