HSBC Introduces Rewards+ with Up to 6.01% Interest on Savings

HSBC Singapore’s new Rewards+ programme provides bonus interest on SGD savings, aiming to deepen customer relationships across its banking services. The programme applies bonus interest to the first S$100,000 of a customer’s average daily balance in a sole-name HSBC Everyday Global Account, building on a base interest rate of 0.01% per annum. This approach recognizes customers who consolidate their financial activities with HSBC, spanning everyday banking, investments, protection, and longer-term wealth goals, as stated by Ashmita Acharya, Head of International Wealth and Premier Banking at HSBC Singapore.

Achieving the maximum reported 6.01% interest requires meeting five distinct financial criteria, each contributing a specific bonus percentage. These include crediting a monthly salary of at least S$5,000 via GIRO for 1.50% and completing S$1,000 in qualifying monthly transactions, such as card spending and PayNow payments, for an additional 0.25%. More substantial commitments involve investing at least S$50,000 in eligible unit trusts, structured products, or bonds for 1.50%, and making qualifying insurance purchases, either S$12,000 annually for regular plans or a S$50,000 single premium, for another 1.50%.

The final component for the maximum interest rate is securing a new home loan of at least S$500,000, which contributes 1.25%. While salary and transaction bonuses apply monthly, the investment, insurance, and mortgage bonuses run for one year. This structure means the full 6.01% is not solely based on savings activity, but on a broad, multi-product engagement with the bank. The programme is integrated into the HSBC Singapore mobile banking app, offering gamified tracking through a dedicated dashboard with visual indicators and digital achievement badges.