HSBC Serious Saver - Compare Your Bank Overview*

When it comes to savings accounts, HSBC know how to get it right. The Serious Saver account is another high quality investment offering from HSBC combining high savings account interest with no fees and good flexibility.

With an interest rate of 5.75 per cent per annum, this HSBC bank account is one of the most competitive high interest savings accounts on the market. It also has a number of other attractive features that has earned it  Money Magazine's 2008 Best Online Savings Account (Bank) award.

As with most high interest savings accounts of this kind, the HSBC Serious Saver account is at its best if you are in a position to deposit money and leave it grow. That is not to say that you can't access your money with this HSBC bank account. You can, but if you do withdraw you do not get your interest payment for that month.

However, if you can leave your money untouched you can watch your investment grow month after month. Interest is calculated daily, so you can be sure you will get the maximum return on your investment.

If you do need to access the funds in your high interest savings account, you can do so by internet banking and phone banking. And while transferring money from your savings account to your nominated account will not attract fees from HSBC, fees may be charged at the other end.

One of the reasons HSBC can offer such a good deal on its Serious Saver account is because it can only be opened and managed on the internet or by telephone. This allows HSBC to cut costs and pass the savings onto you the consumer.

For convenience, you can use any Australian bank account as your nominated account, so you do not worry about switching to HSBC if you do not want to.

There are, of course, some terms and conditions attached to the account. You must be over 16 to open a HSBC Serious Saver account and you can only deposit amounts up to $1,000,000. Also, while the competitive rate of 5.75 per cent stood at the time of writing, this is subject to change so it may go up or down. In the short term at least the rates on high interest savings accounts like this seem more likely to go up than down, so they remain a good investment prospect. And if rates do go down, there is nothing to stop you withdrawing your funds and investing them elsewhere.

If you need quick and easy access to your savings from ATMs and by other means, the HSBC Online Savings Account is probably the better option for you. However, the main benefit of the HSBC Serious Saver account are the high interest rates and the fact that there is no minimum balance for either opening an account or earning interest.

• Apply now and start saving!

*Note & Disclaimer: The Compare Your Bank Overview is provided for information only. It does not act as financial advise and is not endorsed by HSBC. Please see the application page for full terms & conditions and current offer.

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* Please see application page for full terms & conditions and to check current offer details before making application.  Online application process takes around 10 minutes to complete.