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HSBC Online Savings

HSBC Online Savings

3.6 from 11 reviews

See the Best Transaction Accounts / Debit Cards in 2019 as rated by Australians on ProductReview.com.au.

Disgusting Treatment Avoid

After nearly Ten years with this bank! This is what I get. It's funny when I had over $250,000.00 in my account, I would sometime take out 10K no questions asked. The service was great. I removed a substantial amount of money from my account. Which made the balance quite low at times and the good service ceased. The people at HSBC are not only racists, the HSBC organisation are Sycophants. I understand enough Cantonese and Mandarin to know what 肮脏的白狗 means, this was said under the staff member’s breath while refusing to let me withdraw $40,000.00 of my own money, telling me that I would have to reorder that amount all over again and it would take a minimum of two weeks. I had to demand to speak to the manager. This HSBC staff member refused and made moronic gestures to her colleagues. It was around 4.55 pm on a Friday, (they wanted to close) I sat down and they asked me to leave. (Without one cent of my own money) I said I am going nowhere and I was calling the Police as they are illegally in possession of my money, as I have asked for it, and then demanded it. All of a sudden a “Manager“ appeared. This person had no respect and asked me personal questions that had nothing to do with the questions the Banks have to ask you by law. In other words, he was a being obstructive, disrespectful.
Smart crap! I told this pertinacious little Pratt what I was doing with the money. That resulted in him trying to interrogate me with a series of questions. And reverting back to the same question, only to trip and confuse him-self. Was I in a Bank, or was I in a Police Station? Then this not so smart enough “Manager” then tried a series of new questions in a cross-examination manner. Now I am in court, not a Bank. Only for him to confuse and contradict himself and make himself look like an absolute crap. Quite frustrated the ”Manager” went around to the group of Bank tellers that I was inadvertently entertaining and asked them for advice. I thought he was the Bank Manager as introduced to me. All 21 or 22 years old of him. He needed to consult with the bottom feeders?. Well, that was his attitude, all dressed up with his ill-fitting cheap suit. The Bank “Manager” then came back and told me that a customer had ordered some money and had not shown up and I could have the 40k I wanted.
I finally received MY MONEY! and left. About a week later I received a phone call after hours from a person with a Chinese accent. That person introduced himself as a securities investigator from the HSBC Bank. I asked for his name and he refused. He started to ask me a series of questions. I asked for his name again, he ignored me and continued with his questions. I told him politely that the question’s he is asking is my business and no one else’s.
If he did not like that answer tell the ATO or the Securities Commission. I have not done anything wrong, knock yourself out! All he needed to know was I sold a collectible classic vehicle and I was buying another one. This person still so polite but indirectly tried to persevere with his interrogation by phone. I asked him why I am being subjected to this nonsense and grief. He told me the Bank was obligated by law to ask me. I said “really” So I asked him how much money does he have in the Bank and how much he earned every year. He told me that my questions have nothing to do with the matter at hand. I told this person, there was no “Matter at hand” other than this manufactured nonsense. I asked for his name and again he refused. “I am in Australia aren’t I?” I told him Bye bye and hung up. Then a few weeks after that, I receive a letter telling me that I have 21 days from the date of the letter to remove my funds as “Unfortunately they cannot offer me a Banking service.
I know understand what the protests are about in Hong Kong.
This organization does not deserve the business from hard-working or retired Australians. I have never had been treated in such a disgusting and demeaning manner. Who do these people and the organization who grooms them think they are? Everything in this review is true and correct and documentation the bank letter and statements can be called upon. I am conversant with the Defamation laws of NSW. Avoid this bank! Seriously where do they get off? I wasn’t going to write anything. But I thought, why should they get away with this kind of behavior. If they are doing it to me for absolutely no reason, they are doing it to others. Avoid avoid avoid

Unhappy with Integrity of HSBC

I had phoned HSBC a month ago regarding my account and late fees applied and also for them to change the due date so that it correlated with my pay week. I had spoken with two staff via phone in February that day who confirmed they had made these changes for me, and who also confirmed that I had been making regular monthly payments that were more than the required amount. I then noticed late fees had been applied to my account when it should not have been due yet (due to my changes they had made). I then spent 42 minutes on the phone to 2 staff and 1 manager, during which I was put on hold 4 times. The initial two staff acted like they understood where I was coming from, however this was not the case. There was also loud noise of people talking loudly and laughing in the background which made it hard to hear the call staff.
My frustration was at its peak, with the staff being completely ignorant. I then spoke with the manager who I had to explain my situation for the third time which at first he still didn't understand. I then explained again, and added that his staff have not listened very well. He appeared to finally understand, but I have lost my faith in this company as they have applied unnecessary fees to my account previously. BE VERY CAREFUL and check your account regularly because they obviously do not stick to their word or records on what they agree to do/give you.

Better than any local bank

Have been with HSBC more than 10 years. Opened an on line account when ANZ started charging monthly account keeping fees. Best thing I ever did (banking wise). Account has cost me nothing! Have used "counter services" in branches in Perth, Singapore and England with no problems whatsoever. Their telephone service is also efficient and pleasant. Only downer was when they dumped my share trading account on to e-trade several years ago - bad move! They are now with Third Party Platform - much better all round. Obtained their Platinum credit card during a promotion and that is also fee-free for life. Their high interest savings account could be much better - Ubank beats them totally. Overall, I am happy to recommend HSBC.

Better products than many Australian based banks

I've had this account for a few years now and overall I'm pretty happy with HSBC. I had banked with St George for over 25 years but really didn't want to pay a monthly account keeping fee to them so looked for an alternative. The only problem I have had (which is my own fault) is my signature has been rejected by the bank a number of times as I think I didn't give them my best signature on day 1 and so that causes me a few problems. My nearest branch isn't very close to me or I'm sure I could resolve it by going there, however there are a lot of ATM's that you can use for free (even the ones I used to use for St. George). I would recommend them to others.

From the long term customer prospective

Service is stable, never had issues with service unavailability. Bank policies may be pushy and authoritarian for Australian market. I had only 2 issues so far:
1. Stockbroking account that I had with HSBC was sold to e-trade, the most expensive provider at a time.
2. HSBC has converted one of my accounts even after I explicitly asked them not to do so and got the assurances from the bank that my account type will stay the same as before. New account had new fees - convinient and profitable for the bank but not for me, so I closed this account. No big deal.
On a positive side, my other account stays the same, I don't have any issues with it as I write.
no technical issues, can access funds, have linked debit card
Policies could be unpredictable, little concern for account holder's circumstances


Was told I could make 1 withdrawal a month and still get the interest - but turns out I was misled by the salesguy at the branch. Poor!
There are other banks with similar offers - but they do spend more time educating you about the pitfalls.
Beware! Beware! Sayonara


It has served me well over the years, I think this is the smartest bank account in Australia. No other accounts come close.

HSBC is the 2nd largest commercial bank in the world, but HSBC Australia does not have many branches, so if you like to do banking at a branch then HSBC is not for you.
The beauty about this account is that although it's called "online" savings account, it provides ATM and branch access, so you can actually use it as a no-fee cash account. What's even better is that it gives you 5 free withdrawls per month from non-HSBC ATMs, so when you go to an ATM spot, just use whatever ATM that is free. Since I started using this account I've rarely needed to queue up for ATMs.
Interest rate is low compared to other standard online savings accounts.

1 comment
Product is good, the HSBC may be too pushy from time to time. Had issues with customer service on at least 2 occasions over the years. First they closed share trading and transferred/sold the account to Etrade - most expensive provider at the time. On another occasion they changed the type of account at will. They do these things and do not leave you a choice accept take it or leave it. In my books - they are about to loose me with my last accounts with HSBC.


had this account since 2002, never changed it, really good account for linking all you other financial products like personal loans/mortgage. been to the branch last week to ask about the home loan, been waiting there for half a hour without attending, but the online saving account is good for sure.
easy to use transaction account, no monthly fee or annual fee, free withdrawn with westpac ATM, free eftpos, online banking is easy to use, have international transfer which is really useful when you have someone overseas.
low intrest rate which you can not expect from a transaction account, but AMP have the transaction account which give you pretty impressive intrest. only 3 branches in Melbourne. found hard to talk to real person face to face.


Whenever I hear about people unhappy with banks, I want them to consider HSBC Australia. It's not for those who require an umbilical cord to a HSBC branch, and don't have one locally. For those comfortable about "new banking" (maybe not new anymore) like ING Direct, St George Online, RaboBank, BankWest Online etc which deemphasises local branches this is awesome.

As for depositing cheques, you can mail them in with your name and account number on the back. Although that costs $0.55 postage, you just use any Australia Post box as a deposit box. I scan my cheques before sending them, just in case, but I've not lost > 10 cheques I've sent.
No monthly fee. Good phone service. Free withdrawals at Westpac. Online site lists ATM/EFTPOS transactions instantly. Interest slightly higher than "conventional banks" with branches. Full service website (has BPay, scheduled transfers, international transfers etc). Unlimited electronic transfers. Chequebook available.
Few branches, but I've survived since 2003 in Tasmania without any branches. Some people aren't aware/capable of Internet bank transfers, so when I give them the HSBC BSB and account number to deposit money into, they say they can't because there is no local HSBC branch. That's why I used to require an old Commonwealth Bank savings account for eBay deposits. No PDF/electronic statements.


This is the best fee free bank account available I reckon. If you are concerned about fees then this is the account for you. Plus the ease of use via their website and the excellent security. Highly recommended.
Free, great website, excellent security
You can't deposit cheques unless you have a branch nearby, which I don't and which is a pain (though I think you can deposit them at NAB branches for a fee?)


Overall this is a good banking option, I have eliminated bank fees since I have been with HSBC. Internet banking is easy to use and if you have family/friends on HSBC and you want to transfer money to them it is instant.
Security is good as you get a special device which gives a unique number to use when logging in, extra to your user name and password.
This is a really great fee free banking option for me.
I shopped around before choosing HSBC, free bpay and transfers are a bonus, since I swapped I have not paid any bank fees.
Found the customer service received when setting up was very good.
Not convenient for me to get to a branch if I need to.

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