HSBC savings accounts for march 2023

Savings accounts from HSBC Bank allow you to get a head start on simple and convenient banking, allowing you to manage your savings and daily financial needs swiftly. With them, you can access your money anytime and earn decent interest. You may collect your account and bank from anywhere using HSBC Bank's online and mobile banking services. The accounts come with some benefits:

Types of HSBC savings accounts

Below are the types of HSBC savings accounts to choose from:

• The peso savings account. The peso savings account is intended to help you better your finances by allowing you to access your savings through an HSBC account from over 7,000 ATMs in the Philippines and 1.2 million ATMs globally.

• HSBC peso time deposit. Earn higher interest and good time deposit rates when you lock in your savings for one month, two months, three months, four months, six months, or a year.

• HSBC foreign currency savings account. You efficiently manage foreign currencies from the comfort of your own country/region. Their overseas currency savings account comes with a debit card, which allows you to transact in eleven different foreign currencies: the Australian dollar, the Japanese yen, the New Zealand dollar, the pound sterling, the Renminbi, the Canadian dollar, the euro, the Hong Kong dollar, the Singapore dollar, the Swiss franc, and the US dollar. Foreign currency savings account guarantee protection for your hard-earned money regarding transaction flexibility.

• HSBC foreign currency time deposit account. You can earn interest by locking up your savings for one month, two months, three months, four months, six months, or a year. You can use this account to transact in the following currencies: New Zealand dollars, Pound Sterling, Australian dollars, Canadian dollars, Hong Kong dollars, and Renminbi.

Foreign currency notes can only be withdrawn over the counter if they are available. Customers should order foreign currency cash three working days ahead of time to guarantee that transactions are completed.

How to apply?

You can apply for an HSBC savings bank account by calling the accounts desk on (02) 8858-0000 or visiting a bank branch to apply in person.

Requirements for HSBC Bank savings accounts

Below are the requirements to open a business account:

Eligibility

• You must present proof of a monthly net income of ₱50,000 to become an HSBC personal banking client (or its foreign currency equivalent).

General requirements

• At least one valid identification document (ID) with the applicant's photo and signature that has not expired

• Affidavit of tax exemption notarized by the applicant/depositor

• Tax exemption certification (RDO) from the revenue district office

• Identification papers, for example:

  • Driver's license

  • SSS/GSIS cards

  • Company ID cards

  • Passport, etc.

• For OFW applicants:

  • ​At least one government-issued valid ID card

  • Consularized certificate of employment compensation, COEC with original six-month remittances

  • Consularized certificate of employment compensation, COEC with an original six-month payslip

For sole proprietorship

• Registration of a business name with the Department of Trade and Industry (DTI)

• Mayor's permit for the city or municipality

• A minimum of one genuine, original ID with a photo issued by a government agency

For partnership

• Partnership articles

• Registration certificate from the Securities and Exchange Commission (SEC)

• Notarized resolution or agreement stating each partner's level of authority in dealings with the depository bank

For corporation

• Constitutional documents

• SEC certificate of registration or a similar document from another suitable agency

• By-laws

• The board resolution was properly notarized and included the following:

  • Permission to open an HSBC Bank account.

  • Designated officers are authorized to deal with bank deposits, including the extent of their jurisdiction, the type of their authority, and how they should comply with the By-Laws of the relevant corporation

Pros and cons

It will be a good idea to read through these honest advantages and cons of HSBC Bank savings accounts before going to the bank to apply for one.

Pros

• You can complete an account opening process in a day if you have all the required documents.

• There are not many requirements to apply for a savings account.

Cons

• You must visit a branch to apply for an account and pick up your cards.

• Interest rates and charges are not disclosed on the website. Hence there may be hidden charges.