As it’s separate to your current account, it can also help you get into the habit of saving and reduce the temptation to spend.
Whether you’re saving for something specific, like a family holiday, or an emergency fund to cover any unexpected costs, finding the right type of savings account is important.
The rate of interest and terms – for example, how many withdrawals or deposits you can make – will vary depending on which account you choose. So take the time to find one that’s right for you and make sure you meet the eligibility criteria before applying.
Here are some of the different types of savings accounts.
A regular savings account can be useful if you want to dip into your savings from time to time, but the interest rate may be lower compared to other savers.
An HSBC Savings Account is available in these currencies:
It has no fee for withdrawing cash or checking your balance1. You can also manage this saver on the move through online and mobile banking.
If you have a long-term savings goal – or just don’t think you’ll need to use the money in the short-term – a term deposit account may be right for you. You’ll need to lock away your money for a set amount of time (a term), but you may get a higher rate of interest than on a regular saver.
You won't be able to make a withdrawal with a term deposit - when the deposit is place, the principal amount is locked until the deposit matures.
If you uplift the deposit after 30 days, you may lose interest. Refer to your key facts statement for more information on the conditions of your term deposit account.
With an HSBC Term Deposit Account, you can choose the length of the term – from 1 to 36 months. You can also choose whether you want to save in AED, USD, or GBP.
Explore: What is a term deposit account?
You may be able to open an online saver through your bank account.
For example, if you're looking for a slightly higher rate of interest than a regular saver, but still want to be able to access your funds, you may want to consider an HSBC E-Saver Account. There are terms on this type of savings accounts to stop you dipping into your savings too frequently, such as penalties on too many withdrawals and no debit card.
An HSBC E-Saver Account can be opened through online banking. It has no monthly account fee, competitive fixed interest rates, and no minimum balance requirement. You can also add to your savings pot through monthly recurring payments, or lump sum deposits.
You can manage an E-saver through online banking or via the HSBC Mobile Banking app.
HSBC E-Savers are only available to UAE nationals and residents who hold valid UAE residence visas, and can only be opened in Dirham.
