HSBC Singapore has launched HSBC Rewards+, a programme that pays bonus interest on savings based on a customer’s wider relationship with the bank.
Customers who meet all five qualifying criteria can earn up to 6.01% per annum on their SGD savings, with qualifying activities ranging from salary crediting and card spending to investments, insurance and home loans.
HSBC automatically enrols eligible customers, with no separate registration required. A newly developed rewards engine recognises qualifying activity across transactions, investments, protection and home ownership.
The bonus applies to the first S$100,000 of a customer’s average daily SGD balance in a sole-name HSBC Everyday Global Account (EGA), on top of the prevailing base interest rate of 0.01% per annum.
Crediting a monthly salary of at least S$5,000 via GIRO adds 1.50% per annum. Completing at least S$1,000 in qualifying monthly transactions, including eligible card spending, bill payments and PayNow payments to businesses, adds 0.25%.
Customers can earn a further 1.50% each for investing at least S$50,000 in eligible unit trusts, structured products or bonds, and for qualifying insurance purchases.
The insurance threshold is S$12,000 a year for regular premium plans or S$50,000 for single premium plans.
A qualifying new home loan of at least S$500,000 adds 1.25%. The salary and transaction bonuses apply monthly, while the investment, insurance and mortgage bonuses run for one year.
According to HSBC, customers can stack Rewards+ with the bank’s other campaigns and rewards programmes unless stated otherwise.
The programme is integrated into the HSBC Singapore mobile banking app, where customers can track their progress across the five qualifying goals through a dedicated dashboard.
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