HSBC Everyday Global Account (EGA): Promotional interest rate of up to 4.6% p.a.

By Beansprout • 01 Apr 2024 • 0 min read

The HSBC Everyday Global Account (EGA) is offering a promotional interest rate of up to 4.6% p.a. We dive into how the HSBC EGA works and evaluate if the savings account is worth it.

HSBC Everyday Global Account EGA

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What happened?

The Beansprout community was quick to notice a new promotion for the HSBC Everyday Global Account (EGA).

The HSBC EGA is currently offering a promotional interest rate of up to 4.6% p.a. on your savings, and the offer is only valid if you hold an eligible account by 30 April 2024. 

This led to many questions about what the requirements are to earn the interest rate of 4.6% p.a., and if there is any catch to the promotion. 

Let us break down what is the interest rate on the HSBC EGA, and how you can qualify for the higher interest rates. 

What is HSBC Everyday Global Account (EGA)?

The HSBC EGA is a multi-currency savings account where you can perform foreign currency transactions with it.

Graphical user interface, text, application, email

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Source: HSBC

What is the interest rate on the HSBC EGA?

The HSBC Everyday Global Account (EGA) offers a prevailing interest rate of 0.05% p.a.

If you sign up by 30 April 2024, you will earn a bonus interest rate of 3.45% p.a. on your top up amount.

If your top up amount is S$500,000 and above, the bonus interest rate you can receive increases to 3.55% p.a.

This means that you can earn an interest rate of up to 3.60% p.a. with the HSBC EGA.

Customer segmentPrevailing Interest RateBonus Interest RateTotal Interest Rate on top-up Amount
Top up amount below S$500,0000.05% p.a.3.45% p.a.3.50% p.a.
Top up amount equal to or exceeds S$500,0000.05% p.a.3.55% p.a.3.60% p.a.

Do you have to do anything else to earn the 3.60% p.a.? No. 

You must be thinking, wow this is too good to be true. Yes, you are right. This 3.60% p.a. sounds really awesome BUT the bonus interest will only be paid for the months April 2024 and May 2024. 

After that, the interest you would earn on the HSBC EGA could revert back to 0.05% p.a., as the bonus interest rate is subject to change. 

It might be worth noting that the top-up amount is compared against the reference month of March 2024. 

For example, if you have an average daily balance (ADB) of S$200,000 in April 2024 and ADB of S$10,000 in May 2024, the top-up amount will be S$190,000. 

hsbc ega promo dates
Source: HSBC

Also do note that the above bonus interest rate is applicable to a minimum top-up amount of S$50,000, and a maximum top-up amount of S$2 million.

The bonus interest will only be paid out by 31 July 2024, after all the conditions are met. 

hsbc ega promo fulfillment date
Source: HSBC

How to earn an additional ‘1% bonus interest rate’ on the HSBC EGA Account

You might be wondering, 3.6% p.a. is nowhere near the advertised interest rate of 4.6% p.a. Where is the 1% p.a.? 

Aside from the 3.6% p.a. bonus interest rate, the EGA is also paying ‘additional 1% bonus interest rate’ on the incremental SGD average daily balances under the HSBC Everyday+ Rewards Programme.

To differentiate from the bonus interest rate above, we shall call this the ‘additional 1% bonus interest rate’ in this article.

To qualify, you would need to perform the following:

  • Make at least 5 eligible transactions with your EGA, such as GIRO bill payments, fund transfers and/or using your Everyday Global Debit Card or any HSBC Credit Card
  • Deposit at least S$2,000 into your HSBC Everyday Global Account every month
HSBC EGA how to qualify bonus interest
Source: HSBC


Here, I want to stress and highlight that this 'additional 1% bonus interest rate’ paid is on the incremental SGD average daily balance. 

You will earn the 'additional 1% bonus interest rate’ on your top-up amount for each calendar month when you meet the criteria above. 

Note that the top-up amount here is the increase in average deposit balance due to fresh funds compared to the previous month. 

For those who are wondering, ‘fresh funds’ means a deposit of funds from outside of HSBC into the Eligible Account. Transfers from existing HSBC bank deposit accounts or via HSBC cheque(s), cashier’s order(s) or demand draft(s) are not permitted.

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There is a max cap of S$300 to be earned per calendar month for this ‘additional 1% bonus interest’. 

HSBC EGA 1% bonus interest rate

Once again, do take note that the criteria differs for HSBC Premier and Personal Banking Customers. The criteria shown above is meant for Personal Banking Customers only. 

Premier customers would need to deposit at least S$5,000 and make a minimum of 5 transactions.

Earn cashback through the HSBC Everyday+ Rewards Programme

You can earn a cashback of 1% on eligible card spend on selected HSBC Credit Cards, HSBC Everyday Global Debit Card and GIRO bill payments.

Do note that there are exclusions to the above e.g. your usual insurance, utilities, educational institutions payments. You can refer to the T&C link for the full list. 

Here, I want to point out that there is also a cap on the cashback you are getting.

It is S$300 per calendar month for HSBC Personal Banking customers and S$500 for Premier customers. 

HSBC Everyday+ Rewards
Source: HSBC

One-time bonus cash reward for new HSBC Everyday+ Rewards programme customers

For the “newbies”, you stand to earn a one-time bonus cash reward of S$150 when you sign up for a new account.  

Note that there is a catch here. You will need to maintain a deposit of S$100,000 for the first six consecutive month for Personal Banking clients, before the cash reward is paid on the 7th month. 

The minimum deposit required for this cash reward is higher at S$200,000 for Premier banking clients, but customers who are eligible will receive S$300 as a welcome reward. 

While the one-time bonus cash reward is only paid out if the minimum deposit is maintained for six month, this one-time bonus cash reward SHOULD NOT be the reason why you sign up for this account. 

What else do I need to do to be eligible for the HSBC Everyday Global Account (EGA) promotion?

To be eligible for the HSBC EGA promotion, both new and existing HSBC customers must successfully register by sending an SMS with the relevant info in the following format to 74722 within the promotional period:

EGA <space> First 9-digit of their Everyday Global Account number (e.g. EGA 123456789)

Final verdict on the HSBC Everyday Global Account (EGA)

Overall, the HSBC EGA allows you to earn a pretty impressive interest rate of up to 3.6% p.a. with limited conditions that are required to be fulfilled. 

However, the catch is that the bonus interest rate will only be paid for the months of April 2024 and May 2024. 

It is also worth noting that the ‘additional 1% bonus interest’ only applies to fresh funds for each month.

Hence, the HSBC EGA account may be more suited for individuals who are looking for an additional savings account beyond the one used for salary credit to earn a higher interest rate for a few months. 

As there are numerous conditions that come with each of the bonus rewards, it is recommended that you go through the terms and conditions here and here carefully. 

This is especially so given that the bonus interest rate will only be paid in September, so you may not be able to find out if you have missed out on some eligibility criteria in the meantime. 

If you are interested in the HSBC EGA, you can find out more here

Check out our guide to the best savings account in Singapore to find out which savings account offers the highest interest rate. 

If you would prefer to lock in interest rates for a longer period of time, find out which are the best fixed deposit interest rates currently. 

Make your savings work harder

Find out which savings account allows you to earn the highest interest rate on your savings.

Find Best Savings Account

This article was first published on 03 June 2023 , and was updated on 01 April 2024.

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