HSBC Everyday Global Account (EGA): Earn promo rate of up to 3.70% p.a.

There has been a fair bit of discussion about the HSBC Everyday Global Account (EGA) in the Beansprout telegram community recently. 

After all, the HSBC EGA is currently offering a promotional interest rate of up to 3.70% p.a. on your savings. 

This would make it one of the best savings accounts in Singapore, after many banks cut their interest rates in recent months. 

There were many questions about the requirements to earn the interest rate of 3.70% 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.

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 31 May 2025, you will earn a bonus interest rate of up to 2.65% p.a. in May, June and July on your top-up amount, up till a maximum of S$5 million. 

This means that you can earn an interest rate of up to 2.70% p.a. with the HSBC EGA.  

The requirement is that you would need to have a wealth holding with HSBC to earn this bonus interest. 

If you do not have wealth holdings with HSBC, you will earn a bonus interest rate of 1.95% p.a., which will bring the total interest rate on incremental deposits to 2.00% p.a. 

Eligible wealth products are all wealth products with the exclusion of Foreign Exchange (FX) and Dual Currency Plus.

For those of us who are looking at the interest rate of up to 2.70%  p.a, you might be wondering if you have to do anything else to earn the bonus interest rate? The answer is no. 

You must be thinking, wow this is too good to be true. Yes, you are right. This 2.70% p.a. looks decent BUT the bonus interest will only be paid for the months of May, June, and July 2025.

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 April 2025. 

For example, if you have an average daily balance (ADB) of S$200,000 in May 2025 and ADB of S$10,000 in April 2025, the top-up amount will be S$190,000. 

The bonus interest will only be paid out by 30 September 2025, after all the conditions are met. 

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

You might be wondering, 2.70% p.a. is nowhere near the advertised interest rate of up to 3.70% p.a. Where is the 1% p.a.? 

Aside from the 2.70% 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. Note that eligible Transactions excludes funds transfers between HSBC accounts with the same account holder name.
• Deposit an aggregate of at least S$2,000 into an Eligible Account in a given calendar month via salary crediting and/or inward transfers from a non-HSBC bank account

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.

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

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 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. 

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 7^th 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 us to earn a pretty impressive interest rate of up to 3.70% p.a. if you have a wealth holding with HSBC.

Without a wealth product, the interest rate of up to 3.00% p.a. is still decent compared to the interest rate for most other savings accounts currently. 

However, the catch is that the bonus interest rate will only be paid for the months of May, June and July 2025.

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 2025, so you may not be able to find out if you have missed out on some eligibility criteria in the meantime. 

To find out which savings account allows your money to work harder, check out our guide to the best savings account with highest interest rates in Singapore 

Join Beansprout's Telegram group to get the latest insights on savings, investing and retirement planning.