HSBC Singapore has launched HSBC Rewards+, a programme that pays bonus interest on savings based on how much of their banking customers do with the lender, with rates of up to 6.01% a year, Fintech News Singapore reported.
The bonus applies to the first S$100,000 of a customer’s average daily Singapore dollar balance in a sole-name HSBC Everyday Global Account. It is paid on top of a base rate of 0.01% a year.
Customers can earn the top rate by meeting all five qualifying criteria, each of which adds its own bonus.
Crediting a monthly salary of at least S$5,000 via GIRO adds 1.50% a year, while spending at least S$1,000 a month on eligible card transactions, bill payments or PayNow payments to businesses adds 0.25%. Both bonuses are applied monthly.
Investing at least S$50,000 in eligible unit trusts, structured products or bonds earns a further 1.50% for one year. Buying qualifying insurance also adds 1.50% for a year, with a threshold of S$12,000 a year for regular-premium plans or S$50,000 for single-premium plans.
A new home loan of at least S$500,000 adds 1.25% for one year.
Customers are enrolled automatically and do not need to register. A new rewards engine tracks qualifying activity across transactions, investments, insurance and home ownership.
Progress can be followed in the HSBC Singapore mobile app through a dashboard with visual indicators, digital achievement badges, an interest tracker and notifications. According to HSBC, Rewards+ can be combined with other campaigns and rewards unless stated otherwise.
Ashmita Acharya, head of international wealth and premier banking at HSBC Singapore, said customers’ financial needs are becoming “increasingly complex and interconnected”.
