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Different types of savings accounts

With so many different savings accounts out there, what makes one stand out from the rest and how do you choose between them?

Your financial needs will determine which savings account is right for you. To help you find the best match, we touch upon some of the different types available. 

Premier banking

Zero-balance savings account

Non-resident Indian account

Salary account

Children's savings account

Premier banking

HSBC Premier offers feature-packed banking services with exclusive member privileges. What's more, your Premier status will be recognised worldwide in all markets where you bank with HSBC. To qualify, you'll need to maintain a minimum account balance or satisfy other eligibility requirements.

Explore HSBC Premier bank account

Zero-balance savings account

You'll get all of the conveniences of a basic bank account without any fees or charges usually associated with savings accounts. There's no minimum balance required, making this type of account accessible to almost anyone, regardless of their income. 

If you're interested in a zero-balance account, you may wish to consider:

Non-resident Indian account

When living or working overseas, you'll need to convert your existing savings account to a non-resident Indian (NRI) account. This will allow you to manage your savings in India from anywhere in the world.

Several types of NRI accounts are available, designed for Indians or individuals of Indian descent living abroad:

  • Non-Resident Ordinary (NRO) accounts
    These are held in Indian rupees and are ideal for individuals earning money in India such as rental income or dividends. Interest accrued on NRO accounts is subject to taxation in India.
  • Non-Resident External (NRE) account
    An NRE account allows you to deposit your foreign earnings in India and earn interest in Indian rupees. Plus, the interest earned on NRE accounts is completely tax-free! You can also use this account for carrying out investments, business, and personal banking in India.

Compare all HSBC NRI banking products and services.

Salary account

A salary savings account may be opened by your employer for automatic salary deposits. Depending on the account, it might give you unlimited ATM transactions, exclusive digital offers and access to financial planning services. 

If you're interested in our Employee Banking Solutions, you may wish to consider: 

Children's savings account

Some accounts are designed with the under-18s in mind. Teaching your children to get into the habit of saving can be a useful skill for later in life and opening a children's saving account can give them somewhere to keep their money. A parent or guardian must usually hold an account with the bank as well, or the children's account is opened as a joint account.

If you're an existing HSBC Premier account customer, you may wish to consider:

When your child turns 18, they can open an independent Premier Savings Account. With this, they'll be able to enjoy the same HSBC Premier privileges, card offers and overseas education benefits. 

Takeaway

When researching savings accounts, it helps to compare interest rates, deposit requirements, account fees and any extra perks that might be offered. That way, you can choose an account that suits your lifestyle and aligns with your financial goals.

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