Banking Accounts

Current Account
A current account is a non-interest earning checking account which is useful for cash inflow and outflow management on a daily basis.

Benefits

• Flexibility – it enables a depositor to meet all day-to-day banking needs of cashflow transaction.
• Value-added functionality – a special feature of the current account, called Autosweep, also enables you to transfer the surplus funds from your current account to savings account at the end of a day to maximise earned interest.

Savings Account
A savings account is an interest earning account which entitles depositors to receive the interest payment on their savings and also acquires the cash liquidity in the short-term.

Benefits

• Greater Surplus – proliferate the surplus fund by earning interest.
• Value negotiation – special interest rates can be offered for high-value savings.

Time Deposit
A time deposit is one of the investment instruments which depositors can choose to invest their surplus funds with an agreed period, e.g. one month, three months or two years.
The deposit that can be withdrawn by the depositor only after giving advance notice or after an agreed period of time has elapsed.

Benefits
Greater return – pay higher interest than normal bank savings
Investment flexibility – HSBC offers flexible terms of investment from short-term periods i.e. 1-6 months to long-term periods i.e. 1-2 years.