HSBC BECOMES THE FIRST BANK IN HONG KONG TO REMOVE MINIMUM BALANCE AND BELOW BALANCE FEE FOR PERSONAL INTEGRATED ACCOUNTS
Over 3 million personal customers to enjoy free basic banking services
HSBC abolishes fees and charges on some of its most popular accounts, making it the first bank in Hong Kong to provide free basic banking services. HSBC said it will remove minimum balance requirements and below balance fees for Personal Integrated Account customers, with effect from 1 August 2019. The annual/ monthly fees and counter transaction fees for a range of personal savings accounts will also be removed.
Greg Hingston, Head of Retail Banking and Wealth Management, Hong Kong, HSBC, said, “The actions we are announcing today represent a significant step in improving accessibility to our comprehensive integrated account and basic banking offerings. More than 3 million retail banking customers will benefit from the removal of our below balance fees, counter transaction fees and monthly/ annual fees for the majority of our personal savings accounts. This is a key step in reinforcing HSBC’s commitment, as Hong Kong’s leading bank, to promoting financial inclusion and making banking easy for customers from all backgrounds. We will continue to enhance solutions for our Hong Kong customers, so expect to see further exciting developments from HSBC.”
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Customers have diversified banking needs at their different life stages, and increasingly, customers want to use multiple banking channels to manage their finances. An online survey indicates that Hong Kong banking customers use on average five different types of banking products***. The elimination of fees underlines HSBC’s efforts to make banking simpler and cheaper, enabling customers from all walks of life to access support easily where and when they need it, while our free integrated account provides a consolidated view of finances to help fulfil their diversified needs.
The fee removals apply to sole and joint personal savings accounts. From 1 August 2019 onwards, customers holding or opening a Personal Integrated Account will enjoy all-in-one banking with no minimum balance requirement. Personal Integrated Account consists of HKD savings, HKD current, Renminbi and foreign currency savings (11 major currencies in total), time deposit and investment services. Customers can easily manage all finances under a single account with a single account statement, and stay on top of their finances with HSBC Mobile Banking and Personal Internet Banking.
PayMe from HSBC, as the leading free Hong Kong Dollar person-to-person transfer service, provides complete convenience and now offers users the opportunity to pay for goods and services through a growing retail network, Faster Payment System (FPS) also enables customers to make instant local transfers in Hong Kong Dollar and Renminbi free of charge. To help manage their finances, HSBC customers can also access other leading digital services such as HSBC HK EasyInvest and HSBC Reward+.
To serve the whole spectrum of customers with different banking needs, HSBC Jade and HSBC Premier are offered to customers requiring dedicated relationship managers and a range of product specialists, with access to certain privileged products and services. HSBC will continue to improve these services to better serve customers’ unique banking needs. Existing minimum balance requirements, as well as the below balance fee for HSBC Premier remain unchanged.
*** Based on reported product holdings (out of 11 product types) from the RFi Group Hong Kong Priority & Retail Banking Council – an online survey conducted during November to December 2018 covering a nationally representative sample of the banked population in Hong Kong.
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Open a HSBC One today with no minimum balance requirement or below balance fee
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