Minimum age
18 years
HSBC E-Saver Account
HSBC E-Saver is an online-only AED savings account with no minimum balance or monthly fee. It pays 0.2% to 2% a year on your whole balance, monthly.
At a glance
Key facts
Monthly FeeNo monthly fee
Annual RateUp to 2% interest
Minimum BalanceNo minimum balance
E-Saver is HSBC's online savings account. It exists only in online banking and the HSBC app: there is no debit card, no cheque book and no cash withdrawal at a branch or ATM. Money goes in by transfer and comes out by online transfer. It is in dirhams only, and your salary cannot be paid into it. In exchange for those limits it has no minimum balance and no monthly fee, and it pays interest every month at a rate that rises with your balance. If you already hold an HSBC account, such as the HSBC Personal Banking Account, you need no further documents to add an E-Saver.
Who can open it
Residency
UAE resident or national
Fees and balance
Day to day the account costs nothing. HSBC sets no minimum balance for Personal Banking customers and charges no monthly fee on E-Saver. The one charge is for leaving early: if you close the account within 6 months of opening it, HSBC charges AED 105. That fee is waived when you cancel during the cooling-off period, which lasts 5 working days and starts the working day after the account opens. Telegraphic transfers out of the account carry the fees in HSBC's Schedule of Services and Tariffs.
Minimum balance
None
Monthly fee
Free
Fall-below fee
Free
Account closure fee
AED 105
Charged only within 6 months of opening. Waived within 5 working days.
In plain words
- Account closure fee
- A one-off charge of AED 105 for closing the account within 6 months of opening it. Closing it later costs nothing. Closing within the first 5 working days carries no charge either. More on this
Interest
How interest works
PayoutMonthly
Calculated onEnd-of-day balance
Eligible balanceBelow AED 100,000
- More than one withdrawal or debit in a calendar month forfeits all interest for that month.
How interest works
PayoutMonthly
Calculated onEnd-of-day balance
Eligible balanceFrom AED 100,000 · Below AED 500,000
- More than one withdrawal or debit in a calendar month forfeits all interest for that month.
How interest works
PayoutMonthly
Calculated onEnd-of-day balance
Eligible balanceFrom AED 500,000 · Below AED 1,000,000
- More than one withdrawal or debit in a calendar month forfeits all interest for that month.
How interest works
PayoutMonthly
Calculated onEnd-of-day balance
Eligible balanceFrom AED 1,000,000 · Below AED 5,000,000
- More than one withdrawal or debit in a calendar month forfeits all interest for that month.
How interest works
PayoutMonthly
Calculated onEnd-of-day balance
Eligible balanceFrom AED 5,000,000
- More than one withdrawal or debit in a calendar month forfeits all interest for that month.
In plain words
- Annual rate
- The rate is quoted for a full year. Money held for part of a year earns the matching part of it. More on this
- Balance bands
- The rate changes with how much you hold. Each band is a range of balance with its own rate. More on this
- Which balance counts
- The return is worked out each day on what is in the account at the end of that day, so money counts from the day it arrives until the day it leaves. More on this
What your money earns here
Held for
1 year
More than one withdrawal or debit in a calendar month forfeits all interest for that month.
The amount and the rate stay the same for the whole period, and the interest is paid out, not added to the balance. Try other rates
AED 20
interest over 1 year
0.2%
a year on this balance
interest earned over time
Once you reach a band, its rate applies to the entire balance, not only to the part above the threshold. The condition to watch is withdrawals. You can make one withdrawal or debit in a calendar month and still be paid. Make a second one in the same month and HSBC pays no interest at all for that month, whatever your balance was.
Benefits
Recurring Monthly Top Ups
Add to your savings with recurring monthly payments or lump sum deposits.
Online Transfers
Withdraw through online banking or by telegraphic transfer, within the UAE and abroad.
Online and App Banking
The account is operated through HSBC online banking and the mobile app, with monthly statements.
How to open
Before you apply
1.No minimum balance.
2.No debit card included.
Application steps
1.If you already bank with HSBC UAE, log on to online banking and apply. No further documents are needed.
2.If you are new to HSBC, apply online, then show the originals of your passport, Emirates ID, UAE residence visa if you are not a GCC national, and proof of UAE address.
3.Fund the account by transfer.
4.Set up a recurring monthly payment if you want to save a fixed amount each month.
Good to know
Good option for
Money you add to regularly and rarely touch. With no minimum balance and no monthly fee it works for a small balance, and keeping to one withdrawal a month keeps the interest.
Consider another account if
You dip into savings more than once a month, since a second withdrawal cancels that month's interest, or you want a card and cash access. The HSBC Savings Account has both.
Frequently asked questions
Get answers to common questions about the HSBC E-Saver Account