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HSBC Rewards+ Review (Up to 6.01% p.a.): Stacks With Everyday Global Account?

Stacking HSBC Rewards+ with the November EGA bonus interest promotion.

HSBC has launched Rewards+, which advertises up to 6.01% p.a. on the first S$100,000 in your Everyday Global Account (EGA). At the same time, HSBC is running its November EGA bonus interest promotion, paying up to 2.10% p.a. on fresh funds from November 2026 to January 2027.

The obvious question: do the two stack?

Yes. The November promotion's terms list HSBC Rewards+ as the one exception to its "cannot be combined" rule. But the headline numbers only work cleanly if all S$100,000 is new money, you meet the monthly requirements, and the money sits in the right account. Here's how it actually works.

The Short Answer

On S$100,000 of fresh funds kept for the full 92 days of the promotion (1 November 2026 to 31 January 2027):

The realistic sweet spot is 3.75% p.a.: fresh funds, at least S$5,000 of salary actually credited by GIRO each month (about S$6,250 gross for most employees aged 55 and below), and S$1,000 of normal eligible spending. I would not chase the 5.25% unless you were going to buy that investment anyway.

How HSBC Rewards+ Works

Rewards+ started on 1 November 2026. There is nothing to register: if you hold an active sole-name EGA, you're automatically in. It pays boosted interest on up to S$100,000 of your SGD average daily balance (ADB), depending on which goals you hit:

Add the 0.01% base interest and you get HSBC's headline 6.01% p.a., which requires every single goal including a new mortgage. Most people won't get anywhere near that.

Screenshot from official source: HSBC Rewards+ product page

Screenshot from official source: HSBC Rewards+ Terms and Conditions, Clause A4.1

A few things to know:

• Salary and transactions are assessed each calendar month. Miss one month and you lose that boost for that month only.
• Boosted interest is credited by the 7th of the following month.
• HSBC can change the rates with at least 30 days' notice, including during a 12-month investment boost.
• HSBC's FAQ says benefits can vary by customer segment, so check your own Rewards+ dashboard in the HSBC app.

Screenshot from official source: HSBC Rewards+ Customer FAQs

How the November EGA Promotion Works

The November EGA promotion pays bonus interest for November 2026, December 2026 and January 2027 on your incremental balance: how much your EGA's average daily balance went up compared with October 2026. The increase must be fresh funds.

Screenshot from official source: HSBC Everyday Global Account page

Screenshot from official source: November EGA Promotion Terms, Clause A4

What those terms mean in practice:

• The rates already include the 0.01% prevailing interest. Don't add it twice.
• "Wealth customers" hold an eligible HSBC wealth product (unit trusts, equities, bonds, structured products or HSBC insurance) by 28 February 2027.
• "No withdrawals" means your incremental ADB in December and January is at least as high as in November. Keep the money in and a non-wealth customer gets 2.00% too.
• Fresh funds must come from another bank. Money moved from other HSBC accounts, or from a maturing HSBC deposit or investment, doesn't count.
• Your EGA must have been opened on or before 30 June 2026.
• You must register by 30 November 2026, by SMS ("EGA" followed by a space and the first 9 digits of your EGA number, to 74722) or in the HSBC Singapore app.
• If you're already in HSBC's September or October EGA promotion, you can't join this one.
• The bonus interest is paid in one go, by 28 February 2027.

Yes, the Two Stack: Here's How

This is the clause that settles it. Clause A7 of the November promotion says it can't be combined with other offers, then lists one exception:

Screenshot from official source: November EGA Promotion Terms, Clause A7

Rewards+'s own FAQ says the same from the other side: it can be combined with other HSBC promotions unless the other promotion excludes it. So both sides agree.

Screenshot from official source: HSBC Rewards+ Customer FAQs

The catch is that each one pays on a different balance:

• The EGA promotion pays on your increase over your October balance.
• Rewards+ pays on your total balance in your sole-name EGA, up to S$100,000.

If your October balance was zero and you put in S$100,000, both apply to the full S$100,000. The total works out as: EGA promotion rate on the incremental balance, plus Rewards+ boosts on up to S$100,000.

Scenario 1: Salary + Transactions = 3.75%

Assume:

• October EGA balance: S$0
• S$100,000 of fresh funds deposited on 1 November and kept there until 31 January
• At least S$5,000 salary credited by GIRO every month
• At least S$1,000 of eligible transactions every month

Over the 92 days: S$100,000 × 3.75% × 92 ÷ 365 = about S$945. With the EGA promotion alone at 2.00%, you'd get about S$504. So Rewards+ adds about S$441 over the three months.

HSBC counts the salary that actually lands in your EGA, not your gross salary. If you're a Singapore Citizen or third-year-onwards PR aged 55 or below, 20% of your salary goes to CPF as your mandatory employee contribution (CPF Board). Only 80% reaches your bank account.

The salary also has to come in by GIRO with the narrative "SALA". Salary paid by PayNow, cash, cheque or transfers from your own accounts doesn't count. Split salary credits within the same month are added together. Check how your salary actually shows up in your bank statement before counting on this boost.

Screenshot from official source: HSBC Rewards+ Customer FAQs

Is the S$1,000 Transaction Requirement Worth It?

At the full S$100,000, the 0.25% boost is worth S$100,000 × 0.25% ÷ 12 = about S$20.83 a month.

What counts:

• HSBC personal credit card spending
• EGA debit card spending
• Bill payments through the HSBC app or Online Banking, and GIRO bill payments from your EGA
• PayNow payments to a UEN (businesses), including Scan & Pay. PayNow to individuals doesn't count.

The exclusion list is long. It includes utilities, tax, insurance premiums, education, wallet top-ups (including YouTrip and EZ-Link), CardUp and iPayMy, brokerages, government services and hospitals. On eligible spend, card rewards stack: HSBC's FAQ confirms you still earn your normal credit card rewards on top of Rewards+:

Screenshot from official source: HSBC Rewards+ Customer FAQs

My take: it's worth it if the S$1,000 comes from spending you already do. It's not worth moving spend away from a better cashback or miles card just for an extra S$20.83 a month.

The easiest way to hit S$1,000 is to put normal spending on an HSBC credit card that also earns good rewards. Pick the one that matches how you spend:

Card features are from HSBC's card pages as at 2 November 2026, and spend exclusions apply to both the card rewards and the Rewards+ transaction goal. SingSaver usually adds its own sign-up gift on top of HSBC's welcome offer, so compare the current offers before applying: HSBC cards on SingSaver or HSBC's official credit card offers.

Scenario 2: Add an Investment = 5.25%

Now add at least S$50,000 of eligible HSBC investments bought in November:

Over 92 days on S$100,000: about S$1,323, or about S$378 more than Scenario 1.

Two things that are easy to miss:

• The S$50,000 investment needs its own money. If you pay for it out of the same EGA, your balance drops to S$50,000, and both the EGA promotion and Rewards+ pay on less. To get 5.25% on S$100,000, you need S$150,000 in total.
• Buying the investment makes you a "wealth customer" for the EGA promotion, so you keep the 2.00% tier even if you withdraw some money later.

The investment boost runs for 12 calendar months from the month you invest, so it continues after the EGA promotion ends:

All rates include the 0.01% base interest and assume HSBC does not change the boosted rates.

Don't Buy an Investment Just for the Interest

HSBC doesn't publish a list of specific qualifying funds. Instead, the T&Cs say any wealth investment product distributed by HSBC counts, except for a list of exclusions:

These 6 money market funds are specifically excluded:

• FSCFS: Fullerton SGD Cash Fund
• HULFA: HSBC US Dollar Liquidity Fund
• HGLFE: HSBC EUR Liquidity Fund
• HGLFS: HSBC Sterling Liquidity Fund
• HSGLF: HSBC Singapore Dollar Liquidity Fund
• CUMMF: CSOP USD Money Market Fund

The S$50,000 can be one purchase or several in the same calendar month, based on the date HSBC processes the order. HSBC's FAQ also says "some unit trusts" don't count, so confirm with HSBC that your specific fund qualifies before you buy. You can browse HSBC's fund range on its unit trusts page.

Screenshot from official source: HSBC Rewards+ Customer FAQs

The most the investment boost can give you is S$100,000 × 1.50% = S$1,500 over a year. Sales charges, fund expenses, bond spreads, or simply a product that doesn't fit your plan can easily cost more than that.

So ask in this order:

1. Would I buy this investment if Rewards+ didn't exist?
2. Are its fees, risks and expected returns competitive with what I'd otherwise buy?
3. Only if both are yes, treat the 1.50% as a bonus.

For me, a low-cost global index fund is the default for long-term money, and that's usually not what you'd be buying at a bank to hit a S$50,000 threshold. Buying an unwanted product to unlock a savings rate is a losing trade.

The T&Cs don't ban selling, but I wouldn't count on a quick buy-and-sell.

Here's what the Rewards+ T&Cs actually say about cancelling:

• A unit trust cancelled within 7 calendar days of purchase doesn't qualify.
• Bonds and structured products that are cancelled don't qualify. Ones that are redeemed (sold, with any spread charged) aren't on the exclusion list.

Screenshot from official source: HSBC Rewards+ Terms and Conditions, Clause A3.1

So selling a unit trust after the 7-day window isn't explicitly excluded, and nothing in the T&Cs says you must keep holding the investment for the 12-month boost to continue. But two other clauses give HSBC room to take the interest back:

Clause A4.9: HSBC can reverse or claw back boosted interest for financial products that are "subsequently terminated, cancelled, voided or reversed".

Screenshot from official source: HSBC Rewards+ Terms and Conditions, Clause A4.9

Clause B5: HSBC can reverse boosted interest if it reasonably believes you took part "in a way that abuses its intent".

Screenshot from official source: HSBC Rewards+ Terms and Conditions, Clause B5

Then there's the cost. Buying and selling S$50,000 of a unit trust with, say, a 1% sales charge costs S$500, before any fund expenses or price movement. Bonds and structured products have spreads too. The most the boost can pay is S$1,500, and only if you keep S$100,000 in the EGA for the full 12 months.

My take: if you're tempted by buy-and-sell, the maths is thin and the clawback risk is real. Only buy something you're happy to hold, and if you want certainty, ask HSBC in writing before you do it. Also note: the EGA promotion defines "wealth customers" as those who hold an eligible wealth product by 28 February 2027. If you sell before then, you may lose that status, so keep your EGA balance from falling in December and January to stay at 2.00%.

Already Had Money in HSBC in October?

Both headline numbers assume your October EGA balance was zero. If not, the EGA promotion only pays on the increase.

• EGA bonus interest applies to S$80,000
• Rewards+ still applies to the full S$100,000

On salary + transactions, that's S$80,000 × 1.99% + S$100,000 × (0.01% + 1.75%) = S$3,352 a year, or about 3.35% p.a. on the whole S$100,000, not 3.75%. Over 92 days, about S$845.

Check your October average daily balance in your statement before you work out your own rate.

Use Your Sole-Name EGA

Rewards+ boosted interest is only paid on one sole-name EGA per customer. If you have more than one, it's the active sole EGA with the smallest account number. Joint EGAs don't earn Rewards+ interest, although salary, transactions and investments done through a joint EGA can count towards the goals of the primary sole EGA.

So put the fresh funds into your eligible sole-name EGA. You can find which one it is in the Rewards+ earnings history in the HSBC app.

HSBC vs Trust's 2.2% Promo

Trust is currently offering a guaranteed 2.2% p.a. on S$100,000 or more of fresh funds, until 31 January 2027.

• EGA promotion only (2.00%): slightly below Trust.
• With the S$1,000 transaction boost (2.25%): only 0.05% p.a. above Trust. On S$100,000 over three months, that's about S$12.50.
• With the salary boost (3.75%): this is where HSBC clearly wins.

So if you can't get your salary into HSBC by GIRO, the two are basically a toss-up. Pick whichever is easier for you to manage. If you can move your salary, HSBC is the better deal.

Checklist Before 30 November

1. Check that your EGA was opened on or before 30 June 2026, and that you're not already in the September or October EGA promotion.
2. Register for the November promotion by SMS or in the HSBC app by 30 November.
3. Check your October EGA average daily balance.
4. Transfer fresh funds from another bank into your sole-name EGA, as early in November as possible.
5. Make sure at least S$5,000 of net salary is credited by GIRO into that EGA each month. That's about S$6,250 gross if you contribute 20% to CPF.
6. Hit S$1,000 of eligible transactions each month with spending you'd do anyway.
7. Keep the balance in until 31 January, especially if you're a non-wealth customer.

One more point: SDIC deposit insurance covers SGD deposits up to S$100,000 per depositor per bank. Rewards+ boosted interest is also capped at S$100,000. Above that, only the EGA promotion rate applies to fresh funds, and the excess isn't SDIC-insured, so weigh that before moving much more than S$100,000 into one bank.

Final Verdict

HSBC Rewards+ does stack with the November EGA bonus interest promotion, and for the right person it's a strong deal.

• 3.75% p.a. if you have S$100,000 of fresh funds, at least S$5,000 of net salary credited by GIRO, and S$1,000 of eligible monthly spending.
• 5.25% p.a. if you also buy at least S$50,000 of eligible HSBC investments, with separate money, and only if you wanted that investment anyway.
• About 2.00% to 2.25% without the salary boost, which is roughly the same as Trust's 2.2% promo.

Go for the goals that fit what you already do. A high headline rate only helps if earning it doesn't cost you more than the interest.

Official Sources

• HSBC Rewards+ product page: headline rates and requirements for each goal
• HSBC Rewards+ Terms and Conditions: sole-name EGA rule, S$100,000 cap, eligible and excluded transactions and investments, 12-month earning period
• HSBC Rewards+ Customer FAQs: salary posting rules, joint accounts, reversals, credit card reward stacking
• HSBC Everyday Global Account page: November promotion dates, registration and rate tiers
• November EGA Bonus Interest Promotion Terms and Conditions: eligibility, October reference month, fresh funds, rates and Clause A7 on combining with Rewards+
• CPF contribution rates from 1 January 2026: 20% employee contribution for those aged 55 and below
• Trust Bank: 2.2% p.a. fresh funds promotion

The 2.25%, 3.75%, 5.25%, 3.35%, 92-day interest and post-promotion figures are HoneyMoneySG calculations based on these official terms, not HSBC projections. They assume the stated balances are kept for the full period.

Disclosure: This article is not sponsored by HSBC or Trust Bank. It contains affiliate links for HSBC credit cards (via SingSaver and HSBC) and a referral link to Interactive Brokers; if you apply or sign up through these links, HoneyMoneySG may earn a commission at no extra cost to you. Card features, sign-up offers and eligibility are subject to HSBC's and SingSaver's latest terms. Interactive Brokers Singapore Pte. Ltd. is licensed and regulated by the Monetary Authority of Singapore (Licence No. CMS100917). Interest rates, eligibility criteria and promotion periods are based on HSBC's and Trust Bank's published terms as at 2 November 2026 and may change. Combined rates and interest amounts are illustrative HoneyMoneySG calculations that assume the stated balances and requirements are met for the full period; actual interest may differ. Singapore dollar deposits are insured by the Singapore Deposit Insurance Corporation up to S$100,000 in aggregate per depositor per Scheme member; investment products such as unit trusts, bonds and structured products are not insured and can lose value. I am not a licensed financial adviser under Singapore's Financial Advisers Act. This article is for general information and educational purposes only, does not take into account your personal financial situation or objectives, and does not constitute financial advice or a recommendation to buy any product. Please check the latest terms with HSBC and consider seeking advice from a licensed financial adviser before making any decision.