The world's local bank
Use the savings you already have to:
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Reduce the amount of interest you pay.
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Pay off your mortgage faster.
We’re excited to be the first in Canada to offer this mortgage to smart savers like you. HSBC has successfully offered a similar mortgage to its customers in the United Kingdom, Taiwan, and Australia.
How it works
It’s like your money is multi-tasking.
Let’s say you have an HSBC Smart Savers Mortgage of $300,0001 at 4.59% APR* for a 5-year fixed term, amortized over 25 years. If you link $45,000 in savings, representing 15% of your mortgage amount, your interest rate is reduced by the same 15%.
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You pay a lower interest rate.
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You still have instant access to your $45,000, whenever you need it.
By linking those accounts to your mortgage, using this example, you:
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Save more than $60,000 in interest over the life of your mortgage.
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Pay off your mortgage almost 4 years sooner.
Use our online calculator to find out how much you can save.
So that emergency fund you have socked away? It could be reducing the amount of interest you pay on your mortgage, while it’s still available for you to use in an emergency, and it continues to earn you interest.
Get your savings working harder for you now — Call us today 1 888 310 HSBC (4722).
Is this the best mortgage for you?
The HSBC Smart Savers Mortgage is your best option, if you:
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Already are a saver.
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Have been wondering if it would be better to keep your savings accessible or put down a larger down payment.
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Are comfortable with having the amount of interest you pay each month vary, since it depends on the fluctuating balance in your linked accounts.
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Have a certain amount of funds in your linked accounts for it to make a difference.
New and Non-Canadian Residents
Mortgage Calculators
Protect yourself and your family
For your peace of mind and to protect your family, you may also be interested in:
- Mortgage Life Insurance
to have your mortgage paid in full in the event of your unexpected death. - Disability Insurance
to cover mortgage payments if you are unable to work for medical reasons.
Mortgage Help & Guidance
Use our mortgage payment calculator to see how much you’d need to make a difference.
The ultimate flexible mortgage*
Use your savings to create a mortgage on your terms:
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The more money you have in your accounts linked to your mortgage, the more you save in interest.
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Link qualifying chequing and savings accounts you want to your mortgage.
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Take money out of your linked accounts anytime, without penalty and without having to notify anyone.
HSBC Smart Savers Mortgage Terms & Options
| Term | Closed |
1, 3 or 5 years |
|---|---|---|
| Interest Rate | Fixed rate |
|
Variable rate |
|
|
| Payment Frequency | Choose what works best for you |
|
| Prepayment | Pay off your mortgage faster |
Increase your payments by up to 20%. ----- or ----- Pay up to 20% of the original balance each year. |
| Overpayment | Skip a payment |
Double one mortgage payment, skip another. |
HSBC Accounts you can link to your mortgage
Take advantage of this HSBC Smart Savers option today, by linking one of these HSBC Accounts (CAD) to your mortgage:
- Regular Savings Account.
- High Rate Savings Account.
- Performance Chequing Account.
- Student Account.
- Performance 60.
- HSBC Premier Account.
Ready to Apply Online?
We're here to help
If you need help choosing, assessing or applying for an HSBC mortgage you can call us at 1 888 310 HSBC (4722). Alternatively, read our Mortgage FAQs or visit our Mortgages Resources for more information.
Issued by HSBC Bank Canada
HSBC Smart Savers Mortgage™ is a trademark of HSBC Holdings plc, used under license by HSBC Bank Canada.
1 This is a sample calculation for illustrative purposes only. Projected savings is based on the assumption that the Deposit Balance of the amount illustrated will remain constant for the life of the mortgage. If the Deposit Balance were to fluctuate, then the savings would also fluctuate up or down, depending whether the Deposit Balance was above or below 50% of the remaining mortgage balance. It also assumes that interest is calculated monthly, you make payments when due and the interest rate and payment frequency remain the same over the amortization period, including mortgage renewals. Changes to these assumptions may materially impact the overall savings.
2 Some conditions apply.
Offer subject to the following terms and conditions, which may be modified at HSBC Bank Canada’s sole discretion at any time with reasonable notice:
Mortgage subject to standard bank credit qualification.
- Up to 8 accounts can be linked to your mortgage.
- Deposit amount used to calculate your monthly mortgage interest rate is the average of the daily closing credit balance of your Deposit Account from the first day of a calendar month through to and including the last day of that calendar month.
- The maximum Average Deposit Balance that will be applied against your Mortgage Balance to calculate your interest rate is the equivalent of 50% of your Mortgage Balance.
- If your Average Deposit Balance for any month is less than or equal to zero ($0.00), we will calculate daily interest at the full Mortgage Contract Rate for the following calendar month.
- Mortgage and Deposit accounts must be in same name; and in case of joint mortgage, Deposit account must be for at least one of the mortgage holders and vice versa.
* Annual Percentage Rate (APR) calculation assumes no fees will be charged. Rates are subject to approval and can change without notice.
For complete Terms and Conditions, please contact your Branch Representative or call us at 1 888 310 HSBC (4722) .
