To open an account, your business must qualify for HSBC Small Business3
Make sure you’re comfortable with the fees and service charges relating to the account you choose. You can refer to our fee guide
This tool requires a minimum of one chequing account be opened. If you are looking for other products, please get in touch with one of our Business Relationship Managers
Ensure you have an ability to scan documents on the device/computer you are using to complete the journey
Need to talk to us? Call 1-877-955-HSBC (4722)
Q: Who qualifies for the offer?
- Offer is open to new and existing HSBC customers with New Deposits2 up to $4,999,999.99 in a Canadian dollar HSBC Small Business HRSA from May 3, 2022 to November 30, 2022.
- Bonus interest is earned on New Deposits2 of up to a combined $4,999,999.99 in all of a customer’s Small Business HRSAs, i.e. the limit is not per HSBC Small Business HRSA.
Q: Which accounts don’t qualify for the offer?
Only the CAD HSBC Small Business High Rate Savings Accounts qualify for the bonus interest.
If you deposit into chequing or other types of savings accounts, they will not qualify for bonus interest. For example, these accounts don’t qualify for the bonus interest:
- Foreign currency accounts, including USD
- Small Business Term Deposits and GICs (redeemable & non-redeemable)
- Small Business Trust Accounts
Q: How does the bonus interest work?
- Bonus interest will be earned on New Deposits2 in your Small Business HRSA on top of the regular interest during the promotion Period. Bonus Interest earned on New Deposits2 is 0.75% per annum, calculated daily on the daily closing balance of the New Deposits2 and paid monthly.
- If you have multiple CAD HSBC Small Business High Rate Savings Accounts, you can accrue bonus interest on New Deposits2 in each of those, but bonus interest will be added together and paid into the HSBC Small Business HRSA first opened.
- Bonus interest is earned on New Deposits2 of up to a combined $4,999,999.99 in all of a customer’s HSBC Small Business HRSAs, i.e. the limit is not per HSBC Small Business HRSA.
Other things you should know
Deposits with HSBC at the close of business day on May 2, 2022 are not considered New Deposits2 and do not qualify for the Bonus Interest.
- “New Deposits” means the portion of the daily closing balance of your CAD Small Business HRSA during the Promotion Period which is the lower of the following two amounts:
- the balance increase in Total Deposits from the close of business on May 2, 2022.
- the balance increase in Small Business Savings Balance from the close of business on May 2, 2022.
If the lower of the two amounts is zero, then the New Deposits are zero. Refer to terms and conditions for examples on how interest is calculated.*
- If you close your CAD Small Business HRSA during the promotion period and don’t have another CAD Small Business HRSA open, any calculated but unpaid bonus interest on New Deposits2 will be forfeited.
* Terms and Conditions apply. Offer ends November 30, 2022.
1 Rates are as of May 2, 2022 and subject to change. The Regular Interest Rate is calculated daily and paid monthly.
2 “New Deposits” means the portion of the daily closing balance of your CAD Small Business High Rate Savings Account during the Promotion Period which is the lower of the following two amounts:
1) The balance increase in Total Deposits from the close of business on May 2, 2022, and
2) The balance increase in Small Business Savings Balance from the close of business on May 2, 2022.
3 To be eligible for HSBC Small Business Banking, your business must be a sole proprietorship, partnership or corporation domiciled in Canada and generate an annual gross revenue below $5 million CAD. Other requirements may apply.
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® HSBC BusinessVantage is a registered trademark of HSBC Holdings plc used under license by HSBC Bank Canada.