(16 June 2011 – Australia) HSBC is increasing competition in Australian transactional and everyday banking with the introduction of a Day to Day account.The account will have no account keeping fees and online sign up within five minutes.
It is set to become the only bank account in the country that rewards its customers with a monthly A$10 “Feebate”.
The “Feebate” is awarded for deposits of at least A$2,000 into the account each month.
The launch of the HSBC Day to Day Account is supported by the Bank’s introduction of electronic identity verification that allows new customers to complete 100-point ID checks and straight-through account creation online, as well as offering short form applications for existing customers.
Since introducing the new streamlined online application process in February, HSBC reported an increase by an average of 83 percent in online applications.
HSBC Bank Australia head of savings and investments Michael Danby said the combination of no ongoing monthly account keeping fees, with the ‘Feebate’ bonus and streamlined online application process make HSBC’s Day to Day Account a unique new addition to the competitive deposit market in Australia.
“HSBC is the only institution in Australia that is rewarding its customers monthly with cash in hand for their ongoing Day to Day Account usage.”