Business Savings Account

1. Bonus Interest will be calculated daily on New Deposits of up to CAD 29,999,999.99 in a CAD Dollar Business Savings Account and on New Deposits of up to USD 29,999,999.99 in a USD Dollar Business Savings Account at the Bonus Interest Rate. This means that both your Business Savings Account balance and your Total Deposits balance must increase (as compared to the day preceding the Promotion Period) in order to earn the Bonus Interest. Bonus Interest will be applied to the amount by which your Business Savings Account balance or Total Deposits increase, whichever is lower. Bonus Interest will be paid only to your Business Savings Account.
   

   For example:

   • If you deposit $30,000 to your Business Savings Account but withdraw $30,000 from your operating account, your Total Deposits have not increased. Bonus Interest will not apply.
   • If you deposit $30,000 to your Business Savings Account and withdraw $10,000 from your operating account, your Total Deposits increase by $20,000 ($30,000 - $10,000). Bonus Interest applies to $20,000.

2. Bonus Interest is earned on New Deposits of up to CAD $29,999,999.99 in your CAD Business Savings Account at the annual rate of 1.15% during the Promotion Period. Bonus Interest is also earned on New Deposits of up to USD $29,999,999.99 in your USD Business Savings Account at the annual rate of 0.75% during the Promotion Period.
3. Bonus Interest is calculated daily on the daily closing balance of the New Deposit and is paid monthly.
4. Bonus Interest will be shown separately from your Regular Interest on your statements.
5. If you have multiple CAD Business Savings Accounts or multiple USD Business Savings Accounts under the same Customer Account Number:
   • Bonus Interest is earned on New Deposits in each CAD Business Savings Account but will be added together and paid to the first CAD Business Savings Account opened. Bonus Interest is earned on New Deposits in each USD Business Savings Account but will be added together and paid to the first USD Business Savings Account opened.
   • Bonus Interest is earned on New Deposits of up to a combined CAD $29,999,999.99 in all your CAD Business Savings Accounts, i.e. the limit is not per CAD Business Savings Account. In addition, Bonus Interest is earned on New Deposits of up to a combined USD $29,999,999.99 in all your USD Business Savings Accounts, i.e. the limit is not per USD Business Savings Account.
6. Any calculated but unpaid Bonus Interest on New Deposits in a Business Savings Account will be forfeited if the savings account is closed by you during the Promotion Period. However, if you close a Business Savings Account, but at the time of closing that account hold another Business Savings Account in the same currency, then the calculated but unpaid Bonus Interest will be transferred to your other Business Savings Account in the same currency.
7. Bonus Interest will be earned on New Deposits of up to CAD $29,999,999.99 in your CAD Business Savings Account and up to USD $29,999,999.99 in your USD Business Savings Account in addition to Regular Interest. The sum of Regular Interest and Bonus Interest will determine the total interest payable during the Promotion Period on New Deposits. For example:

* Annual interest rates; subject to change.

8. Except as otherwise set out in these Terms and Conditions for the Promotion, all regular terms and conditions related to each account will remain in effect during the Promotion Period.
9. This Promotion cannot be combined with any other promotions or offers.
10. This Promotion may be amended, extended or cancelled at the sole discretion of HSBC at any time without prior notice.
11. Without limiting HSBC’s rights above, HSBC reserves the right to refuse or terminate participation in this Promotion if HSBC identifies abuse of intended operation of the Promotion.

If a customer converts their Commercial Investment Account to a Business Savings Account during the Promotion Period, then deposits made to the Business Savings Account after October 30, 2022 would be considered New Deposits, and Bonus Interest would apply, subject to the other requirements in these Terms and Conditions.

1. “Bonus Interest” means the additional interest earned on New Deposits of up to CAD $29,999,999.99 in your CAD Business Savings Account during the Promotion Period or the additional interest earned on New Deposits of up to USD $29,999,999.99 in your USD Business Savings Account during the Promotion Period.
2. “Bonus Interest Rate” means 1.15% per annum earned in your CAD Business Savings Account or 0.75% per annum earned in your USD Business Savings Account.
3. “Customer Account Number” means the first nine digits of your account number. For example, 123-456789-XXX.
4. “HSBC” means HSBC Bank Canada.
5. “New Deposits” means the portion of the daily closing balance of your CAD Business Savings Account or USD Business 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 October 30, 2022 and
   2. The balance increase in Business Savings Account from the close of business on October 30, 2022.
6. “Promotion” means this ‘Business Savings Account New Deposits New Deposits Promotion’ running during the Promotion Period.
7. “Promotion Period” means October 31, 2022 to April 30, 2023.
8. “Regular Interest” means interest earned at the standard posted (non-Bonus) interest rate on the Business savings based at the rate that applies to the balance tier.
9. “Total Deposits” means the total value in Canadian dollars of all accounts (including operating, Business Savings, guaranteed investment certificates (GICs) and term deposit accounts) under the same Customer Account Number with HSBC during the Promotion Period. For the purpose of calculating the total value, foreign currency account balances will be based on the Canadian dollar equivalent.