The HSBC Everyday Global Account (EGA) is not a credit card, but it could be one of the most underrated tools in your miles-earning arsenal! Whether you’re a fan of cashback or miles, this bank account can benefit you.
The EGA is a current account that offers 1% cashback on GIRO payments, which include credit card statement payments. This means you effectively receive an additional 1% cashback on top of your existing credit card benefits.
I have had this account for almost three years now and have earned back hundreds of dollars in cashback effortlessly.
Keep reading to learn more about the HSBC Everyday Global Account, a little-known hack for credit card users in Singapore.
HSBC Everyday Global Account
The HSBC Everyday Global Account itself is a multi-currency account, great for managing different currencies and offering ease of use for general banking in Singapore. It is not any different than the other multi-curreny accounts that have been gaining popularity recently.
Through the HSBC Everyday Global Account, you’ll have access to 10 different foreign currencies, which you can withdraw and spend from without any fees.
HSBC also provides competitive foreign exchange rates for your currencies. Through its mobile app, you can easily check the rate and exchange your currencies.
There are 2 versions of the HSBC EGA, namely the Personal Banking version and the Premier version. There are slightly different benefits for each. Generally, the Premier has a higher AUM/income requirement to qualify for, but it also has a higher maintenance limit.
I’ll recommend the Personal Banking version for most readers, as it is a lot easier to maintain.
However, the main purpose of the Everyday Global Account is to access the HSBC Everyday+ program.
HSBC Everyday+ Program
The HSBC Everyday+ Program is a dedicated rewards program linked to the HSBC Everyday Global Account.
These are some of the highlight features.
| 1% Cashback on all eligible GIRO payments |
| 1% Cashback on spends with HSBC Everyday Global Debit Card |
| 1% Bonus Interest on incremental SGD average daily balance |
The feature that we’re most interested in will be the 1% back on eligible GIRO payments.
There are many transactions that we cannot easily use credit cards for. These are things like insurance or tax bills. However, with the HSBC Everyday+ Program, we’ll be able to earn 1% back on those payments which can be quite substantial over time.
In addition, the cashback on GIRO payments applies to credit card bill payments too! This means that if you set up a GIRO arrangement to pay the bills on another credit card, you’ll earn the 1% too. This effectively gives an additional 1% cashback on all your purchases!
For the Personal Banking EGA account, you can earn up to S$300 of cashback per month. For Premier EGA accounts, you can earn up to S$500 of cashback per month. That’s S$30,000 and S$50,000 worth of GIRO bill payments respectively every month, which should be more than sufficient for most people.
Note that since a term change in May 2024, the cashback will no longer apply to GIRO payments made for bill payments for HSBC credit cards.
Requirements
You have to fulfil a couple of criteria every month to be eligible for the Everyday+ Program. Do not worry as they are very simple to achieve.
The criteria depend on whether you’re a Personal Banking or Premier customer.
| Personal Banking | Premier |
|---|---|
| Make 5 eligible transactions | Make 5 eligible transactions |
| Credit Salary or deposit at least S$2,000 | Credit salary or deposit at least S$5,000 |
For the 5 eligible transactions, they can be spending transactions made with any of your HSBC debit or credit cards like the HSBC Revolution Card.
I wouldn’t recommend crediting your salary here, as many other bank accounts give bonus interest for salary crediting. Instead, you just have to deposit at least S$2,000 into the HSBC account every month. You can even withdraw the amount immediately, and it’ll still count towards program qualification.
Fees for HSBC EGA
Take note that there are some fees involved when it comes to the HSBC Everyday Global Account.
The most important things to remember is that there is a minimum initial deposit amount of S$2,000. In addition, if your average daily balance for the month falls below S$2,000, you’ll have to pay a fee of S$5 for the month.
In essence, just make sure you always have S$2,000 in your HSBC EGA at the end of every day so that you do not incur any fees.
Full list of fees and charges.
How to set up Giro Payments
Setting up Giro Payments for your bills can be a tedious and time-consuming process. Despite the introduction of eGIRO in recent years, where you could set up the entire GIRO arrangement digitally, HSBC has, unfortunately, not hopped onto the bandwagon yet.
Before setting up a Giro payment, you’ll first have to understand how it works.
A Giro arrangement involves 3 parties.
- Payee (you, the person paying the bill)
- Billing Organisation (the organisation you’re paying the bills for)
- The Bank (the bank which your funds are held, in this case HSBC)
To set up a Giro arrangement, the Payee needs to first get a Giro application form from the Billing Organisation. You’ll then fill it up and physically mail it to your Billing Organisation.
In the Giro application form, you’ll typically need to fill in details of what you’re paying for, and your bank account details (in this case, your HSBC EGA details).
Once it’s mailed to your Billing Organisation, the Billing Organisation will then send it to the Bank for authorisation. The whole process typically takes 3-4 weeks, and you’ll receive an SMS confirmation message that your payment was linked to HSBC.
Here are the download links to some of the more common application forms.
Note that you’ll need to download and mail a Giro Application form to HSBC too if you’re trying to pay an HSBC credit card.
Sign Up Bonuses
There is almost always a lucrative cash reward for signing up for an HSBC Everyday Global Account. The exact rewards depend on whether you sign up for the Personal Banking version or the Premier version.
The requirements are by no means easy to achieve, but if you’re able to do so, you can get quite a sizeable return.
For the month of June 2025, the sign-up bonus is categorized into 4 components: fresh-funds reward, wealth ready reward, additional reward, wealth reward.
Fresh Funds Reward
| S$70,000 deposit | S$150 cash credit |
| S$100,000 deposit | S$250 cash credit |
| S$200,000 deposit | S$350 cash credit |
| S$300,000 deposit | S$700 cash credit 3% pa rate on SGD deposits, 4% pa rate on USD deposits |
| S$1,200,000 deposit + opt to be an Accredited Investor | S$7000 cash credit 3% pa rate on SGD deposits, 4% pa rate on USD deposits |
Wealth Ready Reward
This is only applicable to Premier members.
| – S$300,000 deposit – Open Unit Trust Investment Account – Complete Customer Knowledge Accessment | S$300 worth of shares in HSBC dollar liquidity fund |
| – S$1,200,000 deposit – Open Unit Trust Investment Account – Complete Customer Knowledge Accessment | S$600 worth of shares in HSBC dollar liquidity fund |
Additional Reward
If you’re able to complete any fresh-fund reward, you’ll be able to get additional rewards by completing the following tasks.
| – New PayNow registration – Link to HSBC EGA | S$50 cash credit |
| – Activate EGA debit card – Make 7 purchases using EGA debit card | S$50 cash credit |
| – Activate Global Money Transfer – Accumulate min S$10,000 in international FX | S$50 cash credit |
| – Subscribe to SG Chat | S$50 cash credit |
Wealth Reward
| – Purchase between S$50,000 and S$1,000,000 of eligible wealth products (type 1) | S$250 cash credits for every S$50,000 of purchase |
| – Purchase between S$50,000 and S$1,000,000 of eligible wealth products (type 2) | S$750 cash credits for every S$50,000 of purchase |
The full list of the terms and conditions for the sign-up bonus can be found here.
The sign-up bonuses change every month. Be sure to check HSBC’s site for the most current bonuses before applying for your account.
Personally, I did not try to go for any of the sign-up bonuses as I felt that the money deposit was not worth it and there were too many hoops to jump through.
Conclusion
The HSBC Everyday Global Account (EGA) is a valuable addition to your credit card portfolio, primarily due to its Everyday+ Program.
While the account does not earn you additional miles beyond what you already have, it effectively provides an extra 1% cashback on nearly all your purchases, which can accumulate significantly over time.
Although the initial setup can be somewhat cumbersome, and maintaining the minimum balance of S$2,000 has its opportunity costs, I believe the long-term benefits outweigh any drawbacks.
To apply for the HSBC Everyday Global Account, you can visit HSBC’s official website or download the HSBC mobile app from the iOS App Store or the Google Play Store.
