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Making your money work for you

At times when interest rates are low, you may want to consider other ways to make your money work for you:

Paying off debt

The interest on borrowing is usually higher than the interest earned on savings, so it might be better to pay off high interest loans and debt. We discuss this in more detail here.

Overpaying on your mortgage

If your mortgage allows you to make additional payments, you can use savings to cut years off the term and potentially save a lot of money in interest. Some banks offer offset accounts, where any additional funds sitting in the account reduce the interest paid on the original amount owed.

Fixing savings rates

Unless you need fast access to your savings, you'll usually earn more interest if you move your money from a regular savings account into fixed rate savings (also called Term deposits).

Consider investing

Investing your money, rather than saving it, comes with greater risk - but may be worth considering to help you achieve longer term savings goals. We explain investing in more detail here.

HSBC has partnered with Everfi to create a series of modules on a variety of topics, including Savings, Banking, Credit Cards & Interest Rates, Credit Scores, Financing Higher Education, Renting vs. Owning, Taxes and Insurance, Consumer Protection, and Investing, giving you the tools to better manage your financial future. We hope these interactive digital modules can support your choices.


Additionally, HSBC has created the YourMoneyCounts financial wellness program which is presented by HSBC staff to the community in a classroom setting. Participant workbooks covering Budgeting, Credit, and Identity Theft and a budgeting worksheet are found through the YourMoneyCount link above. This program was created in partnership with the national nonprofit Greenpath Financial Wellness,  and they provide free individualized support focused on your personal situation and financial wellness.