Back in April, HSBC launched a new campaign called Fund and Fly, which awarded bonus miles to customers who opened an Everyday Global Account (EGA), transferred fresh funds, and maintained them as deposits for a three-month period.
This campaign has now been renewed until 30 September 2026, but with some significant changes.
The bad news is that compared to the previous edition, the reward for depositing S$50,000 and S$100,000 has decreased by 7,200 miles, and the maintenance period for fresh funds has increased from three to five months.
However, unlike the previous edition, fresh funds can now be placed into investments and insurance, instead of just deposits. This should reduce the opportunity cost — assuming you know what you’re doing — because the returns on EGA deposits are relatively low.
Fund and Fly is now also available to HSBC Premier customers, which may explain the concurrent reduction to the HSBC Premier Mastercard’s welcome bonus.
New HSBC Fund and Fly offer
From 1 August to 30 September 2026, customers who open a HSBC Everyday Global Account and deposit fresh funds will receive 12,000 to 200,000 bonus miles, based on the amount they deposit.
| Fresh Funds | Reward |
| ≥S$50,000 | 30,000 HSBC Points (up to 12,000 miles) |
| ≥S$100,000 | 70,000 HSBC Points (up to 28,000 miles) |
| ≥S$200,000 HSBC Premier |
150,000 HSBC Points (up to 60,000 miles) |
| ≥S$300,000 HSBC Premier |
250,000 HSBC Points (up to 100,000 miles) |
| ≥S$600,000 HSBC Premier |
500,000 HSBC Points (up to 200,000 miles) |
This offer is available to customers who:
- Do not have an existing HSBC Personal Banking account, and
- Did not have a HSBC Personal Banking, Premier or Premier Elite relationship during the 12-month period prior to 1 August 2026
Both new and existing HSBC cardholders are eligible to participate. In fact, you will need a valid HSBC credit card to receive the bonus HSBC Points from Fund and Fly.
How long must the funds be maintained?
The fresh funds must be maintained for a five-month period, as illustrated in the table below.
For example, if your EGA was opened in August 2026, funds must be deposited by 31 August 2026, and maintained until 31 January 2027. You will then receive the bonus HSBC Points by the last day of March 2027.
However, you don’t necessarily have to maintain those funds as deposits. You also have the option of placing those fresh funds into eligible investment or insurance products, defined as:
- Unit Trust, Bond, Structured Products and Equity purchased: Actual Placement amount (in SGD)
- Foreign Exchange (FX): Actual Placement amount (in SGD). Eligible FX transactions include Exchange Now / Everyday Global Account Transfers, FX Order Watch, Worldwide Transfers, Global Transfers, Global Money Transfers, Union Pay, Branch transactions.
- Dual Currency Plus: Actual Placement amount (in SGD)
- Regular Premium (“RP”) insurance policy: 3 times the Annual First Year Premium (“AFYP”) of the relevant RP insurance policy (in SGD).
- Single Premium insurance policy: Actual single premium amount paid (in SGD)
Eligible investment or insurance products exclude the following:
- Any investment product or insurance policy that is cancelled during the cancellation period of 7 days;
- Any insurance policy that is cancelled during the free-look period of 14 days;
- Investments or insurance placed through CPF investment schemes;
- Any investment product that does not levy an initial sales charge or front end load; and
- Money Market Funds, i.e. the following:
- FSCFS: Fullerton SGD Cash Fund
- HULFA: HSBC US Dollar Liquidity Fund
- HGLFE: HSBC EUR Liquidity Fund
- HGLFS: HSBC Sterling Liquidity Fund
- HSGLF: HSBC Singapore Dollar Liquidity Fund
No stacking with EGA bonus interest promotion
This promotion is not stackable with the Everyday Global Account Bonus Interest Promotion, which is currently offering 1.68% p.a. on incremental fresh funds of up to S$5M.
In other words, during the five-month maintenance period for Fund and Fly, you will not be eligible to earn bonus interest on the incremental deposits to the EGA — though remember, you’re not obligated to keep those funds in deposits anyway.
Terms & Conditions
The T&Cs of the Fund and Fly promotion can be found here.
What can you do with HSBC Points?
HSBC Points can be transferred to 20 airline and hotel partners, at the ratios shown in the table below.
| ✈️ HSBC Airline Partners | |
| Frequent Flyer Programme | Conversion Ratio (HSBC Points : Partner) |
 |
50,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
30,000 : 10,000 |
 |
30,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
12,500 : 10,000 |
| 🏨 HSBC Hotel Partners | |
| Hotel Programme | Conversion Ratio (HSBC Points : Partner) |
 |
30,000 : 10,000 |
 |
25,000 : 5,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
The crucial thing to understand is that not all partners share the same transfer ratio. Therefore, the value of the Fund and Fly bonus depends on which partner you choose.
| Fresh Funds | Reward | Miles* |
| ≥S$50,000 | 30,000 HSBC Points |
6,000 to 12,000 miles |
| ≥S$100,000 | 70,000 HSBC Points |
14,000 to 28,000 miles |
| ≥S$200,000 HSBC Premier |
150,000 HSBC Points |
30,000 to 60,000 miles |
| ≥S$300,000 HSBC Premier |
250,000 HSBC Points |
50,000 to 100,000 miles |
| ≥S$600,000 HSBC Premier |
500,000 HSBC Points |
100,000 to 200,000 miles |
| *Ignoring AirAsia Rewards, which isn’t a worthwhile option for most people |
||
All conversions must be done via the HSBC Singapore app (Android | iOS) and are processed instantly, with the exception of the following:
- Hainan Fortune Wings Club: Within 5 business days
- Japan Airlines Mileage Bank: Within 10 business days
Conversions are free of charge until further notice, and HSBC Points are pooled across cards.
While the minimum transfer block is 10,000 miles/points (Accor: 5,000 points), the subsequent block is just 2 miles (Accor: 1 point). In other words, you could choose to transfer 10,002 miles or 20,958 miles, which helps you avoid orphan points.
Earn up to 8 mpd with HSBC Revolution
 |
|
|
| Regular | Enhanced* | |
| Dining | 4 mpd Online Contactless |
8 mpd Online Contactless |
| Shopping | 4 mpd Online Contactless |
8 mpd Online Contactless |
| Transport & Member Clubs | 4 mpd Online Contactless |
8 mpd Online Contactless |
| Travel | 4 mpd Online Contactless |
8 mpd Online Contactless |
| Bonus Cap | S$1,000 per c. month | S$1,200 per c. month |
| *Defined as cardholders who maintain a minimum ADB of S$50,000 in SGD in a sole HSBC EGA account for that month |
||
One of the biggest perks of opening a HSBC EGA is unlocking enhanced earn rates on the HSBC Revolution.
Cardholders who maintain a minimum deposits ADB of S$50,000 in a sole HSBC EGA will earn 8 mpd on up to S$1,200 of bonus-eligible transactions per calendar month, compared to 4 mpd on up to S$1,000 for regular cardholders.
The catch is that the S$50,000 must be held in deposits only, so you’ll need to weigh the opportunity cost involved.
Stack with HSBC Premier Mastercard welcome offer
As I covered yesterday, the latest HSBC Premier Mastercard welcome offer — valid for applications submitted between 1 August and 30 September 2026 — has been reduced significantly to 58,200 bonus miles and a S$200 Apple voucher (previously: 91,800 bonus miles). HSBC has also capped the maximum number of eligible applicants at 800.
I was wondering why HSBC would scale back the offer so drastically, but the rationale becomes clearer when you consider that the offer can be stacked with the Fund and Fly promotion.
A new HSBC Premier customer who deposits the minimum of S$200,000 could receive a total of 118,200 bonus miles (60,000 bonus miles from Fund and Fly, 58,200 bonus miles from HSBC Premier Mastercard) and the S$200 Apple voucher.
It’s worth mentioning that SingSaver is running its own HSBC Premier sign-up promotion, which offers a choice of the following gifts:
- S$1,600 cash
- Apple MacBook Air 256GB 15.3″ (M4 Chip) (16GB RAM) (worth S$1,799)
- 105,000 Max Miles (worth S$1,890 when redeemed for flights via FlyAnywhere)
The SingSaver offer requires a higher minimum deposit of S$300,000, with the same five-month maintenance period as Fund and Fly. Since you can’t stack the SingSaver offer with Fund and Fly, here are the possible permutations.
| Offer Min. Deposit |
HSBC Premier | HSBC Premier MC |
| SingSaver S$300K |
|
58,200 miles + S$200 Apple voucher |
| Fund and Fly S$200K |
60,000 miles | |
| Fund and Fly S$300K |
100,000 miles |
Conclusion
HSBC has reworked its Fund and Fly offer, which now offers up to 200,000 bonus miles to customers who open an Everyday Global Account and maintain fresh funds of S$50,000 to S$600,000 for a five-month period.
Unlike the previous offer, which required the fresh funds to be held in relatively low-yielding deposits, customers now have the flexibility to buy investment or insurance products instead. Moreover, you can stack Fund and Fly with the ongoing HSBC Premier Mastercard welcome offer, though you might want to consider the SingSaver alternative too.
