HSBC UK announces changes following interest rate review
Following a further review, HSBC UK is increasing the interest rates on some of its variable rate savings accounts by up to 0.85% from 19th July 2022, the bank has confirmed.
The Online Bonus Saver will see its bonus rate increase by 0.85% to 1.30% (from 0.45%) on balances up to £10,000[1].
To encourage saving from an early age, HSBC UK’s youth savings accounts will also increase by up to 0.25%, taking the MySavings account to 3.25% AER/Gross.
Rate changes will also be implemented on Premier Savings, Flexible Saver (+0.10%), the bank’s Cash ISA range (+0.10%), Help to Buy:ISA (+0.25%) and Fixed Rate Saver (+0.10%).
Tom Wolfenden, HSBC UK’s Head Of Retail, said: “While our savings products are not directly linked to the Bank of England Base Rate, we take this into account alongside a number of other factors when setting our interest rates. We have raised our interest rates across a number of our accounts in order to offer greater value for savers.
“Increasing the rate on our Online Bonus Saver will allow savers to receive a great rate of return as they build up their savings pot and get in to a positive savings habit by rewarding them with a bonus rate in the months they don’t make a withdrawal.
“We also know that it’s important for young people to develop positive saving habits from an early age. Increasing the rate on our youth accounts will help young people grow their savings as they take their first steps in managing money.”
Rate changes for our products are listed below.
| Savings Account | Interest Rate Change |
|---|---|
Instant Access
|
+0.85% from 0.45% to 1.30% (bonus rate for balances under £10,000) +0.15% from 0.40% to 0.55% (bonus rate for balances over £10,000) +0.10% from 0.10% to 0.20% +0.10% from 0.10% to 0.20% +0.10% from 0.10% to 0.20% |
Youth Accounts
|
+0.10% from 0.75% to 0.85% +0.25% from 3.00% to 3.25% (for balances under £3,000) |
Cash ISAs
|
+0.10% from 0.30% to 0.40% +0.10% from 0.35% to 0.45% +0.10% from 0.35% to 0.45% +0.10% from 0.40% to 0.50% +0.10% from 0.35% to 0.45% +0.10% from 0.35% to 0.45% +0.25% from 1.25% to 1.50% (for balances under £12,000) |
Fixed Rate Saver
|
+0.10% from 0.45% to 0.55% +0.10% from 0.50% to 0.60% |
All interest rates are AER/Gross
Media enquiries to:
Steve Gracey, Senior Media Relations Manager steve.gracey@hsbc.co.uk / 020 7991 4118
Email: UKPressOffice@hsbc.co.uk
Note to editors:
[1] Terms and conditions apply
About HSBC UK
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$3,022bn at 31 March 2022, HSBC is one of the world’s largest banking and financial services organisations.