These changes take place as the bank continues to proactively nudge its savers to review their account and highlighting other saving options within the bank which might provide greater returns for them based on their savings account usage.
Pella Frost, HSBC UK’s Head of Everyday Banking, said: “Energy bills, filling up your car and your weekly supermarket shop may not be quite as high as they have been in recent times, but the increase in the cost of living has really shone a light on the importance of having a bit of a financial safety net for life’s unexpected twists and turns. A savings pot helps with financial resilience and helps shield from immediate financial stress and it can provide important peace of mind to help with either unforeseen expenses or longer term goals.
“We would encourage a combination of accounts for different situations - an easy access account for emergencies and some money in longer term accounts for longer terms financial goals which typically provide more of a return. We have increased the interest on savings accounts regularly in the last year and are increasing our one year Fixed Rate Saver, providing a significantly increased special rate of 5.70% AER for those who are happy to tie their money up for a year, potentially providing hundreds or thousands of pounds more in interest than they would get with the standard rate.”
|Deposit||Balance at end of term – 5.05% AER||Balance at end of term – 5.70% AER||Additional interest paid|
* For the purpose of these calculations, it is assumed after the initial deposit there will be no further deposits and no withdrawals during the fixed term.
020 7991 4118
Notes to Editors:
Online application and terms and conditions, including eligibility and how the Fixed Rate Saver can be managed and serviced can be found here.
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 UK is a ring fenced bank and wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,041bn at 30 June 2023, HSBC is one of the world’s largest banking and financial services organisations.