These changes will increase the return get customers get on their savings with HSBC UK, encouraging them to build a savings habit, and come as the bank shares some top tips for building financial resilience amid challenges caused by the increased cost of living.
The increases, which come into effect on 8th June, include:
Pella Frost, HSBC UK’s Head of Everyday Banking, said: “Over the last few years we have had to learn to adjust to the unexpected and build our resilience. Change can have a significant impact on our lives, sometimes financially. We know that having a savings habit helps build financial resilience and means that you’re better placed to handle any disruption.
“Our new savings rates will hopefully help encourage people to revisit their savings habits. We know that eight in 10 people are taking action to tighten their belts and reduce their outgoings in the face of cost of living challenges, which is a great starting point to help build financial resilience.”
Top 5 strategies for improving financial resilience
To ‘live within your means’ is to spend less money than you have coming in. If your outgoings are exceeding your incomings on a regular basis, it’s a sign that something needs to change. Acting now can help you improve your finances quickly.
Smart money tools help you keep an eye on your spending and stay on top of your finances. For example, if you have the HSBC UK Mobile Banking app, you can use our Balance After Bills feature. It allows you to see how much you could have left for the month ahead, once scheduled bills (standing orders and Direct Debits) are taken into account.
Sticking to a budget is clearly a good way of maintaining resilience.
Knowing exactly how much money you have coming in and going out - as well as where it goes - can help you prioritise spending.
If your budgeting skills have lapsed, it’s okay - there are ways to get your finances back on track.
One of the key steps towards managing your money effectively is understanding the way you’re spending. If you feel you’re spending too much, look at what you can change.
There are ways you can reduce your spending without feeling like you’re missing out.
You can save money by shopping around. One idea is to review all your Direct Debits once a year and look around for better deals.
Online comparison sites can be a good place to start. But look for quality - both product and service - to make sure you’re getting value for money, rather than just the cheapest price.
Steve Gracey - Steve.email@example.com | 020 7991 4118
Note to editors:
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 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 $2,990bn at 31 March 2023, HSBC is one of the world’s largest banking and financial services organisations.