1 December 2022

HSBC UK increases savings rates for the sixth time in 2022

HSBC UK is increasing interest rates across its range of savings products for the sixth time this year, the bank has announced. Rate increases are being given to all products across its savings range and will be effective from today (1st December).

The increases include:

  • 12 month fixed rate Regular Saver has increased to 5.00% from 1.00%, with all live accounts set up at 1.00% automatically increasing to 5.00% (change of rate effective from 1st December).
  • One year Fixed Rate Saver increased by 1.25% to 3.50%.
  • Increases of 0.90% on all ISA products.

Tom Wolfenden, HSBC UK’s Head of Retail, said: “Having a savings habit is something that we would encourage as it can be invaluable if there is an emergency and you need to replace your washing machine or have some unexpected expenditure on your car. While the cost of living may be increasing, emergencies will still happen, so having a small safety net that will help cover you in the event of something expected happening can be extremely important.

“To help encourage a savings habit and to help customers make their money grow, we are increasing the interest rate on our Regular Saver to 5.00%. The rate is fixed for the year from the time of opening, however at this time to help with the increased cost of living and to support those who currently have a Regular Saver open, we are increasing ALL current Regular Saver accounts to the new rate of 5.00% with effect from 1st December. Customers do not need to do anything, it will be updated automatically.”

HSBC UK is also waiving early closure fees on Fixed Rate Saver accounts. The move waives access restrictions and early closure fees if customers need to access their funds at this time. This is in addition to HSBC UK’s existing cost of living measures, which include a range of resources and support.

Tom Wolfenden added: “During the challenging months ahead, we’re committed to being there for our customers and helping them when they need us most. At a time when customers are facing more financial pressures than usual, waiving the fees on early access to a fixed term savings account may help with unexpected expenses.

“We would also encourage customers to make the most of our wider support package. Anyone can sign up to a session with a financial wellbeing consultant, regardless of whether they are a customer or not. It can be really helpful to get an outside perspective on ways to manage money - a good first step is to take our financial fitness test and get your score – you’ll then be signposted to support available.”

Rate changes for our products are listed below:

Product Tier Current Rate (AER unless stated) New Rate (AER unless stated) Rate Change
Fixed Rates Regular Saver* 1.00% 5.00% +4.00%

Fixed Rate Saver - 1 Year

2.25% 3.50% +1.25%
Fixed Rate Saver - 2 Year 2.50% 3.75% +1.20%
ISA Loyalty ISA Standard Rate 1.20% (1.19% Gross) 2.10% (2.08% Gross) +0.90%
Other Loyalty 1.40% (1.39% Gross) 2.30% (2.28% Gross) +0.90%
Advance Loyalty 1.40% (1.39% Gross) 2.30% (2.28% Gross) +0.90%
Premier Loyalty 1.60% (1.59% Gross) 2.50% (2.47% Gross) +0.90%
Instant Access Premier Savings £1+ 0.50% 0.65% +0.15%
Flexible Saver £1+ 0.50% 0.65% +0.15%
Online Bonus Saver <£10k (Inc. Bonus) 3 00% (2.96% Gross) 3 00% (2.96% Gross) No change
>£10k (Inc. Bonus) 0.75% 1.40% (1.39% Gross) +0.65%
Exc Bonus 0.50% 0.65% +0.15%
Youth MySavings / Premier MySavings <£3k 3.50% (3.45% Gross) 3.75% (3.69% Gross) +0.25%
>£3k 1.00% 1.25% (1.24% Gross) 0.25%

*Existing Regular Saver accounts’ rate will be amended from 1st December, with interest accrued up to this date at the rate detailed upon account opening (1.00%).

Cost of living support measures provided by HSBC UK:

  • £500 Overdraft buffer: HSBC UK is not charging interest on the first £500 of a customer’s arranged overdraft for twelve months, on its Bank Account, Advance Account, Bank Account Pay Monthly or Current Account. To benefit from this support, customers must complete an online form via the HSBC UK website before 31 March 2023.
  • Waiving early closure penalties on Fixed Rate savings accounts: the removal of early closure fees on Fixed Rate Saver accounts is applicable from 1st November and waives access restrictions and early closure fees if customers need to access their funds during this time. In May, HSBC UK introduced our new Rising Cost of Living hub: Rising Cost Of Living | Financial Fitness - HSBC UK. This was launched to help customers understand why cost of living is happening, provide tips to help save on costs, and offer help on where to go for additional support for any customers who are struggling. Since launch, this has subsequently been visited by over 116,000 customers.
  • To support people with the rising cost of living, HSBC UK is also offering a free financial health check service to help customers and non-customers alike manage their finances and adapt to rising costs. The service offers people the opportunity to book a call with a financial wellbeing consultant in order to receive information and support on managing finances. HSBC UK’s financial wellbeing consultants have also been working with businesses across the UK to deliver financial wellbeing sessions in professional settings to people at all stages of their career.
  • HSBC UK has added other dedicated self-help tools and webinars to its website, and have so far delivered 920 financial health webinars being to over 14,600 people (both customers and non-customers). The webinars provide practical support and guidance to customers around managing their money, including budgeting methods and top tips for saving money on energy bills.
  • HSBC UK’s benefit calculator tool allows customers to check they are receiving all benefits they are entitled to, including child benefit, universal credit, council tax support and pension credit.
  • Balance after bills: HSBC UK’s Balance After Bills feature gives users an easy way to manage spending and make better financial decisions by simply showing them how much money they have left until payday after regular outgoings. The feature promotes better budgeting by providing insight into available funds from one month to the next and is currently used by around 3 million customers monthly.
  • Subscription management tool: HSBC UK has also launched a subscription management tool (i.e. being able to see and cancel your recurring card payments like on-demand TV subscription services etc) to all customers on mobile. Our customers have cancelled over 2,000,000 subscriptions so far this year, around 7,000 a day.

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:

  • Regular Saver allows you to save up to £3,000 at a 5.00% interest rate that’s fixed for 12 months.
  • Savings can start from just £25 up to £250 per month.
  • If your regular payments are less than £250 a month, you can carry your allowance over, paying more in later months (up to a total of £3,000).
  • Customers will receive a lump sum at the end of 12 months.


HSBC UK serves over 14.85 million customers across the UK, supported by 23,500 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 Bank plc 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 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,992bn at 30 September 2022, HSBC is one of the world’s largest banking and financial services organisations.