The increases include:
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
|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%|
|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%|
|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%).
Steve Gracey, Senior Media Relations Manager | email@example.com | 020 7991 4118
Note to editors:
About HSBC UK
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.