HSBC increases interest rates across savings accounts – savers get over 5%

HSBC has announced new rates for customers Following the Bank of England’s 13th successive Base Rate hike, high street banks and building societies have been offering increasingly competitive rates. Following an increase in its Savings rates on Friday June 30, HSBC UK can confirm additional rate changes to Fixed Rate Savers and ISAs, with increases of up to 0.65 percent. These changes take place as the bank continues to proactively nudge its savers to review their accounts and highlight other saving options within the bank which might “provide greater returns” for them based on their savings account usage. The rate changes will come into effect on Friday, July 7. There has been a 0.65 percent increase on Fixed Rate Saver accounts taking accounts to over five percent: · One-year Fixed Rate Saver increased to 5.05 percent · Two-year Fixed Rate Saver now 5.10 percent. HSBC UK can confirm additional rate changes This increase could add hundreds of pounds in interest for customers. With the Fixed Rate Saver, Britons can deposit between £2,000 and £1 million to earn interest at a fixed rate. To open an account, a customer must be aged seven or over and already have a HSBC current account or savings account (excluding an ISA, Regular Savings Account or Basic Bank Account) which must be maintained for the duration of the fixed term. Once opened, the account can be managed via online banking or the HSBC Mobile Banking app, as well as via telephone banking and in a branch. This increase could add hundreds of pounds in interest for customers There has been a 0.50 percent increase to 3.50 percent on balances held in Help To Buy ISAs (up to £12,000). A 0.40 percent increase has been added to balances over £12,000 with a new rate of 1.75 percent. A 0.20 percent has been added to other ISAs, increasing Premier Loyalty ISA to 3.20 percent, and Advance Loyalty ISA to 2.70 percent. With the Loyalty Cash ISA, Britons can start with any amount from £1 and deposit up to £20,000 this tax year. Applicants must be aged 16 years or over and be resident in the UK. The account can be opened in an account via online banking, in branch or by phone. As mentioned above, HSBC has just recently announced further increases to savings accounts on Friday, June 30. SUBSCRIBE Invalid email We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Trending