HSBC offers savers ‘top market’ interest rate and £200 switch offer – how to get it | Personal finance | Finance
HSBC’s online bonus savings account raised its interest rate two weeks ago from 1.6% to three on savings of up to £10,000. If the savings pot exceeds this threshold, the interest rate drops considerably to 0.75%. The increase was the fifth time HSBC has raised the interest rate on its savings products this year.
HSBC explained that balances up to £10,000 will earn the highest interest rate and only the part of the balance over £10,000 will earn the lowest rate.
The online bonus account is an easy-to-access account, which means that the savings pot is not locked and people can withdraw their money whenever they want.
However, the three per cent rate is essentially a bonus on top of HSBC’s standard 0.5 per cent easy access rate and is available to those who don’t make withdrawals.
If a withdrawal is made, the interest rate drops to 0.5% for the entire month.
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With the 3% interest rate, if someone deposits £1,000 into the account, they could earn around £30 in interest over a year.
There is no maximum amount on the account and with a deposit of £20,000 people could earn around £375 in interest over the year.
This account can only be opened online, but it can also be managed at HSBC branches, by phone or on the HSBC app.
The problem with the account is that it is only available to existing HSBC current or savings account customers with access to online banking.
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The major bank said the offer was its biggest change offer since 2018.
Available from today, the £200 cash will be given to people who switch to an HSBC Advance or Premier Bank account, using the Current Account Switch service.
Tom Wolfenden, head of retail at HSBC UK, said: “The rising cost of living is having an impact in different ways.
“While we know some people are looking at their daily, weekly, or monthly spending, including the cancellation of hundreds of thousands of unused or unwanted subscriptions, a broader, more holistic look at products or services that might provide a overall, long-term value could provide significant rewards or savings.
“In May, we launched our new Rising Cost of Living hub to not only help customers understand why the cost of living squeeze is happening, but also provide guidance to help save on costs while providing help on where to go for additional support for those who may be struggling.
“In addition, from October 20, we have raised interest rates for the fifth time this year on all of our savings accounts, which will provide better returns for customers who have savings with us. “
Alongside its switching offer, HSBC wanted to remind its customers of its Home&Away offer.
The program, which is available to customers on all current accounts and credit cards, offers all HSBC cardholders offers on shopping, dining, travel, wellness, education and experiences .
Offers are available online on HSBC’s website and can be used with both online and in-person purchases from a wide variety of retailers and businesses.