Published On: Fri, Apr 22nd, 2022

HSBC UK announce interest rate hike across savings accounts – Savers could get 3% | Personal Finance | Finance


The bank has reviewed the interest given on various savings accounts. Some of its variable rate savings accounts have gone by up to 0.25 percent.

The change will come into force on April 28, 2022, the bank has confirmed.

While these rates are not directly linked to the Bank of England Base Rate, they are continually reviewed and take a number of factors into consideration.

The Bank’s Monetary Policy Committee (MPC) met on March 16 and increased Bank Rate by 0.25 percentage points, to 0.75 percent.

This promoted many banks to raise the interest rates on savings account, with HSBC giving their own enticing offer.

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Their Youth Account will see the highest jump of 0.25 percent. Anyone aged seven to 17 will be able to receive three percent on their cash, up to £3,000.

Cash ISAs are also receiving a boost of 0.15 percent. Their Premium Loyalty account will be offering 0.40 percent once the hike is introduced next week.

Anyone with an Instant Access account can also receive 0.45 percent on their cash savings.

In their planned hike, savers will be getting 0.20 percent more on their Online Bonus Saver account, on anything up to £10,000.

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As well as raising interest rates, HSBC BANK has pulled out all the stops and is offering new customers £175 to switch last week.

At the time it was announced, Martin Lewis, the money saving expert said it was “the highest switching incentive currently on offer”.

As the cost of living crisis continues to bite at people’s budgets, the £175 cash boost may seem very appealing.

The offer ends on April 29, so Britons have a week to secure the extra cash.

Account benefits include a minimum arranged overdraft offer of £1,000 when opening the account.

Customers are also encouraged to build their savings with a Regular Saver Account.

In addition, they can enjoy money off Costa Coffee, ASOS and Not On The High Street.

This latest incentive from HSBC beats its last offer of £110 in cash and a £30 Uber Eats voucher.

To claim the reward, individuals will need to open an HSBC Advance Account and switch within 30 days.

If customers also choose to link a HSBC Regular Saver account, they can save up to £3,000 at a 1.00 percent interest rate fixed for 12 months.

People can save between £25 and £250 and if their regular payments are less than £250 a month, they can carry their allowance over, paying more in later months.



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