HSBC is offering a 2.75 percent interest rate – and new customers can get £125 bonus

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

Interest rates offered on savings accounts have, in general, been depleting in recent times. It no doubt means savers may be keen to keep on top of their comparisons when it comes to the top-paying savings accounts.

Analysis of 50 Regular Savings Accounts by Moneyfacts has found four different providers offering market-leading rates of 2.75 percent or more, correct at the time of writing.

At the top of this list is the Loyalty Regular Saver by Cambridge Building Society.

This one-year Bond account offers three percent AER.

Meanwhile, three banks are offering a 2.75 percent rate on regular savings accounts.

These are first direct’s Regular Saver Account, HSBC’s Regular Saver, and M&S Bank’s M&S Monthly Saver Account.

Each of these have a 12-month bond, with interest being paid on maturity.

HSBC explains its Regular Saver account is available to a number of its customers.

This covers those who hold one of the following accounts: HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, HSBC Student Bank Account or Graduate Bank Account.

It’s important to be aware that this rate is offered on the basis the saver keeps their money in the account for a year.

Up to £3,000 can be saved at that rate over the 12-month term, due to the savings limits.

Savers can pay between £25 and £250 into the account each month, set up by standing order.

Should the regular payments be less than the upper limit of £250, then the customer can carry their allowance over and then pay more in in later months.

Elsewhere, HSBC UK has re-introduced its cash switching incentive.

Since September 15, the bank has been offering a cash payment of £125 to new customers.

This money is available to new to bank customers who switch to the HSBC Advance and Premier current accounts.

To qualify, they would need to apply and start a full switch using the Current Account Switch Service (CASS), including a minimum of two Direct Debits and/or Standing Orders, within 30 days of the date of the account being opened.

The offer is not open to those who are HSBC current account holders on the date of application, and those who have been on or after January 1, 2017.

Fiona McCaffrey, HSBC UK’s Head of Everyday Banking, said: “In what has been a difficult year we are pleased to welcome new customers who switch to our HSBC Advance and HSBC Premier accounts with our latest £125 switcher offer.

“The initial lockdown really gave people time to think about friends, family and finances amongst other things and our cash incentive of £125 will provide a welcome start to what will hopefully be a long relationship with HSBC UK.”

Source: Read Full Article