🔴 HSBC has bumped the rate on its regular saver account by 4 per cent, one of the biggest increases in a savings rate seen since the financial crash of 2008
“The jump with the HSBC regular saver is from a low level, which is taking it up to a competitive level,” said Anna Bowes, founder of the Savings Champion website. “Regular savings accounts often offer the best interest rates as there are usually restrictions on how much you put in. This way banks don’t have to pay too much interest out.”
With this account, there is a 12-month term, and you are limited in how much you can put in each month. This means that for the first month, the maximum amount you can earn 5 per cent interest on is £250. As you are building up the amount over time, you’re only earning 5 per cent on a portion of the money.
Ms Bowes has calculated the maximum you can make if you save the full £3,000 over 12 months is just over £81, which works out as 2.71 per cent. The bank is also waiving early closure fees on Fixed Rate Saver accounts if savers need access to their money.
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