HSBC UK raises savings rates across multiple accounts from today

HSBC UK has announced a series of increases to its savings interest rates, taking effect from today. The changes will see customers benefit from improved returns across a range of accounts, including easy-access savings, ISAs and children’s savings products, the bank said.

Key rate changes from November 10

From November 10, the interest rate on HSBC UK’s Online Bonus Saver will increase its bonus rate from 3.35% to 3.75% AER, for customers with balances up to £50,000. For a customer with £1,000 in savings, this could mean earning £37.50 in interest over 12 months if no withdrawals are made, HSBC said.

Customers with a Flexible Saver account will also benefit, with the rate increasing from 1.05% to 1.10% AER. HSBC UK Premier customers will see improvements to their savings rates, with Premier Savings accounts offering 1.15% AER on balances up to £50,000, 1.25% on balances between £50,000 and £100,000, and 1.75% on balances over £100,000.

Children's savings and other products

The bank is also increasing rates on its children’s savings accounts, with MySavings offering 4.00% AER on balances up to £3,000, up from 3.75%. The Future Saver for Children accounts will also increase from 1.10% to 1.15%.

Lloyd Robson, head of savings at HSBC UK, said: “With the Bank of England increasing the base rate, we’re pleased to be passing on the benefits to customers through higher interest rates across a range of our savings accounts. Whether customers are building an emergency fund, saving towards a major milestone or putting money aside for their children’s future, getting into a regular savings habit can make a real difference. Even small amounts can add up over time, and we encourage customers to review their savings regularly to ensure their money is working as hard as possible for them.”