HSBC UK has announced it is increasing rates across a number of its savings products for a second time in recent weeks. The changes take effect from Thursday, September 3.
Rate increases across savings range
The bank said the move was "giving customers the opportunity to earn even more interest on their savings as households continue to look for ways to make their money work harder."
From Thursday, September 3, the following rates will increase:
- The 1 Year Fixed Rate Saver will increase by 0.70 percentage points to 4.50%.
- The 2 Year Fixed Rate Saver will increase by 0.40 percentage points to 4.80%.
- The Flexible Rate Cash ISA (FRISA) will increase by 0.20 percentage points to 4.20%.
Further opportunities for savers
The bank added: "The latest changes follow recent rate increases across HSBC UK’s savings range, meaning customers are now being offered further opportunities to benefit from higher returns."
"The move comes as savers continue to reassess where they hold their cash and how they can make the most of their savings, whether that means locking money away for a fixed period or retaining the tax advantages of a tax-free ISA."
Bank's response
Lloyd Robson, head of savings at HSBC UK, said: "Following recent increases across our savings range, we’re pleased to be increasing rates again across a number of products."
"We know customers are looking for ways to make their money work harder and these changes help give savers another opportunity to benefit from more competitive returns while selecting products that work best for their money needs."
