Fixed RateSaver

 

Key product information

How it works

You choose a deposit term for your Fixed Rate Saver Bond. Available terms are:
- 3 or 6 months
- 1, 2, 3 or 5 years

You can deposit anything from £2,000 to £1,000,000. The money is locked away in the bond for the whole of the term.

The interest rate depends on the amount you deposit and the length of the term. As the rate is fixed in advance, you know exactly how much interest you will earn by the end of the term. See current rates

The interest is paid directly into your HSBC current or savings account - the same one you used to pay in your initial deposit.

Summary box

Product name Fixed Rate Saver
Interest rates Your rate is fixed for the deposit term.

Interest is paid either monthly, annually, or on maturity (depending upon the term). For terms of 3 months, interest will be paid at the end of the term.

See current rates

Interest is not compounded. It will be sent to the account from which you paid in your original deposit. This must be an account held with us.
Tax status Interest is paid net of basic rate income tax. This means the tax is deducted before you receive the interest. If you are a higher rate tax payer, you may have to pay additional tax.

If you are eligible for gross interest payments, please fill in an R85 form and take it in to your local branch.
Conditions for bonus payment There's no bonus payment with this product.
Withdrawal arrangements Money is deposited for a fixed term.

There is no cancellation period.

Deposits over £50,000: You can't close the product or withdraw any money until the end of the bond term.

Deposits under £50,000: You can withdraw the money and close the product early, for a fee of 90 days interest. You can't withdraw part of the money.
Access Fixed Rate Savers can be applied for in branch, by phone (0800 032 4729) or online.

The account can be managed in branch and by phone, but not online.

Reinvesting

When the term of your bond ends, it's easy to reinvest the money into a new Fixed Rate Saver. You can apply online, and your sort code and account number will remain the same. You can do this if your Fixed Rate Saver ended in the last 90 days or is due to end in the next 90 days.

More

Instructions to reinvest a Fixed Rate Saver can be given up to 90 days before and after the maturity date.

We will write to you 7-10 days before your deposit term ends. The letter will tell you the minimum interest rate we will apply if we receive your instruction before close of business on the day of maturity. If you are giving us an instruction before maturity, the actual rate you will receive will be the rate applicable on the day of reinvestment. If we receive your instruction after your Fixed Rate Saver has matured, the rate you will receive will be the rate available on the day your instruction is received by us.

Definitions

AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.

NET is the interest rate you'll receive after applicable tax has been deducted, currently 20%. Higher rate tax payers will have an additional liability.

GROSS is the interest rate you'll receive before applicable tax is deducted from your account.

Are you eligible for a Fixed Rate Saver? Check the full details

How to apply

Our top 5 FAQs


1. How do I apply for a Fixed Rate Saver Bond?

2. Am I eligible?

3. How much can I save?

4. How can I access my savings?

5. How is interest calculated?

Need to speak to us?

Give our friendly team a call on:

0800 032 4729

Contact us



Landline freephone


0800 587 1481

Calls to 0800 numbers are chargeable from most mobile operators. Please refer to your mobile network tariff for any charges.

Lines are open 8am to 10pm everyday except Christmas Day, Boxing Day and New Year's Day. Calls may be monitored or recorded.

Prefer to talk face-to-face?

Pop into your nearest branch for a chat.

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