Fixed rate savings accounts

This will depend on your provider and any restrictions they may have.

At HSBC you can withdraw all of the funds and close your account early, but you’ll have to pay a fee which will be the lower of:

A savings account lets you earn interest on the money you put away.

How much interest you earn depends on the amount you save and the interest rate.

You can access your savings online, on your phone or in-branch. Accessing your savings account online or through the app is the fastest way to do so.

It's a savings account which gives you a fixed rate of interest for a set period of time. This can range from a number of months to years.

At HSBC you can choose to save between 1 and 2 years.

Customers can only hold one Regular Saver and one Online Bonus Saver at a time. You can hold more than one HSBC Cash ISA. However, it’s important to note that you can only subscribe to one HSBC Cash ISA in the same tax year.

There is no limit on the amount of Fixed Rate Savings accounts or Flexible Saver accounts that one may open. For example, you may want to have separate accounts for long-term and short-term goals.

Savings accounts are generally considered very safe.

Your savings are protected by The Financial Services Compensation Scheme (FSCS). The FSCS protects up to £120,000, or up to £240,000 for joint accounts of the money you save, per UK-regulated bank or building society.​

HSBC UK, HSBC Private Bank, first direct, M&S Bank and M&S Savings and Investments are all trading names of HSBC UK Bank plc and so if you hold deposits with us, M&S and first direct you’ll only be eligible for one claim up to the FSCS deposit limit.

Opening a savings account won't affect your credit score as you're not borrowing money.

Banks will only run a soft credit check when you open an account, which won't be recorded on your credit file. Your credit score will only be affected if a hard credit check is done.