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Fixed Rate Savings Account

Make your plans with confidence

Fixed Rate Saver

With our Fixed Rate Saver, you can put your money to work, safe in the knowledge of how much interest it’s going to earn you. Just choose the length of your term, deposit between £2,000 and £1 million and prepare to earn interest at a fixed rate.
  • Choose a 1-year or 2-year term, and deposit any amount from £2,000 to £1 million
  • Get a fixed rate of interest for the duration of the term. Earn between 4.45% AER / gross and 4.10% AER / gross, depending on the term you choose
  • Reinvest your savings. Before the end of the term, we'll write to you to ask you if you want to withdraw your money, start a new Fixed Rate Saver or discuss your options
  • Interest paid directly into your account. We’ll pay your interest into the HSBC account you used to pay your initial deposit
  • Know exactly what you'll get. Your interest rate remains fixed throughout the term, so you’ll know in advance exactly how much interest you'll earn
  • Close early if you need to. Provided the deposit is under £50,000, you can close the account early for a fee of 90 days’ interest. Do bear in mind that depending on when the withdrawal is made, you may get back less than you originally invested. If the deposit is £50,000 or over, you can't close your account or withdraw any money until the end of the deposit term

Apply for a Fixed Rate Saver

Know how much you’ll earn right from the start


Please read the important product information and check eligibility before you apply.


Looking to reinvest?


Fixed Rate Saver coming to an end?

If you’re thinking about what to do next, here are some maturity options. Depending on your circumstances, you could put your money into a new Fixed Rate Saver, consider other savings products, repay debts or explore investing. 


For this calculation it's assumed that no money is taken out before the end of the fixed term.

The total interest earned is an example only and doesn't take into account individual circumstances.

Summary box

What is the account name?

Fixed Rate Savings

What is the interest rate?

See current interest rates below:
Term Deposit Interest rate
2 years £2,000+ 4.10% AER / gross
1 year £2,000+
4.45% AER / gross
See current interest rates below:
Term 2 years
Deposit £2,000+
Interest rate 4.10% AER / gross
Term 1 year
Deposit £2,000+
Interest rate 4.45% AER / gross
  • interest is calculated daily and credited either monthly or annually.
  • if you choose monthly interest, we'll pay interest on the monthly anniversary of your account being opened. If you choose annual interest, we'll pay it on the anniversary of your account being opened.
    The interest is paid directly into your HSBC current or savings account - the same one you use to pay in your initial deposit.

Can HSBC change the interest rate?

No, once your account is opened the rate will remain fixed for the duration of your fixed rate period.

What would the estimated balance be at the end of the term based on a range of deposits?

The estimated balance at the end of the term based on a range of deposits would be as follows:
Term Deposit Interest rate Balance at end of term
2 years £2,000 4.10% AER / gross £2,164.00
1 year £2,000
4.45% AER / gross £2,089.00
The estimated balance at the end of the term based on a range of deposits would be as follows:
Term 2 years
Deposit £2,000
Interest rate 4.10% AER / gross
Balance at end of term £2,164.00
Term 1 year
Deposit £2,000
Interest rate 4.45% AER / gross
Balance at end of term £2,089.00

For the purpose of these calculations, it is assumed:

  • initial deposit of £2,000
  • no further deposits
  • no withdrawals
  • no change to the interest rate during the fixed term

Projection provided for illustrative purposes only and does not take into account individual circumstances.

How do I open & manage my account?


  • aged 16 or over
  • have an HSBC current account or savings account (excluding an ISA, Regular Savings Account or Basic Bank Account) which you must maintain for the duration of the fixed term


How to open the account:

  • this account can be opened in sole or joint names
  • open an account via Online Banking or in branch


Minimum/Maximum Balance:

  • only one deposit per Fixed Rate Saver
  • the minimum deposit is £2,000
  • the maximum deposit is £1,000,000


How to manage the account

  • once opened, the account can be managed via online banking or the HSBC Mobile Banking app, where you can chat to us 24/7
  • you can also manage the account via Telephone Banking or in branch

Can I withdraw money?

Deposits of £50,000 or over: You can't close the product or withdraw any money until the end of your fixed rate period.

Deposits under £50,000: You can withdraw all of the money and close the product early, for a fee of 90 days interest. You can't withdraw part of the money.

At the end of the fixed rate period your account will be closed and your funds and interest paid into the account they came from unless you have asked us to reinvest some/all of your funds.

Additional Information

There is no cancellation period with a new Fixed Rate Saver. However, a 14 day cooling off period does apply for reinvestments.

We do not deduct tax from any interest paid to you.

Tax benefits depend on individual circumstances and could change in the future.



  • AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
  • Gross is the rate of interest paid before any tax (where applicable) has been deducted.


Rates correct as at 20 June 2024

How to apply

Apply online for a sole account

You can apply online in minutes if you already have an HSBC current or savings account* and you're registered for online banking.

*Excludes Basic Bank Account, Loyalty Cash ISA or Regular Saver.

You’ll need to contact us to apply if you:

  • are a Basic Bank Account customer
  • are a credit card only customer
  • have multiple tax residencies or are a non-UK tax resident

Not registered for online banking yet?

Register now - once you’ve received your security details, you’ll be able to apply for and manage your savings account online.

Apply online for a joint account

You can apply for a joint Fixed Rate Saver online if you share a joint HSBC current or savings account with the other applicant. The application needs to be in the same names as the joint HSBC account that you have.

You will need to ensure your personal details are up to date before applying.

How would you like to reinvest?

We have 3 ways for you to choose from – see below.

You can apply to reinvest your Fixed Rate Saver up to 90 days before and 90 days after the maturity date, and keep the same account number.

Please note rates are subject to change, so if you do instruct us to reinvest before maturity, the actual rate you receive will be the rate applicable on the day of maturity, not the rate applicable on the date you submitted your instruction to reinvest.

If we receive your instructions after your account has matured, the rate you receive, will be the rate available on the day your instruction is received by us.

We’ll write to you to confirm the interest rate and maturity date within two working days of the reinvestment.

Reinvest online

You can reinvest online in minutes using the application below.

Reinvest by phone

Call 0800 032 4729 to speak to us.

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 every day (except Christmas Day, Boxing Day and New Year's Day).

Reinvest in branch

Book an appointment with your local branch.

Frequently asked questions

You might also be interested in


Save between £25 and £250 every month with a 12-month fixed rate account. Available to customers with a current account (excluding Basic Bank Account).


Not sure if this is the right account for you? Compare all our savings accounts.


Whatever your goals, putting money aside today could have a big impact on your future.


Eligibility criteria and fees apply. You may get back less than you invest. You should aim to invest for at least 5 years. 

It's easy to answer your query online. Visit our Help page to find out how.