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Fixed Rate Saver

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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 £1,000,000 and prepare to earn interest at a fixed rate.
  • Choose how long you save for You’ve got five deposit terms to choose from –  3 months, 6 months, and 1, 2 or 3 years – and you can deposit any amount from £2,000 to £1,000,000

  • Get a great interest rate Earn between 0.30% AER/gross and 0.70% AER/gross, depending on the amount you invest and the term you choose

  • Interest paid directly into your account We’ll pay your interest into the HSBC account you used to pay your initial deposit

  • 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

  • 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 over £50,000, 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.

Key product information

How it works

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

You can deposit anything from £2,000 to £1,000,000. The money is locked away in the savings account 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

          

Question

Answer

What is the account name?

Fixed Rate Savings 

What is the interest rate?

Term of 3 years

Interest rate on balances of £2000+: 0.70% AER/Gross

Interest rate on balances of £50,000+: 0.70% AER/Gross

 

Term of 2 years

Interest rate on balances of £2000+: 0.65% AER/Gross

Interest rate on balances of £50,000+: 0.65% AER/Gross

 

Term of 1 year

Interest rate on balances of £2000+: 0.50% AER/Gross

Interest rate on balances of £50,000+: 0.60% AER/Gross

 

Term of 6 months

Interest rate on balances of £2000+: 0.40% AER/Gross

Interest rate on balances of £50,000+: 0.40% AER/Gross

 

Term of 3 months

Interest rate on balances of £2000+: 0.30% AER/Gross

Interest rate on balances of £50,000+: 0.30% AER/Gross

 

Interest is calculated daily and credited either monthly, annually, or at the end of the term. For terms of 3 months, interest will be credited at the end of the term only.

 

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?

Initial Deposit of £2,000

 

Term of 3 years

Interest rate on initial balance of £2000: 0.70% AER/Gross

Balance at the end of term: £2,042.00

 

Term of 2 years

Interest rate of initial balances of £2000: 0.65% AER/Gross

Balance at the end of term: £2,026.00

 

Term of 1 year

Interest rate on initial balance of £2000: 0.50% AER/Gross

Balance at the end of term: £2,010.00

 

Term of 6 months

Interest rate on balance of £2000: 0.40% AER/Gross

Balance at the end of term: £2,004.00

 

Term of 3 months

Interest rate on balance of £2000: 0.30% AER/Gross

Balance at the end of term: £2,001.50

 

Initial Deposit of £50,000

 

Term of 3 years

Interest rate on initial balance of £50,000: 0.70% AER/Gross

Balance at the end of term: £51,050.00

 

Term of 2 years

Interest rate of initial balance of £50,000: 0.65% AER/Gross

Balance at the end of term: £50,650.00

 

Term of 1 year

Interest rate on initial balance of £50,000: 0.60% AER/Gross

Balance at the end of term: £50,300.00

 

Term of 6 months

Interest rate on initial balance of £50,000: 0.40% AER/Gross

Balance at the end of term: £50,100.00

 

Term of 3 months

Interest rate on initial balance of £50,000: 0.30% AER/Gross

Balance at the end of term: £50,037.50

 

For the purpose of these calculations, it is assumed:-

  • Initial deposit of either £2,000 or £50,000
  • 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?

Eligibility:

  • Aged 7 years 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
  • If you are aged between 7 years and 15 years you will need your application signed by a parent or guardian
  • If you are aged 18 years or over, you may also open a beneficiary account for a child providing you also hold a Future Saver for Children in the same names. This can only be opened in branch.

 

How to open the account:

  • Open an account via Online Banking, Telephone 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 you can view your balance via Online Banking or via the HSBC UK Mobile Banking App. You can manage the account via Telephone Banking or in branch.

Can I withdraw money?

Deposits over £50,000: 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 this account.

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

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

 

Definitions

  • 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 if interest were paid and not compounded each year

 

Rates correct as at 06.04.18

Summary box

          

Question

What is the account name?

Answer

Fixed Rate Savings 

Question

What is the interest rate?

Answer

Term of 3 years

Interest rate on balances of £2000+: 0.70% AER/Gross

Interest rate on balances of £50,000+: 0.70% AER/Gross

 

Term of 2 years

Interest rate on balances of £2000+: 0.65% AER/Gross

Interest rate on balances of £50,000+: 0.65% AER/Gross

 

Term of 1 year

Interest rate on balances of £2000+: 0.50% AER/Gross

Interest rate on balances of £50,000+: 0.60% AER/Gross

 

Term of 6 months

Interest rate on balances of £2000+: 0.40% AER/Gross

Interest rate on balances of £50,000+: 0.40% AER/Gross

 

Term of 3 months

Interest rate on balances of £2000+: 0.30% AER/Gross

Interest rate on balances of £50,000+: 0.30% AER/Gross

 

Interest is calculated daily and credited either monthly, annually, or at the end of the term. For terms of 3 months, interest will be credited at the end of the term only.

 

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.

Question

Can HSBC change the interest rate?

Answer

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

Question

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

Answer

Initial Deposit of £2,000

 

Term of 3 years

Interest rate on initial balance of £2000: 0.70% AER/Gross

Balance at the end of term: £2,042.00

 

Term of 2 years

Interest rate of initial balances of £2000: 0.65% AER/Gross

Balance at the end of term: £2,026.00

 

Term of 1 year

Interest rate on initial balance of £2000: 0.50% AER/Gross

Balance at the end of term: £2,010.00

 

Term of 6 months

Interest rate on balance of £2000: 0.40% AER/Gross

Balance at the end of term: £2,004.00

 

Term of 3 months

Interest rate on balance of £2000: 0.30% AER/Gross

Balance at the end of term: £2,001.50

 

Initial Deposit of £50,000

 

Term of 3 years

Interest rate on initial balance of £50,000: 0.70% AER/Gross

Balance at the end of term: £51,050.00

 

Term of 2 years

Interest rate of initial balance of £50,000: 0.65% AER/Gross

Balance at the end of term: £50,650.00

 

Term of 1 year

Interest rate on initial balance of £50,000: 0.60% AER/Gross

Balance at the end of term: £50,300.00

 

Term of 6 months

Interest rate on initial balance of £50,000: 0.40% AER/Gross

Balance at the end of term: £50,100.00

 

Term of 3 months

Interest rate on initial balance of £50,000: 0.30% AER/Gross

Balance at the end of term: £50,037.50

 

For the purpose of these calculations, it is assumed:-

  • Initial deposit of either £2,000 or £50,000
  • 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.

Question

How do I open & manage my account?

Answer

Eligibility:

  • Aged 7 years 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
  • If you are aged between 7 years and 15 years you will need your application signed by a parent or guardian
  • If you are aged 18 years or over, you may also open a beneficiary account for a child providing you also hold a Future Saver for Children in the same names. This can only be opened in branch.

 

How to open the account:

  • Open an account via Online Banking, Telephone 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 you can view your balance via Online Banking or via the HSBC UK Mobile Banking App. You can manage the account via Telephone Banking or in branch.

Question

Can I withdraw money?

Answer

Deposits over £50,000: 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.

Question

Additional Information

Answer

There is no cancellation period with this account.

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

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

 

Definitions

  • 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 if interest were paid and not compounded each year

 

Rates correct as at 06.04.18

 

 

How to apply

To open a Fixed Rate Saver, you must answer YES to the following questions:

If you are eligible to open a Fixed Rate Saver, you can also open a beneficiary account in branch on behalf of a child aged 7 years or over.

(If you are aged between 7 years and 15 years you will need your application signing by your parent or guardian).

Apply online 

If you have an HSBC current account or savings account (excluding an ISA) and you're registered for online banking, you can log on to apply for a Fixed Rate Saver in just a few minutes. 

Not registered for online banking yet? 

If you already have an HSBC current account or savings account (excluding an ISA), you can register for online banking. Once you've received your security details, you'll be able to apply for and manage your savings account online.

Apply by phone

If you already have an HSBC current account or savings account, you can find out more and apply for a Fixed Rate Saver Bond by calling:

0800 032 4729

Lines are open 8am to 8pm every day (excluding Christmas Day, Boxing Day and New Year’s Day).

Apply in branch

Existing HSBC current account or savings account customers can apply for this account by visiting one of our branches. You’ll just need to bring some identification and proof of your address.

Once your account is open, you can manage it in branch and online.

Call to book an appointment

In the UK: 03457 404 404

Outside the UK: +44 1226 261 010

 

 

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. We’ll write to you 7 to 10 days before your account is due to mature, confirming the minimum rate if you apply before close of play on the day of maturity. We suggest you wait until you receive this letter before reinvesting.

Please note that if you do instruct us before maturity, the actual rate you receive will be the rate applicable on the day of reinvestment. If we receive your instruction after your account has matured, the rate will be the one available on the day we receive your instruction. 

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Frequently Asked Questions

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