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Online Bonus Savings Account

Savings, with an extra reward from us

Sorry, due to a technical issue some customers may experience issues opening an account. We’re working to fix this as soon as possible. If you do experience an issue please apply again later.

HSBC Online Bonus Saver

Earn bonus interest every month you don't make a withdrawal.
  • Start saving with just £1. That's all you need to open an account, to a maximum of £2,000,000. Please note that accounts are limited to one per customer
  • Get a higher rate on balances of up to £10,000. If you have more than £10,000 in your account, we pay a lower interest rate on the amount above that – see our interest rates.
  • Bonus interest, calculated daily. When you qualify for a bonus interest payment, it’s calculated on the daily balance and paid monthly.
  • Manage your account online. As the name suggests, this account is ‘online only’. That means you can access your funds anytime you need them and all your interactions with this account will be online

Open a Online Bonus Saver today

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

Key product information

How it works

Our Online Bonus Saver account gives you a variable interest rate of up to 0.05% AER / gross (including bonus interest) for any month you don’t make a withdrawal.

You’ll get a variable rate of 0.01% AER  / gross in any calendar month you do make a withdrawal or close your account.

You can open an Online Bonus Saver with £1 or more. If you have more than £10,000 in your account, interest is paid at a lower rate on balances above that amount.

Summary box

What is the account name?

Online Bonus Saver

What is the interest rate?

The current interest rates are shown below
Balance Standard Rate Interest Rate including bonus
Up to £10,000 0.01% AER / Gross 0.05% AER / Gross
Over £10,000 0.01% AER / Gross
0.02% AER / Gross
The current interest rates are shown below
Balance Up to £10,000
Standard Rate 0.01% AER / Gross
Interest Rate including bonus 0.05% AER / Gross
Balance Over £10,000
Standard Rate 0.01% AER / Gross
Interest Rate including bonus 0.02% AER / Gross

Interest is calculated daily and credited to the account monthly.

The standard rate of interest is paid in any month where a withdrawal is made or you close your account.

The interest rate including bonus is paid in any month where you don't make a withdrawal or don't close your account.

Balances up to £10,000 will earn the higher rate of interest. Only the part of the balance above £10,000 will earn the lower rate of interest.

Can HSBC change the interest rate?

Yes, the interest rate is variable. We can change the interest rate on this account, in line with the account's Terms and Conditions.

What would the estimated balance be after 12 months based on a range of deposits?

The estimated balance after 12 months based on a range of deposits would be as follows:
Initial Deposit Rate Type Interest Rate Balance at end of 12 months
£1,000 Standard Rate 0.01% AER / Gross
£1,000.10
£1,000 Interest rate including bonus
0.05% AER / Gross
£1,000.50
£20,000 Standard Rate
0.01% AER / Gross on the whole balance £20,002.00
£20,000 Interest rate including bonus
0.05% AER / Gross on 1st £10,000 then 0.02% AER / Gross on any balance over £10,000 £20,007.00
The estimated balance after 12 months based on a range of deposits would be as follows:
Initial Deposit £1,000
Rate Type Standard Rate
Interest Rate 0.01% AER / Gross
Balance at end of 12 months £1,000.10
Initial Deposit £1,000
Rate Type Interest rate including bonus
Interest Rate 0.05% AER / Gross
Balance at end of 12 months £1,000.50
Initial Deposit £20,000
Rate Type Standard Rate
Interest Rate 0.01% AER / Gross on the whole balance
Balance at end of 12 months £20,002.00
Initial Deposit £20,000
Rate Type Interest rate including bonus
Interest Rate 0.05% AER / Gross on 1st £10,000 then 0.02% AER / Gross on any balance over £10,000
Balance at end of 12 months £20,007.00

For the purpose of this calculation, it is assumed:

  • initial deposit of either £1,000 or £20,000
  • no additional deposits
  • no withdrawal made in any month for the interest rate including bonus calculation
  • a withdrawal made in every month for the standard rate calculation (amounts withdrawn not shown for illustrative purposes)
  • no change to the interest rate during the 12 months

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

How do I open & manage my account?

Eligibility:

  • aged 16 years or over
  • able to manage your account online only

 

How to open the account:

  • open an account via Online Banking only

 

Minimum/Maximum Balance:

  • a minimum of £1 must be deposited to open the account
  • the maximum balance you can hold in the account is £2,000,000

 

How to manage the account

  • once opened the account can be managed via Online Banking or the HSBC UK Mobile Banking App

Can I withdraw money?

Yes, you have instant access to your account. You can make as many fee free withdrawals as you like. However if you do make a withdrawal you will receive the standard rate of interest for that month.

Additional Information

A 14 day cancellation period applies to 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 to 17 June 2020

 

 

How to apply

Customers registered for Online Banking

If you have an HSBC Current Account or other savings account and you're registered for online banking, you can apply online in minutes.

Non-UK Tax Residents

If you are liable to pay tax in any country or region other than the UK, please call us on 0800 169 5422 to apply, as you can not complete this application online. Lines open 8am to 10pm every day. 

Customers not registered for online banking

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.

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Frequently Asked Questions

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