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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 great interest rate. Earn between 0.30% AER / gross and 0.35% 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.

Key product information

How it works

You choose a deposit term for your Fixed Rate Saver - either 1 or 2 years

You can deposit anything from £2,000 to £1 million. 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.

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

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+ 0.35% AER / Gross
1 year £2,000+
0.30% AER / Gross
See current interest rates below:
Term 2 years
Deposit £2,000+
Interest rate 0.35% AER / Gross
Term 1 year
Deposit £2,000+
Interest rate 0.30% 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 0.35% AER / Gross
£2,014.00
1 year £2,000
0.30% AER / Gross
£2,006.00
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 0.35% AER / Gross
Balance at end of term £2,014.00
Term 1 year
Deposit £2,000
Interest rate 0.30% AER / Gross
Balance at end of term £2,006.00

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?

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:

  • if you’re applying for a Fixed Rate Saver in your sole name you can apply on line, via telephone banking or pop into your local branch
  • if you’re applying for a Fixed Rate Saver in joint names you can apply via telephone banking or pop into your local branch
  • the Fixed Rate Saver funds will be transferred from a nominated account with HSBC UK Bank, please ensure that funds are available

 

Minimum/Maximum Balance:

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

 

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 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.

Can I access funds from a Fixed Rate Saver account early if I’ve been impacted by coronavirus?

Additional Information

Yes. We’ll be waiving access restrictions and early closure fees for the Fixed Rate Saver product if you need to access your money.  Customers can still close their Regular Saver account and withdraw the funds if they need to, as normal.

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

 

Information correct to 17 June 2020

 

 

How to apply

Services in our branches and contact centres are currently limited because of the coronavirus outbreak. Unfortunately we are unable to offer new products in branches or contact centres, or set up appointments at the moment.

If you’ve opened a new account online recently, please allow extra time for your application to be processed as the queues are longer than usual – no need to call us, we’ll let you know when it’s ready to use.

We’re also receiving far more calls than usual, so our wait times are longer. Please  check the information on our dedicated coronavirus hub page, which is updated regularly. Please only call us if it’s urgent, so we can help those most in need. 

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

  • Are you aged 7 or over? 
  • Do you have an HSBC current account or savings account (excluding Loyalty Cash ISA, Regular Saver or Basic Bank Account)?

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’re registered for Online Banking, login to apply for a Fixed Rate Saver in just a few minutes.

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 in branch

You 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.

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.

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Frequently Asked Questions

It’s easy to get in touch online. Talk to us directly through our chat channels.