Savers will see the rate on a fixed-rate account jump from 1% to 5% from December, HSBC UK has announced. The rate on HSBC's Regular Saver account is fixed for 12 months from the time of opening the account, under the bank's terms.
But HSBC UK announced on Monday that from December 1, it will increase the rate from 1% to 5%, and the rise will apply automatically to existing accounts. Interest accrued up to this date will be at the rate offered when the account was opened.
Tom Wolfenden, HSBC UK's head of retail, said: "The rate is fixed for the year from the time of opening, however at this time to help with the increased cost of living and to support those who currently have a Regular Saver open, we are increasing all current Regular Saver accounts to the new rate of 5% with effect from December 1. Customers do not need to do anything, it will be updated automatically."
