HSBC UK has announced customers with a fixed-rate savings account will see the rate increase by an impressive 4% from the start of December. 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.
However, HSBC 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. The Regular Saver allows customers to save up to £3,000 at an interest rate that is fixed for 12 months.
People can pay in any sum between £25 and £250 per month and if regular payments are less than £250 a month, savers can pay in more during later months, up to a total of £3,000.
