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Fixed Rate Savings account

Plan ahead with confidence

Fixed Rate Saver

Make your money work hard for you and know exactly what you’ll get. Choose a term, deposit a minimum of £2,000 into your Fixed Rate Saver and earn interest at a great fixed rate.
  • Choose how long you save for.
    You’ve got 3 deposit terms to choose from – 3 months, 6 months or 1 year – and you can deposit any amount from £2,000
  • Get a great interest rate. Earn between 0.25% AER/gross and 0.40% AER/gross, depending on the term you choose
  • Set up savings for a child. Anyone eligible to open a Fixed Rate Saver may also open an account in branch on behalf of a child, providing the child is at least seven years of age
  • 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 £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

You choose a deposit term for your Fixed Rate Saver. Available terms are: 3 months, 6 months and 1 year.

You can deposit anything from £2,000. The money is locked away 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 interest rate?

Monthly interest

See current interest rates below:
Term Amount

Gross %

AER %
3 months £2,000+ 0.30% 0.30%
6 months

£2,000+

£50,000+

£250,000+

0.32%

0.35%

0.40%

0.32%

0.35%

0.40%

12 months

£2,000+

£50,000+

£250,000+

0.25%

0.30%

0.35%

0.25%

0.30%

0.35%

See current interest rates below:
Term 3 months
Amount
£2,000+

Gross %

0.30%
AER %
0.30%
Term 6 months
Amount

£2,000+

£50,000+

£250,000+

Gross %

0.32%

0.35%

0.40%

AER %

0.32%

0.35%

0.40%

Term 12 months
Amount

£2,000+

£50,000+

£250,000+

Gross %

0.25%

0.30%

0.35%

AER %

0.25%

0.30%

0.35%

  • 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?

For the purpose of these calculations, it is assumed:

  • initial deposit of £2,000, £50,000 or £250,000
  • no further deposits
  • no withdrawals
  • no change to the interest rate during the fixed term

Annual interest

The estimated balance at the end of the term based on a range of deposits would be as follows:
Term Amount Gross %
Balance at end of term
3 months £2,000 0.30% £2,001.50
6 months £2,000
£50,000
£250,000

0.32%

0.35%

0.40%

£2,003.20

£50,087.50

£250,500.00

12 months £2,000
£50,000
£250,000

0.25%

0.30%

0.35%

£2,005.00

£50,150.00

£250,875.00

The estimated balance at the end of the term based on a range of deposits would be as follows:
Term 3 months
Amount £2,000
Gross %
0.30%
Balance at end of term
£2,001.50
Term 6 months
Amount £2,000
£50,000
£250,000
Gross %

0.32%

0.35%

0.40%

Balance at end of term

£2,003.20

£50,087.50

£250,500.00

Term 12 months
Amount £2,000
£50,000
£250,000
Gross %

0.25%

0.30%

0.35%

Balance at end of term

£2,005.00

£50,150.00

£250,875.00

How do I open and 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

 

How to open the account:

  • you can open a sole account via your online banking, telephone banking or in your local branch
  • you can open a joint account via telephone banking or in your local branch
  • the Fixed Rate Saver funds will be transferred from a nominated account, 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 £1,000,000

 

How to manage the account

  • once opened you can view your balance via online banking. You can manage the account via phone 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.

Additional Information

There is no cancellation period with this account.

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

 

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 as at 19 November 2020

How to apply

Already registered for online banking?

Simply log on, go to Products & Services and select Apply for a Savings account.

Applicable for sole accounts only.

Not registered for online banking yet?

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

Apply by phone

Simply contact your Premier Relationship Manager or call our contact centre on:

03456 00 61 61

Additional information

Before applying, please take the time to read the following documents. You may also want to save them for future reference.

Your eligible deposits with HSBC Bank plc are protected up to the limit of your local Compensation Scheme.

How would you like to reinvest?

We have 3 ways for you to choose from – online, telephone or branch.

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 2 working days of the reinvestment.

How to reinvest

Already registered for online banking?

Simply log on, go to Products & Services, select Fixed Rate Saver and then click ‘Reinvest’.

Reinvest by phone

Call 03456 00 61 61

Calls to 0800 numbers are chargeable from most mobile operators. Please refer to your mobile network tariff for any charges.

Lines are open 8am to 10pm every day (except Christmas Day, Boxing Day and New Year's Day).

Reinvest in branch

HSBC Current Account customers can book an appointment to apply in branch by calling  03456 00 61 61From outside the UK, Channel Islands or Isle of Man, call +44 1470 697139.

You’ll need to bring identification and proof of your address.

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Frequently asked questions

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