Fixed Rate Saver Account - HSBC Channel Islands & Isle of Man

Why choose a Fixed Rate Saver?

A fixed-rate savings account is a simple way to make your money work harder. Choose your term, deposit a minimum of £2,000 and earn interest at a great fixed rate.

Your interest rate will be calculated based on your term and initial deposit, and because it stays the same throughout, you'll always know what you're going to get.

Choose a 3-month, 6-month, 1-year, 2-year or 3-year term
Deposit a minimum of £2,000
Interest paid directly into your HSBC account
Set up an account on behalf of a child aged 7 or over

Rates displayed are accurate as of 1 December 2023.

Interest rates

Depending on your term and deposit 4.05% to 5.05% AER /Gross

How to apply

Fixed Rate Saver summary

What you need to know about our Fixed Rate Saver account.

Here are our current interest rates:
Term	Amount	Gross %	AER %
3 months	£2,000+	4.45%	4.45%
6 months	£2,000+ £50,000+ £250,000+	4.95% 5.00% 5.05%	4.95% 5.00% 5.05%
1 year	£2,000+ £50,000+ £250,000+	4.65% 4.70% 4.75%	4.65% 4.70% 4.75%
2 year	£2,000+ £50,000+ £250,000+	4.30% 4.35% 4.40%	4.30% 4.35% 4.40%
3 year	£2,000+ £50,000+ £250,000+	4.05% 4.10% 4.15%	4.05% 4.10% 4.15%

Here are our current interest rates:
Term	3 months
Amount	£2,000+
Gross %	4.45%
AER %	4.45%

Term	6 months
Amount	£2,000+ £50,000+ £250,000+
Gross %	4.95% 5.00% 5.05%
AER %	4.95% 5.00% 5.05%

Term	1 year
Amount	£2,000+ £50,000+ £250,000+
Gross %	4.65% 4.70% 4.75%
AER %	4.65% 4.70% 4.75%

Term	2 year
Amount	£2,000+ £50,000+ £250,000+
Gross %	4.30% 4.35% 4.40%
AER %	4.30% 4.35% 4.40%

Term	3 year
Amount	£2,000+ £50,000+ £250,000+
Gross %	4.05% 4.10% 4.15%
AER %	4.05% 4.10% 4.15%

Interest is calculated daily and you can choose for it to be paid:

monthly - for 6 month, 1 year, 2 year and 3 year terms
annually - for 1 year, 2 year and 3 year terms
at maturity - for 3 month and 6 month terms

If you choose monthly or annual interest, we'll pay it on the anniversary of your account opening. If you choose interest at maturity, we'll pay it on the date your fixed term ends.

The interest will be paid directly into your HSBC current or savings account - the same one you used to pay in your initial deposit.

No, once your account is opened the rate will stay the same for the duration of your fixed term.

The estimated balance at the end of the term based on a range of deposits would be as follows. 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


Term	Amount	AER/Gross	Estimated balance at end of term
3 months	£2,000	4.45%	£2,022.25
6 months	£2,000 £50,000 £250,000	4.95% 5.00% 5.05%	£2,049.50 £51,250.00 £256,312.00
1 year	£2,000 £50,000 £250,000	4.65% 4.70% 4.75%	£2,093.00 £52,350.00 £261,875.00
2 year	£2,000 £50,000 £250,000	4.30% 4.35% 4.40%	£2,172.00 £54,350.00 £272,000.00
3 year	£2,000 £50,000 £250,000	4.05% 4.10% 4.15%	£2,243.00 £56,150.00 £281,125.00


Term	3 months
Amount	£2,000
AER/Gross	4.45%
Estimated balance at end of term	£2,022.25

Term	6 months
Amount	£2,000 £50,000 £250,000
AER/Gross	4.95% 5.00% 5.05%
Estimated balance at end of term	£2,049.50 £51,250.00 £256,312.00

Term	1 year
Amount	£2,000 £50,000 £250,000
AER/Gross	4.65% 4.70% 4.75%
Estimated balance at end of term	£2,093.00 £52,350.00 £261,875.00

Term	2 year
Amount	£2,000 £50,000 £250,000
AER/Gross	4.30% 4.35% 4.40%
Estimated balance at end of term	£2,172.00 £54,350.00 £272,000.00

Term	3 year
Amount	£2,000 £50,000 £250,000
AER/Gross	4.05% 4.10% 4.15%
Estimated balance at end of term	£2,243.00 £56,150.00 £281,125.00

Eligibility

To open a Fixed Rate Saver, you must:

be aged 7 years or over (if you're under 16 you'll need your application signed by a parent or guardian)
have an HSBC current or savings account (excluding an ISA, Regular Savings Account or Basic Bank Account) which you must maintain for the duration of the fixed term

How to open the account

You can open:

a sole account via online banking, telephone banking or in branch
a joint account via telephone banking or in branch

Your Fixed Rate Saver deposit will be transferred from your nominated HSBC account, please ensure that the funds are available.

Minimum and maximum balance

You can only make one deposit into your Fixed Rate Saver which you'll make when you open the account.

You can deposit a minimum of £2,000, and there's no maximum deposit.

How to manage the account

Once your account is open, you can view your balance in online banking. You can manage the account further using phone banking or in branch.

If you deposit £50,000 or more you can't close the account or withdraw any money until the end of your fixed rate period.

If you deposit less than £50,000 you can withdraw all of the money and close the account 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 will be paid into the account they came from, unless you have asked us to reinvest some or all of your funds.

There is no cancellation period with a new Fixed Rate Saver. However, a 14 day cooling off period does apply for reinvestments.

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

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

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 of 1 December 2023

Things to know before you apply

To open a Fixed Rate Saver, you must:

be aged 7 years or over (if you're under 16 you'll need your application signed by a parent or guardian)
have an HSBC current or savings account (excluding an ISA, Regular Savings Account or Basic Bank Account) which you must maintain for the duration of the fixed term

Your options when your Fixed Rate Saver ends:

When your term comes to an end, you can carry on saving with us by reinvesting your funds in another Fixed Rate Saver. You can apply to do this up to 90 days before and 90 days after your term comes to an end (known as your 'maturity date').

Find out more about reinvesting

Alternatively you could consider one of our other savings accounts, or explore our investments products.

How to apply

Already an HSBC customer?

If you're looking for a sole account and you're registered for online banking you can apply online.

Log on, go to 'Our products', select 'Everyday Banking', then 'Apply for a Savings account'.

For joint accounts, see other ways to apply.

Log on to apply This link will open in a new window

New to HSBC?

Before you can apply for a savings account, you'll need to have a bank account with us.

Explore our accounts

Apply by phone

To apply over the phone, call us on

03456 00 61 61

Our lines are open 07:00 to 21:00 every day.

Apply in branch

If you're opening a joint account, or prefer to complete your application with one of our team, you can book an appointment at your nearest branch. You’ll need to bring identification, proof of address and a recent bank statement.

Book an appointment

Or, book an appointment over the phone on:

03456 00 61 61

Our lines are open 07:00 to 21:00 every day.

Frequently asked questions

We offer tiered rates of interest depending on your deposit and term. Your rate is fixed for the whole term. Interest is calculated daily and credited monthly, annually or at maturity.

Fixed Rate Saver accounts are designed to be held for the whole term, and you should plan to not access your money during that time.

There’s no cooling-off period when you open a Fixed Rate Saver Account for the first time.

If you change your mind and ask for your money back after you’ve opened the Fixed Rate Saver Account, what happens will depend on how much money is in the account:

If you have less than £50,000 in your account you can take the full amount out before the end of the term – but you’ll lose 90 days’ interest.
If you have £50,000 or more in your account you can’t take any of the money out until the end of your term.

Partial withdrawals are not available.

Unless you tell us otherwise, your deposit and any interest will be paid into the account that you originally used to open the Fixed Rate Saver.

Alternatively, you could choose to reinvest your deposit, the interest it has earned, or both. Find out more about reinvesting.

Fixed Rate Saver

Why choose a Fixed Rate Saver?

Interest rates

Fixed Rate Saver summary

How much interest can I earn?

Can HSBC change the interest rate?

What would the estimated balance be at the end of the term based on a range of deposits?

How do I open and manage my account?

Can I withdraw money once I've opened the account?

Additional information

Things to know before you apply

Important documents

How to apply

Already an HSBC customer?

New to HSBC?

Other ways to apply

Frequently asked questions

How is interest calculated on a Fixed Rate Saver account?

How do I access my funds?

What happens when my Fixed Rate Saver matures?

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