HSBC Premier Savings
As an HSBC Premier customer, you can enjoy instant access with HSBC Premier Savings.
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Open an account with £1. With an HSBC Premier Savings account, you can save any amount, from £1 upwards. There's no maximum balance.
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Access your money instantly. Take out money whenever you like with no notice, and transfer funds in real time.
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Save the way you want. Put away a lump sum, make a regular standing order or just make payments when it suits you.
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See your money grow. HSBC Premier Savings pays you interest every month.
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Manage your money anytime. You could choose to do it via phone, online banking or any of our island branches.
Apply for a Premier Savings account
Please read the important product information and check eligibility before you apply.
Key product information
- this is a savings account for HSBC Premier customers
- you can open the account with as little as £1, and deposit as much as you like, as lump sums or regularly
- you can access the money instantly with no fees, and transfer money funds in real time to or from your HSBC Premier bank account using your HSBC debit card
Summary box
What is the interest rate?
| Balance | Interest rate1 |
|---|---|
| All balances | 1.50% AER (1.49% Gross) |
| Balance | All balances |
|---|---|
| Interest rate1 | 1.50% AER (1.49% Gross) |
1 This rate also applies to the Premier Family Savings account.
Can HSBC change the interest rate?
Yes, the interest rate is variable. We can change the interest rate on this account, in line with the account's Terms and Conditions.
- if we increase the rate of interest, we'll either tell you personally within 31 days, or within 3 working days provide the details in a notice in the press and on our "Rates and Charges" notice in branches. We'll also display this information on our website
- if we reduce the rate of credit interest we'll tell you personally at least 2 months in advance
What would the estimated balance be after 12 months based on a £1,000 deposit?
| Initial deposit | Interest rate |
Balance at the end of 12 months |
|---|---|---|
| £1,000 | 1.50% AER (1.49% Gross) | £1,015.00 |
| Initial deposit | £1,000 |
|---|---|
| Interest rate |
1.50% AER (1.49% Gross) |
| Balance at the end of 12 months | £1,015.00 |
For the purpose of this calculation, it is assumed:
- initial deposit of £1,000
- no further deposits
- no withdrawals
- no change to the interest rate during the 12 months
Projection provided for illustrative purposes only and does not take into account individual circumstances.
How do I open and manage my account?
Eligibility:
- aged 18 years or over
- an HSBC Premier customer
How to open the account:
- open an account via online banking, phone banking or in branch
Minimum/Maximum Balance:
- a minimum of £1 must be deposited to open an account
- there is no maximum balance
How to manage the account:
- once opened you can manage the account via online banking, phone banking, via the HSBC Mobile Banking App or in branch
Can I withdraw money?
Yes, you have instant access to your account. You can make as many fee-free withdrawals as you like.
Additional Information
- a 14-day cancellation period applies to 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
Rates correct as at 6 September 2023
How to apply
Already with HSBC Premier?
If you have a Premier Bank Account and you're registered for online banking you can apply online now.
New to HSBC Premier?
Before you can apply for this savings account, you'll need to have a Premier Bank Account with us.
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.
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