As a HSBC customer with an Advance current account, I have taken advantage of a regular saver account paying 5% interest!
This seems a generous offer in these days of low interest for savers.
You can deposit between £25 and £250 per month and with this highest amount I have managed to save £3,000 over the past year!
It should be mentioned that at the end of the year you have to move it to another savings account, but you can start all over again for the next year.
At present I am trying to work out where the best place is to invest this £3,000 nest egg, given the standard savings rate can be as low as 0.10%!
Here is information provided by the HSBC on this savings scheme:
If you have the HSBC
Advance Account or
Premier Account, you can get its regular saver paying 5% AER fixed for a year on up to £250/mth. HSBC currently offers you £150 to switch to the Advance Account, plus another £50 if you stay a year, making it a top pick.
Need-to-knows
- You can deposit between £25 and £250 each month. If your deposit's less than £250 in any month, you can carry over the remaining allowance into following months.
- If you already have the Advance or Premier account, just log in to internet banking and apply for the regular saver, or book a branch appointment to open one.
- If you have (or get) the HSBC Bank Account or Graduate Account you'll be eligible for a slightly lower 3% regular saver. These accounts are free to hold, though you must pay in at least £500 a month to the Bank Account.
- You must make deposits by standing order from your HSBC bank account.
- If you miss a payment, or make a withdrawal, HSBC will close your account, and you'll get 0.05% interest instead.
- HSBC shares its £85,000 UK savings safety guarantee with First Direct.
- You'd earn £80.64 interest (gross) if you saved the max for 12 months with this account.
