HSBC, more fully known as the Hong Kong and Shanghai Banking Corporation, was formed back in 1865.
It established itself in Britain after merging with Midland Bank in the 1990s. Today, it is one of the “big four” banks in the UK and is one of the largest banking organisations in the world.
HSBC offers a broad range of savings accounts and ISAs that will fit any budget or saving plan. See our analysis of them below.
Easy access savings accountsHSBC's best easy access rate of 4% is significantly lower than today's market-best rate of 8%.
Cash ISAsHSBC's best cash ISA rate of 3.2% is significantly lower than today's market-best rate of 5.71%.
Fixed-rate bondsHSBC's best fixed-rate bond rate of 5.2% is slightly lower than today's market-best rate of 5.85%.
Regular savings accountsHSBC's best regular savings account rate of 5% is significantly lower than today's market-best rate of 8%.
Business savings accountsHSBC's best business savings account rate of 1.96% is significantly lower than today's market-best rate of 5.7%.
Overview of HSBC savings
|Savings account types include||Easy access, cash ISAs, fixed-rate bonds, regular savers, business|
|Best easy access rate||4%|
|Best cash ISA rate||3.2%|
|Best fixed-rate bond rate||5.2%|
|Best regular saver rate||5%|
|Best business savings account rate||1.96%|
|Fixed bond terms||1 year - 2 years|
|Opening options||Branch, website, mobile app, post, telephone|
Other popular accounts
Didn’t find the account type you were looking for? Check our other guides:
How do I decide which account is for me?
First, you will need to decide what you’re looking for in a savings account. You will need to consider how often you are planning to withdraw money and how much money you can afford to save each month.
You need to work out what you need before comparing the different offers available for certain types of savings accounts. Once you’ve done that, it’s useful to look at the following:
- Interest rates
- Fees (if there are any)
- Access to cash (if you need quick access, for instance)
- Rewards and loyalty schemes (if you’re into add-ons or switching bonuses)
HSBC customer reviews
In our 2023 customer satisfaction survey, HSBC scored 3.5 stars out of 5, with 70% of customers saying they’d recommend the brand to a friend.
Customers in our survey commented positively on HSBC’s online banking services. Several also commented on HSBC’s “friendly and helpful staff”. However, several customers felt HSBC’s interest rates could be better.
The HSBC app has a rating of 4.8 out of 5 from over one million reviews on the App Store. On Google Play, the app has a score of 4.8 from around 198,000 Android app users (last updated June 2023).
What are the pros and cons of banking with HSBC?
- Online banking. There’s no need for a high-street appointment, simply apply and manage your accounts online.
- Flexibility. HSBC offers a range of accounts, whether you’re looking for easy access or long-term gains.
- Decent interest rates. The regular savings account offers particularly competitive interest rates.
- Better rates elsewhere? HSBC mostly doesn’t have market leading rates, so shop around and see if you can get higher rates elsewhere.
HSBC offers a vast range of savings accounts and other options to help you manage your money, whether you want to lock it away for a set amount of time, or would rather to be able to access it whenever required. So you should find an account to suit you.
Don’t forget, though, to check our round-up of the best savings deals first, to see how HSBC savings accounts weigh up against the competition in terms of rates, fees and perks.
Frequently asked questions
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