HSBC savings accounts

HSBC offers a variety of savings accounts. Find out if any are for you.

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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.


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What savings accounts does HSBC offer?

  1. Cash ISA
  2. Children’s savings account
  3. Regular account
  4. Fixed rate savings account

What is a cash ISA?

A cash ISA is a savings account where you don’t pay tax on the interest you earn; although, the government does set a limit on the amount you can deposit into an ISA each year.

HSBC savings accounts explained

Cash ISAs

Loyalty cash ISAs

  • You can get a loyalty rate for 12 months from the date of each payment into your ISA.
  • You can start with a deposit as small as £1.
  • You can withdraw and deposit at will without any limits or charges.
  • You need to have a current HSBC account to open this account.
  • You can open an account online, in branch, by post or by phone.

Help to buy ISA

  • You can deposit up to £200 per calendar month.
  • You will receive a government bonus of 25% of your saved balance (up to a maximum bonus of £3000).
  • You can put in an extra £1000 in your first month, so you can get your savings pot looking healthy early on.
  • You don’t need a minimum balance to open an account.
  • You can withdraw and deposit at will without any limits or charges.
  • You get tax-free interest.
  • You can open an account online, in branch, by post or by phone.
  • Your interest rate drops after you have deposited £12,000.

Fixed rate savings accounts

HSBC regular savings

  • You can deposit up to £3000 at a fixed rate.
  • You cannot make a partial withdrawal during the 12-month period.
  • You need to deposit a minimum of £25 a month, but you can’t go over £250 a month.
  • If you don’t put in £250 in any given month, it carries across the unused subscription.
  • You need to have a current HSBC account if you wish to open a regular savings account.

HSBC fixed-rate savings

  • You can deposit between £2,000 and £1,000,000.
  • This option is for people looking to save a lot, not just squirrel away a few pennies. See the above regular savings account if you’re only saving a little.
  • You can’t withdraw your money early if the balance is over £50,000.
  • You can withdraw your money early if it is less than £50,000. However, HSBC may charge a fee of 90 days’ gross interest.
  • You can open an account online, in branch or over the phone.
  • This account is available to HSBC current account holders only.

Bonus savings accounts

HSBC online bonus savings account

  • You can earn bonus interest for any month you don’t take money out.
  • You only need to deposit £1 to open an account.
  • You get instant access to your funds with no charge, apart from the reduced interest rate for the months you choose to make a withdrawal.
  • You can open the account online or over the phone.
  • If you’re going to take money out regularly, the fixed-rate savings account or a cash ISA is probably a better bet.

Children’s savings

Future savings account for children

  • You need to make a £1 deposit to open an account.
  • You get instant access with no limits or charges for putting in or taking out money.
  • You can open an account in branch or over the phone.


  • This account is aimed at kids aged 7-17.
  • On your child’s 11th birthday, they’ll get a specially designed current account and an HSBC Visa debit card.
  • You need to make a £10 deposit to open an account.
  • You can take cash out in branch.
  • You can open the account in branch or over the phone.

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)

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.

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