HSBC proves popular year on year as a frequently used service by Britons who are looking to secure their savings, or allow their money to potentially grow exponentially. The bank says its main aim is to help customers to maximise their savings, and help people to reach their goals. On offer are a wide range of options, but it is important to note different accounts suit varying circumstances.
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Savers who are looking to switch to HSBC should therefore be aware of the accounts available to them, how they can apply, and how their money could grow.
Easy access savings accounts allow people to help their money to grow, but without losing access to it.
Accounts can be opened from just £1, but allow savers to earn tax-free interest, and manage their account on the go.
The Online Bonus Saver allows bonus interest of up to 0.05 percent for any month a saver does not make a withdrawal.
Customers will also receive a variable rate of 0.01 percent in any calendar month they do make a withdrawal or close the account.
The Flexible Saver allows customers to choose how much money they wish to pay into an account, which can be done through a standing order, transfer or lump sum payment.
There is also no maximum balance, and no notice period to withdraw.
To be eligible, customers must be 16 or over, and the account can be opened via telephone, online, or in branch.
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Some savers, however, are looking for higher interest rates and are willing to sacrifice easy access.
In this way, the HSBC Regular Saver account could work well.
This account allows people to save up to £3,000 at a 2.75 percent interest rate which is fixed for 12 months.
While Britons will not be able to make partial withdrawals at any time, the interest rate is attractive to those looking to grow their funds.
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The account can be opened via online banking, telephone banking or in branch, but Britons must already have an HSBC current account to apply.
Conversely, the Fixed Rate Saver allows savers to “put their money to work”, while knowing exactly how much interest it will earn.
Interest rates stand at 0.30 percent for a one year term, and 0.35 percent for a two year term.
Britons must deposit anything from £2,000 to £1million to start the account, but the money is locked away for the whole of the term.
HSBC has also provided key advice to Britons who are learning how to save money.
While opening a savings account is key, the bank also suggests future savers should create savings goals for themselves, which they can meet over time to prioritise their targets.
The bank also recommends paying salary or wages into a savings account before meeting any other demands, as this helps Britons to stay on track.
Finally, Britons could also consider saving money through apps, particularly by rounding the amount a person spends up to the nearest pound to add money to a savings account.
The market for savings has taken a blow recently, with the historic lowering of the base rate by the Bank of England.
However, people are still encouraged to save through banks or building societies as their money is more protected here than it would be in liquid savings kept at home.
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