HSBC warns savers there’s just one week left to get its savings account paying 5.70 per cent

HSBC UK bank branch logo

HSBC UK increased the interest rate on the One Year Fixed Rate Saver for a limited amount of time

Jessica Sheldon

By Jessica Sheldon

Published: 11/10/2023

- 11:40

Updated: 11/10/2023

- 16:37

HSBC UK research has found the typical Briton has more than £12,000 in savings, but women have £3,000 less than men

HSBC UK has today reminded savers that the time-limited rate of 5.70 per cent being offered on its One Year Fixed Rate Saver will end next week.

The bank boosted the interest rate by 0.65 percentage points last week, but it will only be available until 11.59pm on Wednesday October 18.

It means there is now just one week left for people interested in applying for the offer.

The Fixed Rate Saver can be set up with a minimum deposit of £2,000.

There is also an upper limit of £1,000,000.

Savers can apply online or in an HSBC UK deadline, but they’ll need to do this before the deadline to get the special rate.

Pella Frost, HSBC UK’s head of everyday banking, said last week: “Energy bills, filling up your car and your weekly supermarket shop may not be quite as high as they have been in recent times, but the increase in the cost of living has really shone a light on the importance of having a bit of a financial safety net for life’s unexpected twists and turns.

“A savings pot helps with financial resilience and helps shield from immediate financial stress and it can provide important peace of mind to help with either unforeseen expenses or longer-term goals.”

HSBC UK is encouraging savers to consider a combination of savings accounts to suit savers’ different needs.

Ms Frost said: “We would encourage a combination of accounts for different situations - an easy access account for emergencies and some money in longer-term accounts for longer terms financial goals which typically provide more of a return.

“We have increased the interest on savings accounts regularly in the last year and are increasing our one-year Fixed Rate Saver, providing a significantly increased special rate of 5.70 per cent AER for those who are happy to tie their money up for a year, potentially providing hundreds or thousands of pounds more in interest than they would get with the standard rate.”

Savers have been seeing improved interest rates being offered on savings recently following 14 consecutive Base Rate hikes.

However, there’s been speculation that the current high savings rates “may not stick around for long”.

Bank of England interest rate rise chart

The Bank of England base rate was held at 5.25 per cent last month after 14 consecutive rate rises


It came after NS&I withdrew its lucrative 6.2 per cent offer on its one-year Guaranteed Growth Bonds and Guaranteed Income Bonds last week, just five weeks after the new Issue was launched.

Meanwhile, savers who are now able to benefit from higher interest rates could be caught in the tax on savings interest net.

Alice Haine, personal finance analyst at the DIY investment platform and coaching service Bestinvest, said: "Hunting out the best savings rates to secure bumper returns might sound like a good idea, but many are unaware their savings are liable for tax on any interest over the allowance at their marginal rate of tax unless it is sheltered in a tax-free ISA wrapper.

“Nobody wants to pay tax on their rainy-day fund, so savers with significant cash sums stashed in a high-interest savings account must consider the tax-efficiency of their savings pot very carefully.”

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