HSBC UK launches new savings tool to help customers boost bank balance
HSBC UK is launching a new savings feature in its mobile banking app
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HSBC UK has today launched a new savings feature on its mobile banking app.
The Savings Goals service is being rolled out in a bid to help customers identify, plan and manage their savings goals.
Those who use the mobile app will be able to choose from a list of short to medium-term goals, such as travel, a new car or a business venture.
They can also set the due date and amount target, then set up a regular transfer of funds into their savings accounts, and track the progress.
For those interested in investing for longer-term goals, HSBC UK also offers an Investment Goals feature on the app.
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HSBC UK research has found Gen Z are the savviest savers
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HSBC UK’s head of everyday banking, Pella Frost, said: “Saving money can be easier when you have a goal in mind.
"With Savings Goals you can make a plan for achieving your aims and contribute on a regular basis.
"This is another step forward in helping our customers build great savings habits and achieve financial resilience.
“Before opening a savings account, we always recommend you review your budget so you know how much you can afford to lock away and for how long.”
Gen Z are the savviest savers, HSBC UK research suggests, with nearly nine in ten (87 per cent) of 16 to 24-year-olds having a savings account - more than any other age group.
Just one in four (23 per cent) of the population set aside a portion of their wages as soon as they're paid.
Just under half (48 per cent) of the Gen Z respondents said they put away 20 per cent or more of their monthly income.
In comparison, only 12 per cent of 45 to 54 year olds save this amount.
While under 24s have demonstrated their commitment to saving, this age group say they're most likely to dip into their savings pot to fund everyday living expenses (21 per cent) or pay off debt (20 per cent).
On average, they make three withdrawals each year.
LATEST DEVELOPMENTS:
HSBC UK launched its first Fixed Rate Cash ISA in more than a decade last month, offering an interest rate of 4.60 per cent.
Frost added: “Fixed rate ISAs are an excellent way to save for short term goals such as booking a holiday or buying a car.
"By locking your money away for a set period at a fixed interest rate, you can develop a healthy savings habit.”