HSBC UK – which has 14 million customers is making a big change to accounts from today.
A huge bank with 14 million customers is set to make a big change to accounts TODAY. HSBC UK – which has 14 million customers is making a big change to accounts from today.
HSBC will reduce the interest rates on its easy-access Premier Savings account today, February 24. The rate for balances below £50,000 will drop from 1.98% to 1.74%.
HSBC has said the rates on this savings account will again change in April. In two months, the interest will drop from 1.74% to 1.49%. Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “It’s so disheartening to see savings rates chopped in the last few days, but it just proves why savers are at the mercy of base rate cuts.
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“Not even challenger banks have been able to escape making cuts as the market sentiment for lower interest rates has taken charge.” Ms Springall added: “Savers need to proactively keep on top of the best rates and review their pots regularly to see if they are getting a raw deal.”
“Now is an ideal time for savers to consider grabbing a fixed rate deal so they can get a guaranteed return on their cash.” HSBC is set to reduce the interest rates on its easy-access Premier Savings account twice in the coming months – first in February and then again in April.
From February 24, the rate for balances below £50,000 will drop from 1.98% to 1.74%, before decreasing further to 1.49% on April 17. HSBC is also cutting rates across some of its instant access cash ISAs from March 4.
HSBC Loyalty Cash ISA rates for Premier customers will fall from 3% to 2.75%. Loyalty Cash ISA rates for all other customers will fall from 2.5% to 2.35%.
Rates offered on HSBC’s Help to Buy ISA will also fall from 3.2% to 2.96% for balances up to £12,000 and from 1.49% to 1.34% for balances over this amount.