HSBC savings accounts and rates

HSBC is one of the “big four” banks in the UK and is one of the largest banking organisations in the world. It offers a broad range of savings accounts and ISAs that will fit any budget or saving plan.

HSBC's top savings rate of 5% is available on its regular savings account.

Easy access savings accounts

HSBC's best easy access rate of 4% is significantly lower than today's market-best rate of 7.29%. Compare more instant and easy access accounts up to 7.29%

Cash ISAs

HSBC's best cash ISA rate of 4.05% is lower than today's market-best rate of 5.17%. Compare more ISAs up to 5.17%

Fixed-rate bonds

HSBC's best fixed-rate bond rate of 4.05% is slightly lower than today's market-best rate of 4.96%. Compare more fixed-rate bonds up to 4.96%

Regular savings accounts

HSBC's best regular savings account rate of 5% is significantly lower than today's market-best rate of 8%. Compare more regular savings accounts up to 8%

Business savings accounts

HSBC's best business savings account rate of 1.9% is significantly lower than today's market-best rate of 5.01%. Compare more business savings accounts up to 5.01%

What is HSBC's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts HSBC offers, plus the highest interest rate currently available.

Savings account types include	Easy access, cash ISAs, fixed-rate bonds, regular savers, business
Best easy access rate	4%
Best cash ISA rate	4.05%
Best fixed-rate bond rate	4.05%
Best regular saver rate	5%
Best business savings account rate	1.9%
Fixed bond terms	1 year - 2 years
Opening options	Branch, website, mobile app, post, telephone
FSCS protection

Other popular accounts

Didn’t find the account type you were looking for? Check our other guides:

• HSBC current accounts
• HSBC student and graduate accounts
• HSBC kids accounts

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)

HSBC customer reviews

In our independent 2024 customer satisfaction survey, 93% of HSBC’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s competitive rates and helpful customer service. Here’s what some of those HSBC customers had to say:

“The staff in branch are so kind and helpful. And the online banking is so easy to use. I couldn’t wish for better”

“HSBC has a range of different savings options which give you flexibility. This gives customers lots the opportunity to choose what best suits them”

The HSBC app has a rating of 4.8 out of 5 from over 1.3 million reviews on the App Store. On Google Play, the app has a score of 4.7 from over 260,000 Android app users (February 2024).

What are the pros and cons of banking with HSBC?

Customer service information for HSBC

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Our verdict

HSBC offers a vast range of savings accounts and other options to help you manage your money, whether you want to lock it away for a set amount of time, or would rather to be able to access it whenever required. So you should find an account to suit you.

Don’t forget, though, to check our round-up of the best savings deals first, to see how HSBC savings accounts weigh up against the competition in terms of rates, fees and perks.

Frequently asked questions

• Is HSBC safe?

  The Financial Services Compensation Scheme, the UK’s deposit guarantee scheme, will protect eligible deposits up to a total of £85,000.

  However, as this scheme covers a banking group rather than the individual bank, be wary of the fact HSBC and First Direct are part of the same group. If you have savings spread out across the two, you will only be covered for up to £85,000 across both.

• How can I open an HSBC savings account?

  It mainly depends on if you have a current account with HSBC already. If you do, then applying online should be quick and easy. If you don’t, then you will have to head in branch to open a savings account.

  You will need to bring in proof of identity and proof of address. For proof of identity, you can use a passport or a driving licence. EU nationals can use an identity card for proof.

  For your proof of address, you can use a utility bill, a telephone bill, a council tax bill or a mortgage or rent statement.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.