HSBC savings rates — compare every account, plus switch offers and guides

Who they are

HSBC UK traces its roots to the Birmingham and Midland Bank, which opened for business in 1836, founded in the heartland of the UK's industrial revolution. In 1992, HSBC Holdings acquired full ownership of Midland Bank - one of the largest acquisitions in banking history - giving HSBC the foothold in Europe it needed to complement its existing business in Asia and the Americas. HSBC UK was formally established as a separate ring-fenced entity in July 2018, with its head office in Birmingham, where the story began.

Today HSBC is one of the UK's big five banks, known for its global reach and its Premier offering for high-earners. It also owns First Direct, which operates under a separate brand. First Direct - the pioneer of 24/7 telephone banking, launched by Midland Bank in 1989 - continues to operate as a division of HSBC UK. That matters for savers: First Direct and HSBC share the same banking licence, so deposits held across both count toward the same FSCS limit.

Savings accounts

All savings accounts listed below are protected up to £120,000 by the FSCS - note this is higher than the standard £85,000 limit that applied before December 2025.

The standout rate in the HSBC range is the Regular Saver at 5.00%, though this account allows no withdrawals during the term, so it suits money you genuinely won't need to touch. The minimum is just £25 per month. For ISA savers, the Fixed Rate Cash ISA pays 4.00% fixed for one year, with a £500 minimum - a solid option if you want to shelter interest from tax without locking money away for longer.

If you need instant access, the Online Bonus Saver pays a variable 3.35% from just £1. The MySavings account offers 3.75% but requires a £2,000 minimum balance. Worth knowing: the standard Flexible Saver sits at just 1.05% variable - well below the market's best easy-access rates - so it is not a place to leave a large sum without checking alternatives first.

For fixed-term savers, the Fixed Rate Saver pays 3.80% over one year or 4.40% over two years, both requiring a £2,000 minimum with no access until maturity. Premier customers have their own savings and ISA accounts, though at lower rates than the standard fixed products.

Switching to HSBC

HSBC currently offers two switch bonuses. The standard Bank Account pays £220 when you complete a full switch via the Current Account Switch Service (CASS) with at least two direct debits, deposit £2,000, and spend £500 on the linked debit card - all within 60 days. The requirements are a little chunkier than some rivals, but the headline figure is competitive.

For higher earners, the Premier Bank Account comes with a £500 bonus. To qualify, you need to open the account as a new customer and either complete a CASS switch with a qualifying salary of at least £100,000, or deposit and maintain at least £100,000 in eligible HSBC savings or investments - all within 90 days. Both offers are for new customers only, so check whether a previous HSBC or First Direct account would exclude you.

Is it right for you?

HSBC makes most sense if you value having everything - current account, savings, ISA, and potentially international banking - under one roof with a well-established name behind it. The Regular Saver rate is genuinely strong, and the two-year fixed bond at 4.40% is worth a look if you can commit your cash.

Where HSBC tends to fall short is on easy-access rates. The Flexible Saver in particular pays well below what challenger banks and building societies regularly offer. Customer service reviews are mixed - branch access is available, but some savers find the app and phone experience inconsistent.

As always, the rates shown on this page reflect the current position and will change over time. Compare the live figures here before making any decision.