HSBC

Who they are

HSBC's UK roots go back to 1836, when the Birmingham and Midland Bank opened for business on Union Street - right at the heart of the industrial revolution. In 1992, HSBC Holdings acquired full ownership of Midland Bank in one of the largest acquisitions in banking history, giving HSBC the major foothold in Europe it needed to complement its existing business in Asia and the Americas. HSBC UK was formally established on 1 July 2018 as a ring-fenced bank serving retail and business customers, with its head office back in Birmingham where the story began.

Today HSBC is one of Britain's biggest high-street banks. It also owns First Direct, the consistently top-rated telephone and digital bank. First Direct uses the same FSCS licence as HSBC and consistently tops UK service rankings - so it is worth knowing both brands share a single licence when working out your protected limit. All savings accounts listed here are protected up to £120,000 per person under the FSCS.

Savings accounts

HSBC's savings range covers most bases. The standout for regular savers is the Regular Saver, paying 5.00% fixed with a minimum of just £25 a month - though you cannot make withdrawals during the term. For those happy to lock money away, the Fixed Rate Saver runs to 4.50% over one year and 4.80% over two years, both requiring a £2,000 minimum. If you want a tax wrapper, the Fixed Rate Cash ISA pays 4.20% (no withdrawals, £500 minimum). The Loyalty Cash ISA offers instant access at 2.50%, and the children's MySavings account pays 3.75%.

For day-to-day flexibility, the Online Bonus Saver pays 3.35% with instant access from £1. The Flexible Saver is the basic easy-access option at 1.05% - fine as a holding account, but not a rate to sit on for long. Rates are variable on most accounts and can change, so check the live figures shown on this page before you open anything.

Switching to HSBC

HSBC is running two switch offers at the moment. The standard Bank Account pays £220 cash. You need to open via the app, complete a full Current Account Switch Service transfer with at least two direct debits, deposit £2,000, and spend £500 on your debit card - all within 60 days. It is one of the larger mainstream switch bonuses available right now, though the spending and deposit requirements are a little chunkier than some rivals.

For higher earners, the Premier Bank Account carries a £500 bonus. The bar is steep - you need either a salary of at least £100,000 a year paid into the account, or £100,000 held in eligible HSBC savings or investments, within 90 days. Both offers are for new customers only, so check HSBC's terms if you have held an HSBC or First Direct account before.

Is it right for you?

HSBC makes sense if you want a well-established high-street bank with genuine international reach and a decent spread of savings products under one roof. On FCA service quality surveys, HSBC has historically scored in the middle of the pack for personal current accounts - better than several major high-street rivals, but consistently below First Direct, Monzo, Starling and Nationwide. If you value branch access and a globally recognised name, it holds up well. If you prioritise top savings rates or best-in-class customer service, it is worth comparing it against the broader market first.

Rates and switch offers change regularly - use the live figures on this page to make sure you are comparing the most up-to-date numbers before deciding.