What interest rate does the HSBC Fixed Rate Saver 2 Year pay?

The HSBC Fixed Rate Saver 2 Year pays 4.80% AER, fixed for 2 years.

How much interest could I earn?

Saving £10,000 for 2 years would earn about £983 at 4.80% AER. This assumes the rate stays the same and interest stays in the account.

How much can I pay in?

You can deposit at least £2,000 and up to £1,000,000.

Can I withdraw my money?

No. Your money is locked in until the fixed term ends, so only put in what you won't need before then.

When is interest paid?

You can choose to have interest paid monthly or annually.

Who can open this account?

New and existing HSBC customers can open it. You can open it online, in branch or in the app.

Is my money protected?

Yes. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per banking licence.

How does it compare with other two-year fixed rate bonds?

At 4.80% AER it ranks 19th of 63 two-year fixed rate bonds we track. The best pays 5.16% and the average is 4.61%.

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Fixed Rate

HSBC Fixed Rate Saver 2 Year Review

A competitive two-year fixed rate bond from HSBC, with a £2,000 minimum deposit. It ranks 19th of 63 two-year fixed rate bonds we track.

Rate checked Oct 2026Got this account? Leave a review

Fixed rate · 2 years

4.80%AER

Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£2,000

Max balance

£1,000,000

Access

At maturity only

Interest paid

Monthly/Annually

HSBC is also paying up to £500 to switch your current account.

See the switch offer

How It Stacks Up

Ranks 19th of 63

2-year fixed bonds we track

Above average

This account 4.80%

UK CPI (Aug 2026): 3.10%; Pays 1.70% more
Average 2-year fixed: 4.61%; Pays 0.19% more
Best 2-year fixed: 5.16%; Pays 0.36% less

Inflation: ONS. Averages and best rates: accounts on DepositScout.

Compare fixed bonds

A Good Fit For

Pro: New and existing savers
Pro: Savers who want a monthly income

Worth Weighing Up

Con: Your money is locked in for 2 years
Con: You need at least £2,000 to open it

Good to Know

Interest is calculated daily and paid monthly or annually into the same HSBC account used for the initial deposit.

Please verify all details with the provider – see our Disclaimer

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Estimated returns with HSBC's Fixed Rate

What you could earn with HSBC's Fixed Rate Saver 2 Year.

Estimated interest

£5,000 saved

£492

At 4.8% AER

£10,000 saved

£983

At 4.8% AER

£50,000 saved

£4,915

At 4.8% AER

£1,000,000 saved

£98,304

At 4.8% AER

Estimated over the 24-month term, if the rate stays the same and interest is left in. Amounts outside the account's minimum or maximum aren't shown.

Work out the tax on your interestSee how much of this interest could be taxed.

Our Expert Opinion on HSBC Fixed Rate Saver 2 Year

Jan WatermannCo-Founder, DepositScout

HSBC's Fixed Rate Saver pays 4.80% for two years, which sits below the market average for fixed-rate accounts and 0.55% behind the category leader at 5.35%. That said, it does beat inflation by 1.70 percentage points against the current CPI of 3.1%, so your money is growing in real terms. The genuine catch is that your money is locked until maturity, and while early closure is technically allowed, you forfeit the lesser of all interest earned or 90 days' interest as a penalty. If you want a two-year fix, Shawbrook's 2 Year Fixed Rate Bond at 4.96% is worth a look.

Compare Fixed Rate Bonds