This comparison simply includes all savings accounts.
HSBC Savings Accounts
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
Why we like it: Interest calculated monthly. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must retain a minimum balance of £20,000 in the account. Must be UK resident and be aged 18 or older
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: 3 penalty-free withdrawals in a 12 month period. 3.82% AER (variable tracker) + 0.68% AER 12 month boost. 3.75% gross variable tracker. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. After 3 withdrawals within a 12 month period the rate will revert to either 3.40% AER (variable tracker with boost applied) or 2.72% AER (variable tracker) for the remainder of the 12 month period since opening the account. Must be UK resident. Must be aged 18 or older
Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted
Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Compare HSBC savings accounts
Getting the most out of your savings means making smart choices about where to put them. HSBC offer a range of different account types which can help you build on your savings over time. Knowing which account is right for you means making sure you are aware of all the different options available. Read on to see some of the main types of accounts you should consider.
Current Accounts
The best rates of interest are often found with current accounts, although you will only get those rates on deposits up to a certain size.
Getting the best rate may mean you have to switch to a new current account provider, and it is worth checking whether the rate is just for an introductory period or if you can expect it to carry on at that level in the long term.
Instant Access Savings Accounts
If your savings exceed the amount on which your current account pays interest, an instant access savings account offers many of the same benefits. You will be able to take your money out and put more in to suit you, and you may even be issued a card that lets you take cash out at ATMs.
Many accounts now come with internet and phone banking for extra convenience, but be aware there may be a limit on the number of times you can take money out each year.
Regular Savings Accounts
If you want to build savings up over time, a regular savings account will let you put a little away each month to do just that. They normally offer good rates of interest, although it may take a while to see the benefit as your capital will likely be quite low initially.
You will normally have to agree to make a minimum monthly deposit and there will likely be a maximum monthly deposit as well to prevent you building your savings faster if you later have more money to spare.
Fixed Rate Bonds
You can get attractive rates of interest with fixed rate bonds with the added benefit that those rates are guaranteed for the life of the bond. The downside is you won’t be able to take funds back out until the bond matures (typically after 1-5 years). Generally, the longer the term of the bond, the better interest rate you will get, making fixed rate bonds a good choice for long term saving.
Cash ISAs
British taxpayers normally pay tax on the interest they earn on their savings. However, cash ISAs allow you to earn interest on the money you place into them without paying tax. The amount you can put in is determined by the UK government and is £20,000 for the 2017/18 tax year.
You will normally have the choice of two main types of ISA: instant access and fixed term. Instant access cash ISAs offer variable rates of interest, and you can put money in and take it out at any time. Fixed term cash ISAs last for a set period during which you cannot make additional deposits or withdrawals. They pay a guaranteed rate of interest for the life of the ISA, much like a fixed rate bond.
Find the best HSBC savings account for you
Picking the best account for you when there are so many to choose from is a challenge, which is why we offer a savings account comparison tool. Head up to the top of the page to compare the best savings accounts from across the market to see which is the best fit for your saving goals.
