Following news of pitiful interest rates being paid on savings this week, good news has come in the form of a new savings account from HSBC.
The bank’s new Regular Saver account offers 10 per cent interest for the first year. The savers who benefit from the healthy interest rate will have to deposit between £25 and £250 in the first month, with subsequent monthly deposits of at least £25.
The maximum monthly balance is £250 in the first month, increasing by £250 per month thereafter and deposits must be made from an HSBC current account. The maximum that can be invested over the 12-month fixed interest rate period is £3,000.
Anyone that does this will earn £163 interest by the end of the year providing they made their first deposit as soon as the account was opened.
Although the offer is comparatively generous, there are several conditions in place, such as no withdrawals within the first 12 month period. Also, the fact that savers must hold a qualifying HSBC account from which the payment must be made is also quite restrictive, but will no doubt boost the number of people with HSBC current accounts.
