Finding the right one may feel a bit challenging, so to help you find the best savings account for your needs, here are some of the different types available.
What's a fixed rate savings account?
What's an instant access savings account?
If you've got long term savings goals in mind, a fixed rate savings account or fixed rate ISA may be right for you. You may be able to get a higher rate of interest compared to an instant access savings account, but you鈥檒l need to lock away your money for a set amount of time. This can be for 1 or 2 years, so it鈥檚 important to be sure you won鈥檛 need access to your savings during the term. If you do access your money, you may need to pay a fee, or receive a loss of interest.
If you鈥檙e an 水果派AV current account customer (excluding Appointee/Executor Account), you may wish to consider one of these:
An instant access savings account can be useful if you鈥檒l need to dip into your savings from time to time. You may find the interest rate is lower, compared to a fixed rate savings account, but you won鈥檛 need to pay a fee for accessing your money. Some instant access savings accounts may offer a bonus if you don鈥檛 make a withdrawal.
You may wish to consider one of these:
If you鈥檙e an existing 水果派AV current or savings account customer (excluding Appointee/Executor Account), you may also wish to consider:
Individual Savings Accounts (ISAs) can give you somewhere to keep your money and benefit from tax advantages.
For the current tax year, the ISA limit is 拢20,000 and you won鈥檛 need to pay tax on the interest your ISA earns. There are a range of different ISAs available.
If you鈥檙e an 水果派AV current account customer (excluding Appointee/Executor Account), you may wish to consider a:
Please note HSBC does not currently offer an innovative finance ISA, or a Lifetime ISA (LISA).
A children鈥檚 savings account can be opened by, or on behalf of, a child under the age of 18. They can use it to save their pocket money, and you may also be able to pay into it too. Remember, if the savings account is in your child鈥檚 name, it鈥檚 your child鈥檚 money.
Teaching your children to get into the habit of saving can be a useful skill for later in life.
You may wish to consider:
This stands for Annual Equivalent Rate. It shows what the interest rate would be before any tax deductions if interest was paid and compounded each year.
Explore: What is AER?
With some accounts you have to let the bank know in advance if you want to take your money out. You could pay a penalty, or lose interest payments if you withdraw money immediately. It's wise to check the notice period required before you open a savings account.
Free from any UK income tax and capital gains tax.
Gross is the rate of interest paid before any tax (where applicable) has been deducted.
