HSBC ups regular saver for plus, premier and passport customers

HSBC customers are set to benefit from the launch of the bank’s new 10 per cent Regular Saver, available to Bank Account Plus, Premier and Passport customers from Monday 5 February. The bank is also offering six per cent credit interest on balances up to £2,500 fixed for 12 months to new Bank Account Plus customers opening an account before 1 April, 2007.

With an increasing number of new current account customers opting for packaged accounts, the appetite for bundled financial services offering preferential rates and services is clearly on the rise among British consumers. HSBC’s Bank Account Plus promises to pay preferential rates on current account credit balances and savings, and the launch of the bank’s new 10 per cent Regular Saver and six per cent current account offer is further evidence of this commitment.

Mike Oliver, head of current accounts, said: “Recent research by the bank found that 53 per cent of savers are saving on a regular basis and want to earn a high rate of interest, yet 50 per cent also flexibility with their accounts. HSBC’s new 10 per cent Regular Saver and six per cent offer on Bank Account Plus provide the perfect place to manage one’s finances, with customers earning two of the highest rates of interest on the market on both their long-term savings and cash they have instant access to.”
Combining HSBC’s new Regular Saver and Bank Account Plus offers, customers could earn annual interest of over £275:

10 per cent interest fixed for 12 months on savings up to £3,000 per year - up to £131 per year gross;
6 per cent AER interest on credit balances up to £2,500 in their current account - up to £146 gross in the first year (5.84 per cent gross).

Available to new and existing Bank Account Plus, Premier and Passport customers,

HSBC’s preferential Regular Saver offers:

an interest rate of 10 per cent fixed for 12 months, providing no withdrawals are made;
flexible monthly contributions by standing order between £25 and £250; and
penalty-free contribution ‘holidays’ if the unexpected happens and a monthly payment can’t be made.

HSBC’s Bank Account Plus offers:

6 per cent credit interest for 12 months to new customers who open an account before 1 April and 2.5 per cent interest for existing customers on credit balances up to £2,500;
extensive worldwide family travel insurance, including winter sports;
global fee-free cash machine withdrawals;
0.2 per cent off the interest rate on the bank’s standard Tracker Mortgage;
up to 0.5 per cent more on Cash Mini ISA, and up to 0.25 per cent more on Flexible Saver compared to the bank’s standard rates;
10 per cent refund on credit card interest paid by the customer annually;
one per cent interest off loans between £7,000 and £25,000; and
20 per cent off home and health cash plan insurance, and 10 per cent off car insurance.

“HSBC’s 6 per cent Plus account is already the highest paying packaged account on the market, according to MoneyExpert.com, and now our Plus customers are set to earn even more with the bank’s new preferential rate 10 per cent Regular Saver - one of the highest savings rates on the market.”

New and existing customers who open Bank Account Plus for the first time before 1 April will qualify for a discount on the monthly subscription for three months, paying just £9.95 (normally £12.95). Minimum 12 month contract applies.