Latest news with #OnlineBonusSaver
Daily Mirror
5 days ago
- Business
- Daily Mirror
Five of UK's major banks and how they are slashing their interest rates in days
A slew of high-street banks including HSBC, Natwest, Lloyds, Halifax, and Santander have confirmed to the Mirror they will slash their interest rates on select savings product in the coming weeks Most high-street banks have warned they will be slashing interest rates on some savings accounts in the coming weeks. The decision follows the Bank of England's announcement on May 8 that it had cut the base rate (the interest rate it charges other banks and lenders to borrow money) from 4.5 per cent to 4.25 per cent. While the move may be a welcome relief to households with a tracker mortgage, who could see their monthly payments drop by around £29, it's bad news for Brits who have been stashing away their savings for a rainy day. This is because a reduced base rate usually results in lenders dropping their interest rates - meaning you'll get a smaller return on your savings. The Mirror has therefore contacted the UK's most popular banks, including HSBC, Lloyds, Halifax, and Santander, to see how the announcement will impact their customers. While all banks confirmed the reduction will hit savers, Brits still have time to shop around - as the interest rate cuts don't kick in until later this month, or in June. HSBC "We are firmly focused on supporting customers with their savings," a HSBC spokesperson told the Mirror. "While changes are being made to some of our savings rates, with rates from July 21 to include a regular savings account at 5.00% and 3.75% on our Online Bonus Saver, we also provide overall value on our savings accounts that goes beyond interest rates to provide flexibility, convenience, simplicity and organisational and financial stability for customers who want to save with a trusted high street brand. "There are several factors taken into account when setting savings rates. We have designed our savings accounts to make it easy for our customers to start and maintain a savings habit so they can save towards longer term goals. We also proactively remind customers of the need to review their savings, highlighting products that might also be suitable for them and where they could benefit from a higher rate." There are no changes to the Premier Savings easy access account for those with balances over £100,000 (2.00%). However, Balances up to £50,000 will fall from 1.50% to 1.35%, while balances between £50,000 and £100,000 will decrease from 1.60% to 1.45%. There is also no change to HSBC's Regular Savings Account, which remains at 5.00%. This account allows customers to stash away between £25 and £250 per month, up to a total of £3,000. HSBC's Fixed Rate Cash ISA (which requires at least £500) saw its interest rate drop from 4.10% AER to 4.00% AER on May 12, 2025. Lloyds A Lloyds spokesperson told the Mirror it already has written to existing savers to advise them of 'upcoming changes to their rates' that will come into effect on June 3. For new account openings, the rate change came into effect earlier this week (May 21). Easy Saver/ Cash ISA accounts with balances between £1 and £25,000 will see the interest rate decrease from 1.10% to 1.05%. Balances from £25,000 to £100,000 will decrease by 0.5%, dropping from 1.20% to 1.15% - while those with more than £100,000 will be hit with a 0.20 decrease (1.40% to 1.20%). Customers that have an Advantage Saver will be stung the hardest, as its current 3.50% interest rate will slump to 3.25%. Halifax Halifax's Everyday Saver and ISA Saver variable accounts will follow the same interest rate decrease as Lloyds' Easy Save and Cash ISA accounts - as both banks are owned by Lloyds Banking Group. However, its Bonus Saver account will fall from 3.40% to 3.05%. NatWest "Following the Bank of England base rate cut, we will be passing on the rate cut in full to our customers on a Standard Variable Rate (SVR) mortgage," a spokesperson for the bank said. "SVR will be reduced from 7.49% to 7.24%, effective from 1st June. SVR customers may also be able to save money by switching to one of our fixed rate mortgages. "Following the Bank of England base rate cut, we have made reductions to some of our variable rate savings accounts. We will communicate these changes to customers in due course, giving at least 14 days' notice of any changes." Until 29 May 2025 From 30 May 2025 Digital Regular Saver £1 - £5,000 over £5,000 6.17% / 6.00% 1.25% / 1.24% 5.50% / 5.37% 1.15% / 1.14% Flexible Saver £1 - £24,999 £25,000 - £99,999 £100,000 - £249,999 £250,000 - £999,999 £1,000,000+ 1.25% / 1.24% 1.85% / 1.83% 2.10% / 2.08% 2.70% / 2.67% 2.70% / 2.67% 1.15% / 1.14% 1.70% / 1.69% 1.95% / 1.93% 2.55% / 2.52% 2.55% / 2.52% Savings Builder £1 - £10,000 over £10,000 2.00% / 1.98% 1.25% / 1.24% 1.75% / 1.74% 1.15% / 1.14% Help to Buy ISA (Tax-free) £1+ 2.20% / 2.18% 2.05% / 2.03% Payment Accounts Until 14 July 2025 From 15 July 2025 First Saver £1+ 2.25% / 2.23% 2.05% / 2.03% Adapt Account £1+ 2.25% / 2.23% 2.05% / 2.03% First Reserve £1+ 1.25% / 1.24% 1.15% / 1.14% Primary Savings £1 - £24,999 £25,000 - £99,999 £100,000 - £249,999 £250,000 - £999,999 £1,000,000+ 1.25% / 1.24% 1.85% / 1.83% 2.10% / 2.08% 2.70% / 2.67% 2.70% / 2.67% 1.15% / 1.14% 1.70% / 1.69% 1.95% / 1.93% 2.55% / 2.52% 2.55% / 2.52% Santander Santander confirmed it will be reducing interest rates for savings products linked to the BoE base rate - starting from June 3, 2025. This includes Rate for Life and Good for Life savings accounts, as explained below: Good for Life ISA AER/tax free (variable) 1.00% for £1+ Article continues below 1.00% for £1+ 4.50% for £1,000+
Daily Mirror
21-05-2025
- Business
- Daily Mirror
HSBC customers told to 'review' bank accounts ahead of huge change next month
The Bank of England's base rate influences what banks and lenders charge you to borrow money, but it also dictates how much banks will pay you in interest on your savings HSBC customers have been told to "review" their savings as the bank is making a huge change to eight bank accounts within weeks. The high street bank is slashing interest rates across eight of its popular saving accounts from June. The move is a blow to savers as they will be making less money on their cash pots. The cut to interest rates comes as the Bank of England slashed its base rate by 0.25 percentage points to 4.25% earlier this month. The Bank of England's base rate influences what banks and lenders charge you to borrow money, but it also dictates how much banks will pay you in interest on your savings. When the base rate is higher, the banks will pay you more. When the base rate drops, the banks will pay you less. On the day, savers were warned about the impact the move would have on them. HSBC is cutting rates across a range of its savings accounts from June 3, including its Help to Buy ISA and its Loyalty Cash ISA. From July 21, the high street bank will be cutting rates on even more accounts including its Online Bonus Saver, Flexible Saver, On the cuts, a HSBC spokesperson said it was "firmly focused" on supporting its banking customers with their savings. They said: "We provide overall value on our savings accounts that goes beyond interest rates to provide flexibility, convenience, simplicity and organisational and financial stability for customers who want to save with a trusted high street brand. "There are several factors taken into account when setting savings rates. We have designed our savings accounts to make it easy for our customers to start and maintain a savings habit so they can save towards longer term goals." HSBC said it "proactively" reminded customers of the need to "review" their cash pots and would advise them on what products are best suited for them. Join Money Saving Club's specialist topics For all you savvy savers and bargain hunters out there, there's a golden opportunity to stretch your pounds further. The Money Saving Club newsletter, a favourite among thousands who thrive on catching the best deals, is stepping up its game. Simply follow the link and select one or more of the following topics to get all the latest deals and advice on: Travel; Property; Pets, family and home; Personal finance; Shopping and discounts; Utilities. Full list of HSBC savings accounts changing Online Bonus Saver (balances between £1 and £50,000) - Going from 4.00% to 3.75% Online Bonus Saver (balances over £50,000) - Going from 1.50% to 1.30% Flexible Saver - Going from 1.35% to 1.30% HSBC Premier Savings (balances below £50,000) - Going from 1.50% to 1.35% HSBC Premier Savings (balances between £50,000 and £100,000) - Going from 1.60% to 1.45% HSBC Loyalty Cash ISA (loyalty Premier rate) - Going from 2.75% to 2.50% HSBC Loyalty Cash ISA (standard Premier rate) - Going from 2.15% to 2.10% HSBC Loyalty Cash ISA (loyalty non-Premier rate) - Going from 2.35% to 2.30% HSBC Loyalty Cash ISA (standard non-Premier rate) - Going from 2.15% to 2.10% MySavings (balances up to £3,000) - Going from 5.00% to 4.50% MySavings (balances over £3,000)- Going from 1.50% to 1.35% HSBC Premier MySavings (balances up to £3,000) - Going from 5.00% to 4.50% HSBC Premier MySavings (balances over £3,000) - Going from 1.50% to 1.35% Future Saver for children - Going from 1.50% to 1.35% Help to Buy: ISA (balances over £12,000) - Going from 1.35% to 1.30%
Scottish Sun
20-05-2025
- Business
- Scottish Sun
HSBC to make huge change to eight bank accounts used by millions of customers in weeks
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) HSBC is making a major change to eight of its bank accounts within weeks. The bank and lender is slashing interest rates on a number of its savings accounts from June 3. Sign up for Scottish Sun newsletter Sign up It comes after the Bank of England (BoE) reduced its base rate from 4.5% to 4.25% this month - the fourth cut since 2020. The base rate is charged to smaller high street banks and any falls are usually echoed in savings rates. HSBC is reacting to the base rate change by dropping rates on eight of its savings accounts, but the drops come into effect on different dates. The interest rate on its Online Bonus Saver is being cut on July 21 from 4% AER to 3.75%, for balances between £1 - £50,000. Meanwhile, anyone with the same account and a balance over £50,000 will see the rate cut from 1.5% to 1.3% on the same date. The interest rate on the bank's Flexible Saver is also being cut from 1.35% to 1.3% from July 21. Anyone with a Help to Buy ISA and balance over £12,000 will see their interest rate reduced from 1.35% to 1.30% from June 3. HSBC non-Premier customers will see the interest rate on the Loyalty Cash ISA cut (standard rate) from 2.15% to 2.10% from June 3. Meanwhile, the rate on the same ISA (loyalty rate) for non-Premier HSBC customers will drop from 2.35% to 2.30% on the same date. The full list of affected accounts and the new rates coming into force can be seen via: Switch bank accounts for free perks A spokesperson for HSBC said it was "firmly focused on supporting customers with their savings". They added: "We provide overall value on our savings accounts that goes beyond interest rates to provide flexibility, convenience, simplicity and organisational and financial stability for customers who want to save with a trusted high street brand. "There are several factors taken into account when setting savings rates. "We have designed our savings accounts to make it easy for our customers to start and maintain a savings habit so they can save towards longer term goals. "We also proactively remind customers of the need to review their savings, highlighting products that might also be suitable for them and where they could benefit from a higher rate." MAJOR BANKS CUTTING RATES HSBC joins NatWest and Nationwide in cutting rates on its savings accounts as the BoE continues to slash its base rate. Nationwide is cutting interest rates on over 60 savings accounts from June 1 including a number of ISAs and easy access accounts. NatWest is also cutting rates on a number of accounts from the end of this month. Meanwhile, The Sun exclusively revealed how Virgin Money is lowering the interest rate on its M Plus Saver account next month. If you've got a savings account with an interest rate set to drop, it might be worth shopping around for a better deal now. Check out comparison sites like and to browse the best on the market. According to Moneyfacts, Chip is offering the best rate on an easy access savings account, with a rate of 4.77%. Meanwhile, the best easy access cash ISA is with Trading 212 and offering a rate of 4.86%. Always look beyond just the headline interest rate on any savings account though. Some offer additional perks which can make them more cost-effective and suited to you, based on your circumstances. For example, the Club Lloyds Silver account comes with a £11.50 monthly fee and extra £3 monthly Club Lloyds fee that's waived every time you pay in £2,000 or more in each month. However, the account comes with AA breakdown cover, European and UK family travel insurance and mobile phone insurance.
