Features and benefits
- Save at an interest rate of 1.05% AER/1.04% Gross variable.
- Open an account with a deposit of just £1 – and top up your savings whenever you like.
- Fee-free withdrawals – there’s no limit on how often you can dip into your savings. You can withdraw any amount from £1 up to £10,000 online, or up to the balance of your account over the phone.
- Monthly interest payments – interest is calculated daily and paid into your account monthly, so you don’t have to wait to use the extra money your savings earn.
- Manage your account easily – you can add money to your savings account by bank transfer from your linked account. The maximum for each deposit is £1 million.
- Access your savings online – if you’re already registered for Online Banking, you can access your savings account whenever you want.
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Frequently asked questions
Your eligible deposits with HSBC UK Bank plc are protected up to a total of £120,000, or up to £240,000 for joint accounts, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.
This limit is applied to the total of any deposits you have with the following: HSBC UK, HSBC Private Bank, first direct, and M&S Bank. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Definitions
AER is the annual equivalent rate and illustrates what the rate of interest would be if interest was paid and compounded on an annual basis.
Gross is the rate of interest if interest was paid and not compounded each year.
Interest is calculated daily and will be credited to your account monthly. Variable interest rates correct as at 27.01.2026.