HSBC has announced that it is upping the interest on its Online Saver savings account to 5.75 per cent AER variable.
The savings account pays a single rate on the whole balance and the new savings rate will apply to new and existing customers who open an account from February 5th, reports Easier.com.
HSBC said that it recently slashed the minimum opening balance for its Online Saver to £1, compared with £500 previously.
There are no rules concerning regular deposits and customers are allowed to save a maximum of £50,000 in the savings account.
"HSBC's Online Saver is one of the highest paying savings accounts available," commented Paul Whitlock, head of savings at HSBC.
"Online savers will be hard-pressed to find a better place to stash their cash elsewhere on the market," he added.
Earlier this week, HSBC announced that it is introducing a new savings account for holders of its Bank Account Plus, Premier or Passport account, which pays a rate of ten per cent on regular deposits.
The bank also said that customers who open a Bank Account Plus account at a local branch will be able to benefit from a rate of six per cent on credit balances of up to £2,500 during the initial year.
HSBC ups online savings rate
HSBC ups online savings rate
Fri, 02 Feb 2007
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