“The jump with the HSBC regular saver is from a low level, which is taking it up to a competitive level,” said Anna Bowes, founder of the Savings Champion website. “Regular savings accounts often offer the best interest rates as there are usually restrictions on how much you put in. This way banks don’t have to pay too much interest out.”
With this account, there is a 12-month term, and you are limited in how much you can put in each month. This means that for the first month, the maximum amount you can earn 5 per cent interest on is £250. As you are building up the amount over time, you’re only earning 5 per cent on a portion of the money.
Ms Bowes has calculated the maximum you can make if you save the full £3,000 over 12 months is just over £81, which works out as 2.71 per cent. The bank is also waiving early closure fees on Fixed Rate Saver accounts if savers need access to their money.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'It is beyond just serving food': How a Leeds church is offering a lifeline to those in needThe church in Harehills has around 500 people on its food share register. There is no requirement for a formal referral, no fee to be paid – and, most importantly, no judgement
Source: LeedsNews - 🏆 48. / 63 Read more »
Revolution Beauty lenders hire advisers amid accounting chaosHSBC and NatWest have asked Teneo Financial Advisory to monitor the situation at the online cosmetics retailer, Sky News understands. Turns out creating a brand that misleadingly sounds a bit like revlon isn’t as lucrative as you’d think
Source: SkyNews - 🏆 35. / 67 Read more »
Cyber Monday vacuum deals 2022: today's biggest savingsVacuum deals are starting to land - here are the best we've found so far
Source: techradar - 🏆 51. / 63 Read more »
Amazon could see tax bill increased by £29m next year after change to business ratesAmazon could see tax bill increased by £29m next year after change to business rates ➡️ The online retail giant is likely to be among the firms facing huge tax hikes in the UK following the Chancellor’s autumn statement
Source: i newspaper - 🏆 8. / 89 Read more »
Shoppers can buy Oodies for cheapest price yet in Cyber Monday bundle dealsShoppers can buy Oodies for cheapest price yet in Cyber Monday bundle deals affiliate More clutter, think, do I need it?
Source: MENnewsdesk - 🏆 23. / 69 Read more »
'It is beyond just serving food': How a Leeds church is offering a lifeline to those in needThe church in Harehills has around 500 people on its food share register. There is no requirement for a formal referral, no fee to be paid – and, most importantly, no judgement
Source: LeedsNews - 🏆 48. / 63 Read more »