New hsbc rules set to kick in for customers who have over £1 in bank account

THE BANK AND LENDER IS SLASHING INTEREST RATES ON A NUMBER OF ITS SAVINGS ACCOUNTS FROM JUNE 3. 13:11, 20 May 2025 HSBC is set to make huge change to eight bank accounts used by millions of

customers in weeks. The bank and lender is slashing interest rates on a number of its savings accounts from June 3. The warnings relate to Online Bonus Saver (balances between £1 and

£50,000), Online Bonus Saver (balances over £50,000), Flexible Saver, HSBC Premier Savings (balances below £50,000), HSBC Loyalty Cash ISA (loyalty Premier rate), and HSBC Loyalty Cash ISA

(standard Premier rate). Other rates impacted include HSBC Loyalty Cash ISA (loyalty non-Premier rate), the HSBC Loyalty Cash ISA (standard non-Premier rate) and MySavings (balances up to

£3,000). MySavings (balances over £3,000) and HSBC Premier MySavings (balances up to £3,000) are also included. READ MORE SANTANDER ISSUES UPDATE TO 14 MILLION 'ACTIVE' CUSTOMERS

AFTER MAKING BIG DECISION HSBC Premier MySavings (balances over £3,000) completes the list alongsde Future Saver for childern and the Help to Buy: ISA (balances over £12,000). Article

continues below 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. Article continues below "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." 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.