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HSBC is reaching out to its customers to encourage a "review" of their bank accounts as the banking giant prepares to implement a series of rate cuts across its savings products.
With the changes set to unfold in stages, HSBC UK customers are advised to prepare for imminent adjustments. Eight of HSBC UK's savings accounts will experience rate reductions, with
the initial changes scheduled to take place in just a few days. For instance, the online Bonus Saver account will see its interest rate decrease from 4% AER to 3.75% for balances ranging
from £1 up to £50,000 starting on July 21, reports Birmingham Live. Similarly, the interest rate for the Flexible Saver account will drop from 1.35% to 1.3%, effective from July 21, while
Help to Buy ISA holders with balances exceeding £12,000 will witness a rate reduction from 1.35% to 1.30% beginning June 3. Additionally, from June 3, non-Premier clients at HSBC will
experience a downward adjustment of the Loyalty Cash ISA's standard rate from 2.15% to 2.10%. An HSBC spokesperson highlighted the bank's commitment to aiding its customers'
savings efforts, stating: "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." The spokesperson expanded on the rationale behind this move: "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." The banking giant stated: "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." Meanwhile, non-Premier HSBC customers with the same ISA will see their loyalty rate decrease from 2.35% to 2.30%.
