← All banks

High street · checked 9 November 2026

HSBC

1.05%Flexible Saver — 1.05% AER on any balance (from 12 March 2026).

Facts, not recommendations. We aren’t paid by any bank and we don’t rank by who pays us. Rates and offers change often — checked 9 November 2026. Always read the provider’s terms before you open or switch an account.

£10a year on £1,000 at 1.05% AER — £46 at the 4.56% top rate.
£52a year on £5,000 at 1.05% AER — £228 at the 4.56% top rate.
£105a year on £10,000 at 1.05% AER — £456 at the 4.56% top rate.

TL;DR£10,000 here earns £105 in a year. That’s £351 less than the top easy-access rate we found.

Switching bonus

£220

Full switch in the app; within 60 days set up two direct debits, pay in £2,000 and spend £500 on your debit card.

TL;DRMeet every condition and the bonus lands in your account. Miss one and you get nothing.

TypeHigh street
Part ofHSBC UK
Current account feeBank Account: no monthly fee
FSCS protectionUp to £120,000 per person, per banking licence

Quick answers

What savings rate does HSBC pay?

HSBC’s Flexible Saver: 1.05% AER on any balance (from 12 March 2026).

Is my money safe with HSBC?

UK deposits at a bank or building society with a UK licence are protected by the FSCS up to £120,000 per person, per licence. HSBC is part of HSBC UK.

Does HSBC pay you to switch?

Yes — £220. Full switch in the app; within 60 days set up two direct debits, pay in £2,000 and spend £500 on your debit card.

Compare with

ChaseStarlingMonzoRevolutNationwideSantanderBarclaysNatWestLloydsFirst Direct

Your 5-minute move

Compare all the rates

See what your balance would earn at every bank side by side.

Bank rates compared →High street vs. online →
Receipts · checked 9 November 2026