HSBC launches Regular Saver

HSBC has announced the launch of its new 10% Regular Saver account, available to Bank Account Plus, Premier and Passport customers from February 5th. The bank is also offering 6% credit interest on balances up to £2,500, fixed for 12 months, to new Bank Account Plus customers opening an account before April 1st.

Combining HSBC's new Regular Saver and Bank Account Plus offers, customers could, claims the bank, earn annual interest of over £275.

For example, 10% interest fixed for 12 months on savings up to £3,000 per year works out to £131 per year gross. Add in 6% AER interest on credit balances up to £2,500 in your current account - £146 gross max in the first year (5.84%) - and the combined total is £277.

Available to new and existing Bank Account Plus, Premier and Passport customers, HSBC's preferential Regular Saver offers an interest rate of 10% fixed for 12 months, providing no withdrawals are made. It requires a monthly standing order of between £25 and £250. But penalty-free contribution holidays are available if the unexpected happens and a monthly payment can't be made.

HSBC's Bank Account Plus meanwhile offers 6% credit interest for 12 months to new customers who open an account before April 1st and 2.5% interest for existing customers, on credit balances up to £2,500. Also avaialble is extensive worldwide family travel insurance, including winter sports; global fee-free cash machine withdrawals; 0.2% off the interest rate on the bank's standard tracker mortgage; up to 0.5% more on its Cash Mini ISA, and up to 0.25% more on Flexible Saver compared to the bank's standard rates;

Also available is a 10% refund on credit card interest paid by the customer annually; 1% interest off loans between £7,000 and £25,000; 20% off home and health cash plan insurance, and 10% off car insurance.