HSBC Bank Account pays 6% on your cash

HSBC has launched a new promotion on its Bank Account, which allows account holders to earn a market-leading rate on their money

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When I was at school I worked at Next in my spare time so, for me, the phrase ‘January sale’ conjures up images of people desperately rifling through racks of clothes, barging each other out of the way in order to nab that £10 top.

But it’s not just the high street retailers that are at it – even banks now launch January sales, with enticing offers on select deals. And HSBC’s sale has included the launch of a current account paying an amazing fixed rate of 6% on balances!

Banking with HSBC

As part of its January Sale, HSBC has revamped its current accounts, and now has a number of extremely attractive deals.

My favourite is the simple Bank Account. Whether you are a new or eligible existing customer, you can secure a whopping rate of 6% interest fixed on balances up to £2,500. However, in order to secure the deal, you will need to get your switching forms over to HSBC by 5pm on the 31st January.

You can also get this rate if you go with the HSBC Advance account or the HSBC Premier account.

With the Advance account not only will you get 6% on your money, but also life insurance cover up to £3,000, worldwide travel insurance, roadside breakdown assistance and exclusive deals on a rate of products and services. It will set you back £9.95 for the first 12 months, and £12.95 thereafter though. However, I’m not a big fan of packaged accounts like this, and the FSA has its own concerns too, as we highlighted in The new bank mis-selling scandal.

With the Premier Account you’ll get wealth management advice from an HSBC IFA, family banking accounts and all sorts of other personal services.

However, to qualify, you’ll need to meet any of the following criteria:

• Joint savings or investments of at least £50,000 with HSBC in the UK.
• An annual income of at least £100,000 paid into your HSBC Premier Account, as well as either: 1) a mortgage of at least £300,000 with HSBC or 2) a product taken out from the bank’s independent financial advisory service, excluding mortgage-related insurance.

In other words, it's not an account for everyone.

More from HSBC:

 
HSBC Advance Account
HSBC Online Bonus Saver Account
HSBC Credit Card