Savers rate increase

SAVERS will see the rate on a fixed-rate account jump from 1% to 5%, HSBC UK has announced.

The rate on HSBC’S Regular Saver account is fixed for 12 months from the time of opening the account, under the bank’s terms.

But HSBC UK announced yesterday that from December 1, it will increase the rate from 1% to 5%, and the rise will apply automatically to existing accounts. Interest accrued up to this date will be at the rate offered when the account was opened.