HSBC sending letters to UK customers urging them to 'review' accounts

NewsHSBC sending letters to UK customers urging them to 'review' accountsHSBC is set to cut a swathe of rates with a staggered approach to the changes - and the first are just days

awayhuddersfieldexaminerBookmarkShareNewsByJames RodgerContent EditorTom KershawContent Editor16:24, 21 MAY 2025BookmarkHSBC is set to cut a swathe of rates with a staggered approach to the

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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%.