Savings 

Whether you're getting ready for a big purchase or putting money aside for a rainy day, opening a savings account could help you to make your money go further.

What is a Personal Saving Allowance?

A Personal Savings Allowance (PSA) is the amount of interest you can earn on your savings without paying tax.

 

Your PSA will depend on the rate of income tax you pay. For example, basic rate taxpayers currently have an allowance of up to £1,000.

 

Learn more about what this means for your savings plans with our guide.

Get the best out of your savings account

How are interest rates calculated?

Interest is what a bank will pay you to save with them and what you pay a lender for borrowing from them. 

Do you have to pay tax on savings?

You won’t be taxed on the money you save, but you might have to pay tax on any interest you earn from your savings.

Money saving techniques

Whether you start in January or July, these simple tips can help build your savings.

Popular savings accounts

Regular Saver Account

Working towards a long-term savings goal? Our Regular Saver account rewards you for not touching your money.

Cash ISA

Make the most of your tax-free allowance by saving up to £20,000 per tax year. 

Bonus Savings Account

Get rewarded for good savings habits with a monthly bonus each month you don't make a withdrawal. 

Start saving

Whether you want to save a lump sum or a little each month, we've got an account for you.

Frequently asked questions

Savings guides

How to build an emergency fund

An emergency fund can come in handy when you're hit with unexpected or urgent expenses. Find out how to build one with our guide.

How does compound interest work?

Compound interest could help you grow your savings. Learn more about how it works in our guide.

What are fixed rate savings?

A fixed rate savings account could help you to grow your money faster. Read our guide to learn more.

More ways to save

Improving your financial fitness

Many of us talk about getting physically fit but have you thought about your financial fitness?

Four steps to start saving

Building up your savings can feel overwhelming at times - but it may not be as hard as you think.

Things to save for

A savings account could help you to save for a major purchase, such as a new car, a holiday or a deposit on a home.

Our top 10 savings tips

We've put together a list of 10 savings tips to help your bank balance look better this year.

Useful information

Our mobile app

Manage your savings whenever, wherever with our mobile banking app. 

Money management

By making a few changes to your spending and saving habits, you can create a more positive relationship with your money.

Branch services

We might not have branches as such but you can still pay in a cheque, withdraw cash and pay in cash.

Your eligible deposits with HSBC UK Bank plc are protected up to a total of £85,000 or up to £170,000 for joint accounts, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.

 

This limit is applied to the total of any deposits you have with the following: HSBC UK Bank plc and first direct. Any total deposits you hold above the limit between these brands are unlikely to be covered.

This image shows the fscs protected logo - Protecting Your Money