Age-specific savings accounts are uncommon, but there are plenty of savings products available to suit your needs.
HSBC doesn’t offer tailored accounts for over 60s, but you can find out more about them, including alternatives, in this article.
Regular savings accounts are a useful way to save for short-term goals, like a trip somewhere. These accounts are typically open for a short period and can offer higher interest rates.
Your provider may have a minimum and maximum amount you can deposit each month, and there may be a limit to the number of withdrawals you can make.
Find out more about an HSBC Regular Saver. Eligibility criteria apply.
Easy access accounts allow you to earn interest on your money and make withdrawals penalty-free. Some easy access savings accounts can be opened with as little as £1.
These accounts are handy for building an emergency fund, as you can quickly access your money if the unexpected happens.
While you can withdraw your money anytime, you may have a lower rate of interest compared to other savings accounts. This can make easy access accounts less suitable for long-term goals or as a retirement savings account.
If you’re interested in this type of product, we have different easy access accounts available. Eligibility criteria apply.
Be sure to research the different accounts to find the rates and terms that suit you.
Fixed rate savings accounts have a fixed rate interest over a specific period, known as a term.
With this type of account, you only make an initial deposit before the money is locked away for a fixed term. You may be able to choose the length of your term, typically between 1 to 5 years, but this will depend on the provider. The minimum deposit you pay into the account will also vary between providers.
Compared to other savings products, fixed rate savings accounts may have higher rates of interest.
Before applying for this savings account, you need to feel comfortable with not having access to your funds. You may be charged a fee for withdrawing money before your set period ends, even if it’s for an emergency.
To learn more, visit HSBC Fixed Rate Savings. Eligibility criteria apply.
Although there are very few Cash ISAs dedicated to the over 60s, it's worth considering them.
Cash ISAs – or Individual Savings Accounts – allow you to earn tax-free interest on your savings. That means you don’t pay any UK income tax or capital gains tax on the interest you earn – as long as you stick to the rules of the account.
At the beginning of every tax year (6 April), you’ll be given an ISA allowance set by the government. It tells you how much you can save tax-free in your ISAs.
HSBC UK offers both an instant access Cash ISA and a fixed rate Cash ISA. Eligibility criteria apply.
Find out more about Cash ISAs and how they work.
Keep in mind – the value of any tax benefits described will depend on your individual circumstances and tax rules could change in the future.
Comparing savings accounts can help you find the right one for your circumstances. Think about:
If you are happy to put your money away for a short period, look for accounts with competitive interest rates. You can compare rates across different providers and account types to find the best one for you.
Certain cash ISAs and savings accounts may have hidden costs for withdrawing money. Be sure to read the terms and conditions before deciding on a savings product.
You need to consider how often you’ll need to access your savings. For example, you may want a regular access account to supplement your pension if you plan on retiring soon.
This article was last updated: 19/09/2024, 04:21
