Your Fixed Rate Saver is ending – what next?
If you’re wondering how you could make the most of your savings when your Fixed Rate Saver ends, here are some options.
This list is not exhaustive. The best option for you will depend on your circumstances and what you want to achieve. Having clear financial goals can help you make the best financial decisions. You may wish to speak with the MoneyHelper or seek independent financial advice before making any decisions.
1) Reinvest
If you’d like to keep things pretty much as they are, you can put your money into a new Fixed Rate Saver. You can apply to reinvest your Fixed Rate Saver up to 90 days before and 90 days after the maturity date, and keep the same account number.
It’s important to remember, however, that rates are subject to change. If you instruct us to reinvest before maturity, you’ll receive the rate applicable on the day of maturity, not the date you submitted your instruction.
If we receive your instructions after your account has matured, you’ll get the rate available on the day we receive your instruction.
We’ll write to you to confirm the interest rate and maturity date within 2 working days of the reinvestment.
To find out more, see our reinvesting page.
2) Consider other savings products
Depending on your plans and goals, you may not want to lock your savings away in a Fixed Rate Saver, where you won’t be able to access the money for a year or more. If this is the case, you might want to consider moving your money into one of our other savings accounts.
A Flexible Saver or an Online Bonus Saver could be a good match if you want the option to start spending your money straight away. With these accounts, you can withdraw your money when you need it.
If you plan to keep building your savings, our Regular Saver lets you pay in between £25-250 per month over the course of a year, at an interest rate which will stay fixed for that year.
If you’re looking to make the most of your tax allowances, a Cash ISA could be up your street. You can save up to a certain amount each tax year without having to pay tax on the interest you earn. For full details on ISA limits, see our Cash ISA page.
3) Repay debts
If you have debts that are incurring high levels of interest, it may make sense to use some of your savings to pay them off. Typically, it’s best to repay the debt with the highest interest rate first, as that’s costing you the most money.
Keep in mind that each debt may have certain conditions you need to meet. Check you won’t be charged for early repayments or overpayments.
See how to repay debts.
4) Explore investing
It’s good to have something set aside for emergencies, but if there’s a large amount sitting in your savings account, you might be able to make more of your money.
If you’ve never invested before, our beginner’s guide is a good place to start. It introduces you to the key things you need to know about investing, along with the different ways you can get started.
Bear in mind, the value of investments and any income they generate can go down as well as up, meaning you may not get back what you invest. You can access your money if you need to, however you should aim to invest for at least 5 years.
Our investment services involve a one-off advice fee, along with applicable investment charges. The advice fee is payable from selected HSBC current or savings accounts so you’d need to hold one of these to access the services.
Keen to explore your options? See our ways to invest.
What next?
If you decide not to take any action, when your account ends, your funds and interest will be paid into the account they came from. If that account is no longer available, we’ll pay them into a new Flexible Saver account in your name.