To be eligible for the account, savers must:
- Be 18+ and live in the UK or EU
- Be able to pay in at least £1,750 each month (or £10,500+ every six months)
- Qualify for a minimum £1,000 arranged overdraft (they won’t have to have an overdraft if they don’t want one)
- Be happy for HSBC to do a credit check against their name (if they live in the UK)
- Have read the important account documents and overdraft information available on HSBC’s website
- Are able to provide proof of their address for the last three years, their employment details and their income details
HSBC was also commended recently for its mortgage efforts.
This week, Moneyfacts.co.uk released its “Pick of the Week”, which highlights the best savings and mortgage deals available to consumers.
Eleanor Williams, a Finance Expert at Moneyfacts.co.uk, highlighted HSBC’s Five-year fixed rate, 60 percent loan-to-value mortgage for praise.
Ms Williams said: “HSBC has made cuts of up to 0.15 percent across a selection of its fixed rate products.
“Prospective borrowers who have either 40 percent as a deposit or equity available may wish to note that amongst the products to see a rate reduction is the five-year offering at 60 percent loan-to-value.
“Dropping from 1.09 percent to now be priced at 0.99 percent, this becomes one of the lowest initial rates on offer in this sector of the market and may well be a tempting option for those looking for the stability that a mid-term fixed rate can provide.
“This deal is available to both those who are looking to purchase and to those who are remortgaging and carries a reasonable fee of £999. Following this update, it continues to offer borrowers incentives of a free valuation while for those remortgaging free legal fees are also available, which could entice those looking to keep any mortgage set up costs to a minimum.
“Taking into account both the rate and features, this product receives an Outstanding Moneyfacts product rating and a place in our top tables.”