HSBC launches 3.1% fixed-rate ISA
HSBC today launched a fixed-rate cash ISA paying interest at 3.1% for 12 months.
The 3.1% rate is available to savers who pay the full ISA limit of £3,600 into the account as an opening deposit.
Funds from previous ISAs cannot be transferred into the account, but withdrawals can be made for a £100 fee.
Richard Brown, HSBC head of savings, said “In the current environment, savers may feel that they’re not gaining as much return on their savings as they have done previously.
“HSBC has developed a product that’s ideal for customers who are committed to saving and have no intention of touching their ISA allowance.”
He added: “A fixed competitive interest rate will give our customers peace of mind in unstable times.”
HSBC also offers a cash e-ISA, paying interest at 2.25%.