HSBC fixed-rate Isa to launch on Monday

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HSBC fixed-rate Isa to launch on Monday

A new HSBC individual savings account (Isa) is set to be launched on Monday for new and existing customers, the bank has revealed.

The Fixed Rate Cash Isa offers an interest rate of 3.1 per cent, which HSBC believes will allow account holders to see "a decent return" on their savings.

Richard Brown, head of savings at HSBC, said that the product is aimed at customers who want to save and do not intend to touch their Isa allowance.

He also said that the Isa was designed to address concerns among savers who do not feel that their savings are working as well for them now as they did in the past.

"A fixed competitive interest rate will give our customers peace of mind in unstable times," added Mr Brown.

The bank also counts a "market-leading" Cash e-Isa with an interest rate of 2.25 per cent among its savings offerings.

Another Isa launched by HSBC recently was tied into a vaccine investment plan, with each investment of £1,000 helping to immunise over 130 children against diseases.

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