What is the HSBC Cash ISA (Loyalty ISA)?
A HSBC Cash ISA is a flexible way to save and earn interest without locking your money away. If you need to withdraw funds then you can access your money at any time. The ISA rules changed this year so that if you want to take money out and put it back later in the year, you won't lose any of your tax-free entitlement...
You can open an account in just a few minutes at your local branch or online. HSBC apply a Loyalty Rate which applies for 12 months from the date of each payment into your ISA. If you make further payments into your ISA, your Loyalty Rate period will begin again from the date of each payment. Upon the expiry of your Loyalty Rate period, you will earn a standard rate of interest until you make a further payment.
The variable Loyalty Rate can alter with the base interest rate or at the bank’s discretion.
Should I get my ISA with HSBC?
Even if you are an existing HSBC customer for your other banking affairs, this doesn’t necessarily mean that you need to stay with them for your ISA. At the time of writing Halifax offered a Help to Buy ISA with a 4% rate, Virgin Money offered 3% and Barclays had a deal at 2.25%.**
That can change at any time. So do a thorough comparison of the price and conditions before you commit to an HSBC Loyalty ISA or any of the other ISAs. Now you know what you’re looking for, it’s time to compare the market. So don’t delay, check out the best deals on our site today and see how much you could save.
**All ISA rates quoted are based on information provided on which.co.uk data on 1 December 2015