HSBC and Lloyds lift savings rates ahead of FCA grilling


A couple of the UK’s biggest banks have this morning announced some increases in savings rates – possibly hoping this will help their case in front of the FCA today.

HSBC said it would be increasing returns on fixed-rate accounts and Isas, and offered a reminder that last week it increased interest on some instant access accounts.

It also said it continued to “proactively nudge its savers to review their account and highlighting other saving options within the bank which might provide greater returns for them” – essentially putting the onus on them to move within the bank.

Lloyds Banking Group said it was putting up variable and fixed-rates at both Lloyds and Halifax – however variable rate savers will have to wait until 20 July to feel the benefit. Even after that uplift Halifax’s Everyday Saver account will pay just 1.15% on balances up to £9,999 and Lloyds’ an even lower 1.1%.