HSBC current account customer? You can now get 3% ‘easy-access’ on your savings – though you can earn more elsewhere

If you are looking to shore up your savings against sky-high inflation, see our Top savings accounts guide for the best buys, including up to 2.75% easy access and up to 5.05% fixed.

How HSBC's Online Bonus account works

The Online Bonus savings account is an easy-access account, so you can withdraw funds whenever you like. You must have (or get) a current or savings account with HSBC to open it and you can start saving from just £1. This account can only be opened online, but can also be managed in branch, via phone or on HSBC's app. So you could just open a bog standard easy-access account with £1, then get the Online Bonus account through online banking.

The headline rate of 3% may look attractive, and while the account does allow you access to your money whenever you want, the interest rate falls to 0.5% for the month in which you make a withdrawal. So you'll only get 3% during the months where you do NOT make a withdrawal. 

The account has no maximum deposit limit, but you will only get up to 3% on up to £10,000. You'll earn 0.75% on savings above £10,000 in months where you DON'T withdraw, or 0.5% in months where you DO withdraw. 

Should I take out this HSBC account?

• If you don't withdraw, the rate beats the top open-to-all easy-access accounts on the market. This could work for you if you know you won't need to withdraw your savings much, but don't want to lock your money away in a fixed term account. It's also HSBC's top easy-access account, so if you are an existing customer, and don’t want to switch – this could be a good option to earn at least some interest on your savings.

• However, you’ll only get the headline 3% on months where you don’t withdraw AND only on up to £10,000. If you want to save a much higher amount or plan to withdraw more than once or twice a year, you'll lose some of the benefits of the bonus and the account will be much less competitive versus alternatives in the long run.

• Top easy-access accounts typically offer competitive rates on much higher amounts. Sainsbury’s Bank, for example, currently offers 2.75% on up to £500,000. Some (though not all) also offer no penalties or restrictions on withdrawals, such as Tesco Bank's 2.21% account, which allows you to move money in and out with no hit to the interest. 

Other 'existing customer' accounts pay more

HSBC is the latest bank to offer a savings account exclusively for its customers offering more attractive rates.

• Barclays' Rainy Day Saver offering the top rate of 5.12% on up to £5,000 for Blue Rewards member

• Nationwide's FlexDirect pays 5% on up to £1,500 for current account holders.

• Chase's bank account pays 2.1% on its linked saver, up to £250,000

• Virgin Money's M Plus pays 2.02% on its linked saver, up to £25,000.