Community Savings Account

If you are a club, society or a charity and want a flexible savings account that allows instant access to your funds, our Community Savings Account could be ideal for you.

At a glance

  • Designed for clubs, societies and charities who want an instant access account

  • Transfer funds to an HSBC Community Account for free1 without any charges

  • Manage your account in branch, by phone or by text

  • Tiered interest on cleared funds, calculated daily and paid monthly

  • HSBC current account not required

Apply for a Community Savings Account

Call us on

0800 434 6924

Lines are open from 8am to 8pm, Monday to Friday

Textphone: 18001 0800 028 3516

Key benefits

Allows you to separate your club or societies funds

The greater your funds, the greater your interest rate

SUMMARY BOX

Account Name: COMMUNITY SAVINGS ACCOUNT

What is the interest rate?

The applicable credit interest rates are as follows:

Product Band Gross% AER%
Community Savings Account Monthly Interest Instant Access Up to £100,000 0.03 0.03
£100,000+ 0.03 0.03
£250,000+ 0.03 0.03
£1m+ 0.04 0.04
30+ day rate Up to £100,000 0.03 0.03
£100,000+ 0.04 0.04
£250,000+ 0.04 0.04
£1m+ 0.05 0.05
60+ day rate Up to £100,000 0.04 0.04
£100,000+ 0.06 0.06
£250,000+ 0.07 0.07
£1m+ 0.08 0.08

 

Credit interest is calculated on a daily basis and is paid monthly. The credit interest rate will depend on how often you take money out of your account:

When you make a withdrawal rate Rate
If you made a withdrawal less than 30 days ago Instant Access Rate
If you haven’t made a withdrawal for 30 consecutive days 30 Day Rate
If you haven’t made a withdrawal for 60 consecutive days 60 Day Rate

Can the Bank change the interest rate?

Yes, the Bank can change the interest rates at any time in line with the clause 2.4.2. of the Community Savings Account.

Additional Terms and Conditions:

  • Favourable changes

    We’ll make the change immediately and tell you about it once the change has been made.

  • Unfavourable changes

    We’ll let you know at least 30 days before we make the change.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Initial deposit Rate type Interest rate Interest Earned Total balance at the end of the 12 months
£1,000 Rate for first 30 days 0.03% AER (0.03% Gross) £0.02 £1,000.38
Rate for next 30 days 0.03% AER (0.03% Gross) £0.02
Rate for rest of the year 0.04% AER (0.04% Gross) £0.33

 

For the purpose of this calculation, it is assumed:

  • Initial deposit of £1,000
  • No additional deposits
  • No withdrawals
  • No change to the interest rate during the 12 months

How do I open and manage my account?

Eligibility:

Annual turnover of up to £6.5 million

How to open the account:

Open online or in branch

Minimum/Maximum balance:

  • No minimum deposit
  • No maximum balance

How to manage the account:

Once opened you can manage your account online, in branch or by phone.

Can I withdraw money?

Yes, you can make as many withdrawals as you like but this may affect your interest rate. No notice is required.

If you take money out when we’re paying you interest at our 30 Day Rate:

We’ll pay you at our Instant Access Rate on the cleared balance of your Account from the day after you make the withdrawal. You’ll start getting the 30 Day Rate again once 30 days pass without you taking money out.

If you take money out when we’re paying you interest at our 60 Day Rate:

We’ll pay you at our 30 Day Rate on the cleared balance of your Account from the day after you make the withdrawal. You’ll start getting the 60 Day Rate again once 30 days pass without you taking money out. If you make another withdrawal in that time, you’ll go back to the Instant Access Rate.

Additional Information

Additional Information

This is a sterling instant access savings account and can only be used as a savings account.

Definitions:

  • AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year
  • Gross is the rate of interest if interest was paid and not compounded each year

Rates correct as at 26.09.16

The longer you save, the more you earn

If you leave your savings untouched for 30 days or more, your funds automatically move up in to a higher interest band - earning you more interest.

If you leave your savings untouched for 60 days or more, they move up another band again - earning you even more interest.

Important information

1 Free Banking means that we will not charge you an account maintenance fee or for payments into your account covered by our standard account charges. Additionally, we will not charge you for making internal transfers, cash withdrawals and payments from your account by cheque, Direct Debit, Standing Order and Bill Payments.

To help us continually improve our service and in the interests of security, we may monitor and/or record your telephone call.

Apply for a Community Savings Account

Call us on

0800 434 6924

Lines are open from 8am to 8pm, Monday to Friday

Textphone: 18001 0800 028 3516

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