Fixed Term Deposit

The interest rate we pay is fixed for the term you choose and is agreed when you open the deposit. The rates depend on:

• deposit amount;
• term; and
• currency.

Interest is calculated daily from the date of the deposit and will be paid on the maturity date.

For USD and EUR accounts, we’ll calculate interest using a 360-day year but pay interest for every calendar day your deposit is held.

For GBP accounts, we’ll calculate interest using a 365-day year and pay interest for every calendar day your deposit is held.

No. This account has a fixed interest rate, so it won’t change during the term.

Please note, this is an example of how interest is calculated.

These aren’t live rates. You can check today’s rates in Business Internet Banking, HSBCnet, or by calling our Deposit Desk on 0345 850 1155. Lines are open Monday to Friday, 9:00am to 5:00pm, (subject to change over certain periods).

These projections are provided for illustrative purposes only and don’t take individual circumstances into account. Additional fixed terms are available and range from 7 days to 1 year.

For the purpose of these calculations, each month is assumed to have 30 days, and interest is calculated based on a 365-day year. As these deposits are for less than 12 months, we don’t show an Annual Equivalent Rate (AER). This is because AER assumes you reinvest for a full year on the same term and rate

How do I open my account?

Your business must hold an HSBC UK account (current or savings) in the same currency as the Fixed Term Deposit account, which must be maintained for the duration of the fixed term. This is called a linked account.

You must make your deposit from your linked account, and we’ll pay your deposit and interest back into your linked account.

A Fixed Term Deposit account can be opened through:

• Business Internet Banking;
• HSBCnet; or
• by calling our Deposit Desk on 0345 850 1155 (or another phone number that we make available as it may be updated from time-to-time). Lines are open Monday to Friday, 9:00am to 5:00pm (subject to change over certain periods)

Please note, if you want to place a USD or EUR deposit, you’ll need to call us before 3:00pm for the deposit to be placed on the same day.

Is there a minimum deposit?

The minimum deposit is £5,000, $5,000 or €5,000, depending on the currency of the account.

How do I manage my account?

You’ll be able to view your Fixed Term Deposit account through Business Internet Banking and HSBCnet. If your deposit is in GBP, you’ll also be able to view your Fixed Term Deposit in the HSBC UK Business Banking app.

To manage your Fixed Term Deposit account, you’ll need to contact us by phone, in branch, or through your usual HSBC contact.

No, you can’t withdraw any money before the deposit matures or close the product early.

There’s no cancellation period on this account.

What happens when the term ends?

What happens next depends on how you opened your account, the currency, and the term of the deposit.

Accounts opened through Business Internet Banking or HSBCnet

On the maturity date:

• We’ll pay your deposit and interest into your linked account and your Fixed Term Deposit account will be closed.
• You can’t reinvest a new deposit into this account. To place a new deposit, you’ll need to open a new Fixed Term Deposit account.

Accounts opened through the Deposit Desk

You can choose to reinvest by placing a new deposit in this account at the interest rate available at the maturity date. You can:

• reinvest all or part of your original deposit and interest, or
• invest additional money with your new deposit.

If you’re reinvesting a GBP deposit:

• On the maturity date, we’ll transfer your deposit and interest to your linked account, then transfer it back into your Fixed Term Deposit account on the same day.
• If you transfer or withdraw that money from your linked account before it’s transferred back, you may become overdrawn.

Do I need to tell you if I want to reinvest? (Deposit Desk accounts only)

Yes. You must tell us if you want to reinvest. When you need to tell us depends on the term of your deposit:

• If your deposit term is 3 months or less, you can tell us at any time that you want to reinvest.
• If your deposit term is longer than 3 months, you must tell us you want to reinvest no earlier than 7 days before the maturity date. The latest time to tell us depends on the currency.
  • GBP deposits - before 5:00pm on the maturity date
  • USD and EUR deposits - before 5:00pm on the day before the maturity date

Example (dates shown are examples and may differ):

If your deposit term is longer than 3 months and the maturity date is 11 June, you can tell us you want to reinvest on any day from 4 June up to:

• 5:00pm on 10 June for USD and EUR; or
• 5:00pm on 11 June for GBP.

What if I don’t tell you I want to reinvest? (Deposit Desk accounts only)

If you don’t tell us what to do with the deposit and interest at the end of your term, we’ll transfer your deposit and interest to your linked account.

If you don’t reinvest:

• GBP Fixed Term Deposit accounts will stay open after the maturity date. You can place a new deposit into the same account later.
• USD and EUR Fixed Term Deposit accounts will close on the maturity date.