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Savings Account

HSBC is one of the biggest financial institutions in the world. It provides banking and other financial services to its clients across the globe. Because of this, HSBC have come up with a suitable slogan stating, “We are the world’s local bank.

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” Furthermore, its headquarters is located in London but its group of global networks expands to more than 9,500 in 86 countries in North and South America, Africa, Europe, Asia and the Middle East.

One of HSBC’s advantages over the others is that it has able to utilize technology and e-commerce to be able to meet the comprehensive needs and wants of its diverse clients (HSBC, 2009). Moreover, owning a house is the ultimate dream for some people. For many individuals with meager to average income, buying a house is a long and costly process. But due to the existence of banks, the dream of owning a house can become a reality. With HSBC, there are numerous ways on how people can save money to buy a house.

In line with this, HSBC offers the Regular Saver account wherein customers can avail of a fixed rate ranging from 1 to10% monthly which is calculated based on the “daily cleared balance and paid on first anniversary of account opening. ” More so, this type of account prevents any partial withdrawal which can help clients to save more money. Also, individuals can conveniently apply for this product through phone or to the nearest HSBC branch.

For as low as ?250 a month, customers can open their savings account at HSBC and in the succeeding months they can increase their deposit to gain more profit. For example, “a total of ?3,000 will be paid into your account during the 12 month term. At 10% interest, you will earn approximately ?163 interest. ” The features of the account aid in facilitating a better method of increasing the money saved by the clients Through HSBC’s Regular Saver account, average income earning individuals can save enough money for at least a year in order to pay for the deposit when buying for a house (HSBC, 2009).

References

HSBC. (2009). About HSBC. Retrieved March 30, 2009, from http://www.hsbc.com/1/2/about-hsbc

HSBC. (2009). Regular Saver. Retrieved March 30, 2009, from http://www.hsbc.co.uk/1/2/personal/savings/regular-saver;jsessionid=0000xLn6IU4OahZ1KqVs5ZY47h5:12c58n73a

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