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HSBC positive about Regular Saver accounts

27 May 2005
Three months on from the launch of HSBC's Regular Saver account, the bank has announced that the accounts are going strong.

Internal data from the bank reveals that more than half (56 per cent) of the accounts are receiving the maximum £250 monthly contribution, taking advantage of the straightforward nature of the account and the high interest rates.

"We launched Regular Saver to both kick-start saving in the UK and reward our existing customers," said Steve Britain, head of savings and investments at HSBC.

"It now looks like this has worked as our data shows that the majority of customers are choosing to deposit the most that they can in any one month, £250 - a positive sign when you consider the continued concerns about the UK's £27 billion savings gap."

Slightly more women than men have taken out Regular Saver accounts - 53 per cent of the accounts are owned by women, compared with 47 per cent of men - and the accounts are most popular in the south of England, where just under a third (31 per cent) of the accounts were opened.

The Regular Saver account is open to anyone holding a current account with HSBC. It offers a fixed interest rate of eight per cent over twelve months, provided no withdrawals are made.

Click here to find out more about savings accounts.

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