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HSBC UK launches new savings tool to help customers boost bank balance

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Published Time: 13.05.2024 - 11:41:05 Modified Time: 13.05.2024 - 11:41:05

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HSBC UK is launching a new savings feature in its mobile banking app

By Jessica Sheldon

Published: 13/05/2024

HSBC UK said the new feature is intended to help customers develop a healthy savings habit

Princess Anne’s son Peter Phillips takes date to event after split with long-term girlfriend

UN throws out Stonewall's complaint against EHRC after labelling it 'trans hostile'

JK Rowling slaps down 'bullying' calls after calling trans football coach 'middle-aged bloke'

Harry 'offered a royal residence' by King after Windsor Castle request rejected

Harry's hopes of reconciliation with King dashed: 'A liability to the monarchy's future!'

BBC Antiques Roadshow expert stunned by show first as she delivers five-figure value

State pension payment date to change for millionswhen will you get paid?

Chaos in lawless London as two people mugged by violent thugs in broad daylight attack

Meghan keeps her vow in Lagos as Harry receives message

Trending on GB News

Eurovision's Eden Golan in tears as she arrives back in Israel after protests and boos

HSBC UK has today launched a new savings feature on its mobile banking app.

The Savings Goals service is being rolled out in a bid to help customers identify, plan and manage their savings goals.


Those who use the mobile app will be able to choose from a list of short to medium-term goals, such as travel, a new car or a business venture.

They can also set the due date and amount target, then set up a regular transfer of funds into their savings accounts, and track the progress.

For those interested in investing for longer-term goals, HSBC UK also offers an Investment Goals feature on the app.

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HSBC UK’s head of everyday banking, Pella Frost, said: “Saving money can be easier when you have a goal in mind.

"With Savings Goals you can make a plan for achieving your aims and contribute on a regular basis.

"This is another step forward in helping our customers build great savings habits and achieve financial resilience.

“Before opening a savings account, we always recommend you review your budget so you know how much you can afford to lock away and for how long.”

Gen Z are the savviest savers, HSBC UK research suggests, with nearly nine in ten (87 per cent) of 16 to 24-year-olds having a savings accountmore than any other age group.

Just one in four (23 per cent) of the population set aside a portion of their wages as soon as they're paid.

Just under half (48 per cent) of the Gen Z respondents said they put away 20 per cent or more of their monthly income.

In comparison, only 12 per cent of 45 to 54 year olds save this amount.

While under 24s have demonstrated their commitment to saving, this age group say they're most likely to dip into their savings pot to fund everyday living expenses (21 per cent) or pay off debt (20 per cent).

On average, they make three withdrawals each year.

LATEST DEVELOPMENTS:

HSBC UK launched its first Fixed Rate Cash ISA in more than a decade last month, offering an interest rate of 4.60 per cent.

Frost added: “Fixed rate ISAs are an excellent way to save for short term goals such as booking a holiday or buying a car.

"By locking your money away for a set period at a fixed interest rate, you can develop a healthy savings habit.”

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