Stock Market - HSBC increases interest rates for savers and borrowers in Britain
LONDON (Reuters) - HSBC (L:HSBA) is to increase interest rates on some British savings accounts and variable rate mortgages in September, a spokesman said on Thursday.
HSBC's move follows the Bank of England's decision to raise interest rates above their financial crisis lows earlier this month, with HSBC becoming the second of Britain's biggest banks to pass the change on to both savers and borrowers.
The bank will increase the rate on its range of loyalty Individual Savings Accounts (ISA) by 0.1 percent, while Help to Buy ISAs and saving accounts for children will see their rates rise by 0.25 percent.
Rates on HSBC's residential and buy to let standard variable rate mortgages will both rise by 0.25 percent, to 4.19 percent and 5.25 percent respectively.