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HSBC takes interest away from customers
HSBC announced that it will no longer be paying interest on its current accounts.
The bank, which previously paid out returns of two per cent on customers' first £1,000, has withdrawn the offer, and is set to anger account holders.
Customers were charged £12.95 a month for the Bank Account Plus, and received benefits such as travel insurance.
A spokesman for HSBC told the news provider: "The HSBC plus no longer offers credit interest, but it does provide preferential rates for both borrowing and saving."
Louise Bond, personal finance manager at uSwitch.com, said: "This is pretty disappointing as the packaged deal costs consumers £146.40 per year.
"Previously, these customers received two per cent on balances of up to £1,000 which could have earned them anything up to £20 per year in interest."
The news comes as Abbey and Alliance and Leicester, soon to be known as Santander, announced they will increase their current account interest rates one per cent as of today.