HSBC customers can now open a Loyalty Cash ISA on the go via their HSBC mobile banking app, which rewards customers with a loyalty rate when they pay at least £1 into the ISA each year (currently between 1.4% and 1.6% AER variable depending on the current account they hold).
It is the first time the bank has offered an account opening service to mobile banking app users. Customers will be able to apply quickly and easily, transferring money into their ISA as soon as it is open. The application form will be pre-filled with their personal information, and it takes just three clicks to open the account and transfer funds in, all of which happens in real time. All existing app users will receive this feature through an automatic update.
Carl Howard, UK Head of Digital at HSBC said:
“As the end of the tax year approaches, we’re offering customers a quick and easy way to make the most of their savings. Our mobile banking customers are now logging onto HSBC mobile apps nearly twenty million times each month, and we continue to update the apps with new features so that they can bank with us whenever and wherever they are.”