HSBC UK Offers Savings Service On Its Mobile App
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HSBC UK has introduced a new saving feature on its banking application. The financial service company launched the Savings Goals service to assist customers in identifying, managing, and planning their saving goals.
Customers who use the application can select from a bunch of several achievable goals, ranging from short to medium-term. Some of these goals include a business venture, travel, and getting a new car. They can also choose the date they plan to achieve any of these goals and the target amount, then create a routine for transferring funds to their savings account and see their progress.
HSBC Has Provided Users With An Investment Goals Feature
HSBC UK has provided an Investment Goals feature on its mobile app for those who plan to grow their funds to reach longer-term goals.
Pella Frost, the Head of Everyday Banking at HSBC UK highlighted the importance of having planned goals. He noted that it’s easier to save money when there is a goal in mind. With the Savings Goals service, users can make a plan for achieving their goals and save money daily for it.
The new service signifies the financial company’s aim to assist its customers create a saving habit that will enable them to achieve any financial plans. Frost said HSBC UK always advises those who want to open a savings account. It’s important for customers to check their budget to know how much they can lock for savings and for how long.
According to HSBC UK research, those under the Generation Z (Gen Z) group are saving the most, with about 87 percent of 16 to 24-year-olds holding a savings account. This record is more than that of the other age groups. Only 23 percent of the total population bring out their savings amount immediately after they are paid.
Users Under 24 Years Old Shows Committed To Saving Every Month
About 48% of the Generation Z group revealed that they keep aside 20% of their monthly earnings for saving. In comparison to those under the ages between 45 to 54 years old, only 12% can do the same.
Those under 24 years old always show their commitment to saving. This age group mostly cut from their savings to fund daily expenses or pay off debt. They make an average of three withdrawals each year.
HSBC UK announced that it’s been a decade since the introduction of its first Fixed Rate Cash ISA, offering a 4.60% interest rate to investing customers.
Frost noted that the Fixed Rate ISAs are a perfect means of saving for short-term goals like buying a car or going for a holiday. He added that as customers lock their funds away for some time, they can develop a great savings habit.
