HSBC has announced that it will reduce the two per cent interest rate on its Bank Account Plus product to zero per cent.

 

The disappearance of interest comes as Santander boosted rates on its savings accounts up to six per cent across a range of its deals, a market-leading figure.

 

uSwitch.com has commented on the move, calling it pretty disappointing given the attempts by HSBC rivals to help bank account holders out during the recession .

 

Customers could previously gain around £20 per year for balances of up to £1,000 and this has now been reduced to nothing.

 

A representative for uSwitch.com said: There are several other packaged accounts available which offer in-credit interest rates of up to six per cent AER so it's definitely worth looking around for the best deal.

 

The last week also saw attractive cash Isa deals with higher interest rates disappear from the market, according to Moneynet.co.uk.