Savings & Retirement
HSBC Says Rock-Bottom Interest Rates May Curb Free Bank Accounts
- Some of bank’s free services are losing money due to low rates
- Lenders in Europe have grappled with subzero rates for years
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HSBC Holdings Plc has warned that some of its free banking services may become a thing of the past.
Europe’s largest lender could start charging for basic banking services “in some markets” because low interest rates meant they were losing money, Chief Financial Officer Ewen Stevenson said on a call with reporters Tuesday after the bank reported third-quarter earnings.