HSBC Bermuda is raising its monthly fees, dropping savings account interest rates and changing its credit card reward points.The bank advised that as of July 2, its chequing account monthly fee will increase to $5 from $3.In addition, a host of other personal banking fees will go up, including such services as credit card research (from $35/hour to $50/hour); bank references (from $35 to $45); and safety deposit boxes will see an increase of ten percent.And the bank said it was changing to a “tiered savings rate” system for personal banking customers.“HSBC Bermuda considered multiple factors before deciding on the banking fee and rate adjustments, which are taking effect July 2, 2012,” an HSBC Bermuda spokesperson said yesterday.“We continually assess the costs of providing our banking products and transactions, rates and the current competitive environment. Overall we are confident that our pricing is competitive and represents fair value for the service we provide to our clients.”HSBC said interest rates on savings accounts drop from 0.15 percent to 0.05 percent on accounts holding less than $50,000; and from 0.15 percent to 0.10 percent on accounts with $50,000 to less than $200,000 in them.Rates remain the same at 0.15 percent for savings accounts holding $200,000 up to less than $1 million, but they will rise from 0.15 percent to 0.25 percent for accounts with more than $1 million in them.HSBC also announced that effective August 1, credit card rewards points change as well.Instead of $1 cash back for every 100 points, you will need 120 points to get $1 cash back or reward value.Further details of the changes are available on the www.hsbc.bm website, and HSBC said it encourages clients to stop by a branch for a copy of the 2012 Fee and Charges Comparison Guide.