Future Saver for Children

This account helps you save for a child's future. You can open an account with just £1. You can pay in a lump sum, or set up a standing order to save a set amount each month. It's an instant access account so you can take money out whenever you need to.

Yes, we can change the interest rate on this account in line with the Future Saver for Children Terms and Conditions:

• if we increase the rate of interest, we'll either tell you personally within 31 days, or within 3 working days provide the details in a notice in the press and on our Rates and Charges notice in branches. We'll also display this information on our website
• if we reduce the rate of credit interest we'll tell you personally at least two months in advance

For the purpose of this calculation, it is assumed:

• inital deposit of £1,000
• no further deposits
• no withdrawals
• no change to the interest rate during the 12 months

Projection provided for illustrative purposes only and does not take into account individual circumstances.

Eligibility

• you have to be aged 18 or over to open this account on behalf of a child
• you need to provide identification for the child in the form of a passport, or full birth certificate or adoption certificate
• if the account is not being opened by the parent/legal guardian e.g. if you are a grandparent then you must obtain address verification from the parent/legal guardian with whom the child lives

Minimum/Maximum Balance:

• no minimum deposit to open the account
• there is no maximum balance

How to manage the account

• once opened you can manage your account via online banking, phone banking, the HSBC Mobile Banking App or in branch

Yes, you have instant access to your account. You can make as many fee free withdrawals as you like.

• a 14 day cancellation period applies to this account
• we do not deduct tax from any interest paid to you

Definitions

• AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year
• gross is the rate of interest if interest were paid and not compounded each year

Rates correct as at 6 September 2023

Visit one of our branches and we'll help you open your account in person. You’ll need to bring identification, proof of address and a recent bank statement.

If you're under 16, both you and your parent/legal guardian will need to be there to open the account. If you're over 16, you don't need an adult with you.

Or, call to book an appointment over the phone

03456 00 61 61

Our lines are now open 7am to 9pm every day.

Your eligible deposits with HSBC Bank plc are protected up to the limit of your local Compensation Scheme.