HSBC Future Saver for Children

Give a child a little help later in life than with our Future Saver for Children.
  • Give a child a little help later in life with our Future Saver for Children
    Whether you’re a parent, relative or friend, you can save for a child that’s special to you.
  • Open an account for £1
    Put in a lump sum or save a little at a time, starting from just £1.
  • Access the money instantly
    This is an instant access account, so you can take out money whenever you need to, no notice required.

Open an HSBC Future Saver for Children today

Please read the important product information and check eligibility before you apply.

Key product information

How it works

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.

Can HSBC change the interest rate?

The estimated balance after 12 months based on a £1,000 deposit would be as follows:
Initial Deposit Interest Rate Balance at the end of 12 months
£1,000 0.75% AER/Gross £1,007.50
The estimated balance after 12 months based on a £1,000 deposit would be as follows:
Initial Deposit £1,000
Interest Rate 0.75% AER/Gross
Balance at the end of 12 months £1,007.50

For the purpose of this calculation, it is assumed:

  • initial 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

Interest is calculated daily and credited to the account monthly.

HSBC can change the interest rate on this account in line with the Personal Banking Terms and Conditions and Charges:

How do I open and manage my account?

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

Can I withdraw money?

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

Additional Information

  • 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 03 December 2018

How to apply

Apply in a branch

  • HSBC current cccount customers can book an appointment to apply in branch by calling 03456 00 61 61.
  • from outside the UK, Channel Islands or Isle of Man, call +44 1470 697139.
  • you’ll need to bring identification and proof of your address. 

Additional information

Before applying, please take the time to read the following documents. You may also want to save them for future reference.

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Frequently asked questions