HSBC 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.
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.
What is the interest rate?
|All balances||0.25% AER/Gross|
|Interest Rate||0.25% AER/Gross|
Can HSBC change the interest rate?
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
What would the estimated balance be after 12 months based on a range of deposits?
|Initial deposit||Future Saver for Children interest rate||Balance at the end of 12 months|
|Future Saver for Children interest rate||0.25% AER/Gross|
|Balance at the end of 12 months||£1,002.50|
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.
How do I open and manage my account?
- 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
- 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.
- a 14 day cancellation period applies to this account.
- we do not deduct tax from any interest paid to you.
- 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 04 August 2020
Before applying, please take the time to read the following documents. You may also want to save them for future reference.
You might be interested in
Children's Savings Account
Children and grandchildren of Premier customer can benefit from a Premier MySavings account with access to additional product benefits.