Children's Savings Account

Open MySavings with just £10. Anyone aged 7 to 17 can open an account, although if you're under 16 you'll need your parent/guardian with you.

MySavings comes with a cash book. You can use it to pay in and take money out at any HSBC branch. If you are under 11 and want to take out over £50 (or move it to another account) you'll need your parent or guardian's permission, and their signature.

You'll receive a statement every 6 months. This shows you the amount in your account, what you've put in and taken out, and any interest you get.

On your 11th birthday we'll also open a current account for you, called MyAccount This comes with a HSBC Visa Debit Card, which you can use in shops, online, at cash machines or wherever you see the Visa logo. Both of these accounts form a package we have called MyMoney:

• if you have a MySavings account, we will open you a MyAccount
• if you have a Premier MySavings account, we will open you a Premier MyAccount

When you reach the age of 18 we will transfer your MyAccount to our Bank Account (or equivalent account if the Bank Account is no longer on sale when you reach 18, or an alternative account if we consider that another one of our accounts would be more beneficial to you).

Balances up to £3,000 will earn the higher rate of interest. Only the part of the balance above £3,000 will earn the lower rate of interest.

Yes, we can change the interest rate on this account in line with the Personal Banking Terms and Conditions:

• If the change is beneficial to you (e.g. if we are increasing the rate of interest we pay you), or in some other situations where the change is being made for reasons outside our control (e.g. a change in a reference rate such as the Bank of England base rate), if we think it’s appropriate for us to make the change without prior notice we may make the change without telling you first, although we’ll notify you afterwards
• Otherwise, where possible, we’ll tell you at least 30 days before any change

For the purpose of these calculations, it is assumed:-

• initial deposit of either £1,000 or £5,000
• 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:

• aged between 7 - 17 years old

How to open the account:

• open an account in branch. If you are under 16 you will need your parent/guardian to sign the application however as the account will be in your name then you must be present in branch to open the account

Minimum/Maximum Balance:

• a minimum of £10 must be deposited to open an account
• there is no maximum balance

How to manage the account

• once opened you can manage your account in branch or via phone banking

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

MySavings comes with a Cash Book. You can use it to pay in and take money out at any HSBC branch. If you are under 11 years and want to take out over £50 (or move it to another account) you'll need your parent or guardian's permission, and their signature.

• 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 26 September 2024

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

If you're under 16, both you and your parent/legal guardian will need to be there to open the account. If you're 16 or over, 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.