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Children's Savings Account

A great way to get into the savings habit

MySavings / Premier MySavings

It’s never too early to learn how to handle money wisely, and an HSBC MySavings / Premier MySavings account is the first step on that road. It’s open to anyone aged 7 to 17. On the account holder’s 11th birthday, we'll open a current account in their name, complete with its own HSBC Visa Debit Card.

  • Start saving from just £10. Whether it’s your pocket money or the wages from your job
  • Watch your money grow. MySavings / Premier MySavings accounts pay you interest on your savings between 0.50% AER/gross and 3.00% AER (2.96% gross)
  • Get your own HSBC Visa Debit Card. On your 11th birthday, we'll open a current account for you, complete with your own HSBC Visa Debit Card to shop in stores, online or use at cash machines
  • Take your money out at the bank. You can use your cash book to withdraw money from your savings account. But keep in mind that if you're under 11, you'll need your parent or guardian's signature to withdraw £50 or more
  • Premier MySavings account. Children and grandchildren of Premier customer can benefit from a Premier MySavings account with access to additional product benefits. At age of 11, we will also open a Premier MyAccount

Start saving and we’ll take it from there

Open an account with just a £10 deposit

 

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

Key product information

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).

Summary box

What is the interest rate?

Interest is calculated daily and credited to the account monthly.

Up to 3 August 2020
Balance MySavings interest rate Premier MySavings interest rate
Up to £3,000 3.00% AER (2.96% Gross) 3.00% AER (2.96% Gross)
Over £3,000 0.75% AER (0.75% Gross) 0.75% AER (0.75% Gross)
Up to 3 August 2020
Balance Up to £3,000
MySavings interest rate 3.00% AER (2.96% Gross)
Premier MySavings interest rate 3.00% AER (2.96% Gross)
Balance Over £3,000
MySavings interest rate 0.75% AER (0.75% Gross)
Premier MySavings interest rate 0.75% AER (0.75% Gross)
After 4 August 2020
Balance MySavings interest rate

Premier MySavings interest rate
Up to £3,000 2.50% AER (2.47% Gross) 2.50% AER (2.47% Gross)
Over £3,000 0.25% AER/Gross 0.25% AER/Gross
After 4 August 2020
Balance Up to £3,000
MySavings interest rate

2.50% AER (2.47% Gross)
Premier MySavings interest rate 2.50% AER (2.47% Gross)
Balance Over £3,000
MySavings interest rate

0.25% AER/Gross
Premier MySavings interest rate 0.25% AER/Gross

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.

Can HSBC change the interest rate?

Yes, we can change the interest rate on this account in line with the MyMoney and HSBC Premier Family Savings 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?

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

Initial Deposit MySavings interest rate
Balance at the end of 12 months Premier MySavings interest rate
Premier MySavings Balance at end of 12 months
£1,000 3.00% AER (2.96% Gross) £1,030 3.00% AER (2.96% Gross)
£1,030
£5,000 3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000

£5,105 3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
£5,105

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

Initial Deposit £1,000
MySavings interest rate
3.00% AER (2.96% Gross)
Balance at the end of 12 months £1,030
Premier MySavings interest rate
3.00% AER (2.96% Gross)
Premier MySavings Balance at end of 12 months
£1,030
Initial Deposit £5,000
MySavings interest rate
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000

Balance at the end of 12 months £5,105
Premier MySavings interest rate
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
Premier MySavings Balance at end of 12 months
£5,105

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.

How do I open & manage my account?

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

Can I withdraw money?

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.

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 September 2018

How to apply

Apply in branch

Remember to take identification and proof of your address. For details of acceptable documentation, please contact your local branch. 

If you're under the age of 16, then your parent/legal guardian will need to sign the application form too.

As the child is the applicant they will need to be present in the branch to open the account.

Book your appointment to open an account in branch by calling 03456 00 61 61.

You'll need to bring a recent statement from your current bank.

Additional information

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

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

 

 

 

 

 

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