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MySavings

Saving for 7 to 17s

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 2.75% AER (2.72% 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.

Are you eligible?

Please ensure you can answer YES to the following questions:

  • Are you aged between 7 and 17?
  • Can you provide proof of your identity and address?
  • If you're under 16, can you get your application signed by a parent or guardian?


Once you've submitted your application, we'll send you the paperwork to sign and return to us. We may also ask for further documents to confirm your identity or address

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

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.

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.
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.
 

Balance MySavings Premier MySavings
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)

 

 

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?
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.

Initial Deposit
MySavings Interest Rate MySavings Balance at end of 12 months
Premier MySavings Interest Rate
Premier MySavings Balance at end of 12 months
£1,000
3.00% AER (2.96% Gross)
£1,027.54
3.00% AER (2.96% Gross)
£1,027.54
£5,000
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
£5,092.50
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
£5,092.50

 

 

How do I open & manage my 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.
  • A minimum of £10 must be deposited to open an account
  • There is no maximum balance
  • Once opened you can manage your account in branch or via Telephone Banking. If you have a MyAccount, you can also manage your account via Online Banking or via the HSBC Mobile Banking App.

 

 

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.
  • 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 03.09.18

 

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

MySavings

Amount
Gross% AER%
Up to £3,000
2.96
3.00
£3,000+
0.75
0.75

 

 

HSBC Premier MySavings

Amount
Gross% AER%
Up to £3,000
2.96
3.00
£3,000+
0.75
0.75

 

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.

 

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

Before you apply, take a look below at the summary box and things you should know about your MySavings account application.

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.

Summary Box

What is the interest rate?
Interest is calculated daily and credited to the account monthly.
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.

Balance MySavings Premier MySavings
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)

 

 

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?
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.

Initial Deposit
MySavings Interest Rate MySavings Balance at end of 12 months
Premier MySavings Interest Rate
Premier MySavings Balance at end of 12 months
£1,000
3.00% AER (2.96% Gross)
£1,027.54
3.00% AER (2.96% Gross)
£1,027.54
£5,000
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
£5,092.50
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
£5,092.50

 

 

How do I open & manage my 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.
  • A minimum of £10 must be deposited to open an account
  • There is no maximum balance
  • Once opened you can manage your account in branch or via Telephone Banking. If you have a MyAccount, you can also manage your account via Online Banking or via the HSBC Mobile Banking App.

 

 

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.
  • 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 03.09.18

 

Things You Should Know

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

 

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

To read our PDF files you'll need to have Acrobat Reader 8.0™ or above. It's free and can be downloaded from Adobe UK. If you are accessing this website using screen reading technology that cannot read PDFs, a converter is available at Access Adobe (these links may allow you to access a non-HSBC website. HSBC Bank plc has no control over the linked website and is not liable for your use of it).

 

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 2.75% AER (2.72% 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.

Are you eligible?

Please ensure you can answer YES to the following questions:

  • Are you aged between 7 and 17?
  • Can you provide proof of your identity and address?
  • If you're under 16, can you get your application signed by a parent or guardian?


Once you've submitted your application, we'll send you the paperwork to sign and return to us. We may also ask for further documents to confirm your identity or address

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

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.

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.
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.
 

Balance MySavings Premier MySavings
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)

 

 

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?
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.

Initial Deposit
MySavings Interest Rate MySavings Balance at end of 12 months
Premier MySavings Interest Rate
Premier MySavings Balance at end of 12 months
£1,000
3.00% AER (2.96% Gross)
£1,027.54
3.00% AER (2.96% Gross)
£1,027.54
£5,000
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
£5,092.50
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
£5,092.50

 

 

How do I open & manage my 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.
  • A minimum of £10 must be deposited to open an account
  • There is no maximum balance
  • Once opened you can manage your account in branch or via Telephone Banking. If you have a MyAccount, you can also manage your account via Online Banking or via the HSBC Mobile Banking App.

 

 

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.
  • 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 03.09.18

 

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

MySavings

Amount
Gross% AER%
Up to £3,000
2.96
3.00
£3,000+
0.75
0.75

 

 

HSBC Premier MySavings

Amount
Gross% AER%
Up to £3,000
2.96
3.00
£3,000+
0.75
0.75

 

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.

 

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

Before you apply, take a look below at the summary box and things you should know about your MySavings account application.

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.

Summary Box

What is the interest rate?
Interest is calculated daily and credited to the account monthly.
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.

Balance MySavings Premier MySavings
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)

 

 

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?
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.

Initial Deposit
MySavings Interest Rate MySavings Balance at end of 12 months
Premier MySavings Interest Rate
Premier MySavings Balance at end of 12 months
£1,000
3.00% AER (2.96% Gross)
£1,027.54
3.00% AER (2.96% Gross)
£1,027.54
£5,000
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
£5,092.50
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% on any balance above £3,000
£5,092.50

 

 

How do I open & manage my 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.
  • A minimum of £10 must be deposited to open an account
  • There is no maximum balance
  • Once opened you can manage your account in branch or via Telephone Banking. If you have a MyAccount, you can also manage your account via Online Banking or via the HSBC Mobile Banking App.

 

 

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.
  • 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 03.09.18

 

Things You Should Know

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

 

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

To read our PDF files you'll need to have Acrobat Reader 8.0™ or above. It's free and can be downloaded from Adobe UK. If you are accessing this website using screen reading technology that cannot read PDFs, a converter is available at Access Adobe (these links may allow you to access a non-HSBC website. HSBC Bank plc has no control over the linked website and is not liable for your use of it).

 

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