HSBC Online Banking activation

We're currently making improvements to our Online Banking service.

If you registered for Online Banking prior to the 17th December 2014 it's not possible for you to activate your existing Secure Key and you will need to re-start your registration.

If you registered for Online Banking after this date, please log on to Online Banking entering your username, memorable answer and your password, from here you will be prompted to activate your Secure Key.

We apologise for any inconvenience which this delay may cause. Once you are registered, we look forward to introducing you to Online Banking, including the exciting enhancements we're working on now.

Find out more
 

Key product information

How it works

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

Account name MySavings/HSBC Premier MySavings
What is the interest rate?

What is the interest rate?

Balance
Interest Rate
MySavings Premier MySavings
Up to £3,000 2.75% AER (2.72% Gross) 2.75% AER (2.72% Gross)
Balance over £3,000 0.25% AER (0.25% Gross) 0.25% AER (0.25% Gross)

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.

Can HSBC change the interest rate?

Can HSBC change the interest rate?

Yes, we can change the interest rate on this account in line with clause 28 of 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?

What would the estimated balance be after 12 months based on a range of deposits?

Initial Deposit
MySavings Premier MySavings
Interest Rate Balance at end of 12 months Interest Rate Balance at end of 12 months
£1,000 2.75% AER (2.72% Gross) £1,027.54 2.75% AER (2.72% Gross) £1,027.54
£5,000 2.75% AER (2.72% Gross) on 1st £3,000 then 0.25% on any balance above £3,000 £5,087.64 2.75% AER (2.72% Gross) on 1st £3,000 then 0.25% on any balance above £3,000 £5,087.64

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?

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 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?

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

Additional Information

A 14 day cancellation period applies to this account.

We do not deduct tax from any interest paid to you.

Tax benefits depend on individual circumstances and could change in the future.

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 25.10.16