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

Product name MySavings
Interest rates Variable rate of Interest.
Interest paid monthly.

See current interest rates.

Tax status Interest is paid net of basic rate income tax. This means the tax is deducted before you receive the interest.

If you are eligible for gross interest payments, please fill in an R85 form and take it in to your local branch.
Conditions for bonus payment There's no bonus payment with this account.
Withdrawal arrangements Instant access. You can take out money whenever you like.
Access A MySavings account can be applied for in branch, or by phone (0800 032 4729).

Once the account is open you can manage it in branch or by phone. If you have MyAccount, you can also manage MySavings online.

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 means the interest rate before the deduction of tax applicable to interest on savings accounts.