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Future Saver for Children

Set some money aside to lend a hand later
Father and son in the kitchen

HSBC Future Saver for Children

There’s no more practical way to give a child a little help later in life than with our Future Saver for Children. You can open an account with just £1 and take out money out whenever you need.
  • Save for someone special
    Whether you’re a parent, relative or friend, you can save for a child that’s special to you
  • Open an account for £1
    Put in a lump sum or save a little at a time, starting from just £1
  • Save a bit every month
    You can choose to save by standing order, transferring a set amount into the account each month or by making a lump sum payment. There’s no maximum balance
  • Access the money instantly
    This is an instant access account, so you can take out money whenever you need to, no notice required
  • Manage your money anytime
    Once opened, you can manage your account via telephone and online banking, the HSBC UK Mobile Banking App or in any of our branches

Open a HSBC Future Saver for Children today

How to apply for a HSBC Future Saver for Children

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

Key product information

How it works

This account helps you save for a child's future. You can open an account with just £1. You can pay in a lump sum, or set up a standing order to save a set amount each month. It's an instant access account so you can take money out whenever you need to.

Summary box

          

Question

Answer

What is the account name?

Future Saver for Children

What is the interest rate?

Interest Rate: 0.50% AER (0.50% Gross)

Balances of £1+

Interest is calculated daily and credited to the account monthly.

Can HSBC change the interest rate?

Yes, the interest rate is variable. We can change the interest rate on this account, in line with the account's Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Interest Rate: 0.50% AER (0.50% Gross)

Balance at the end of 12 months: £1,005

 

For the purpose of this calculation, it is assumed:

  • Initial deposit of £1,000
  • 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 18 years or over to open an account on behalf of a child

 

How to open the account:

  • Open an account in branch

 

Minimum/Maximum Balance:

  • No minimum deposit to open the account
  • There is no maximum balance

 

How to manage the account

  • Once opened you can manage your account via Online Banking, Telephone Banking, the HSBC UK Mobile Banking App or in branch

Can I withdraw money?

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

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 06.04.18

Summary box

          

Question

What is the account name?

Answer

Future Saver for Children

Question

What is the interest rate?

Answer

Interest Rate: 0.50% AER (0.50% Gross)

Balances of £1+

Interest is calculated daily and credited to the account monthly.

Question

Can HSBC change the interest rate?

Answer

Yes, the interest rate is variable. We can change the interest rate on this account, in line with the account's Terms and Conditions.

Question

What would the estimated balance be after 12 months based on a £1,000 deposit?

Answer

Interest Rate: 0.50% AER (0.50% Gross)

Balance at the end of 12 months: £1,005

 

For the purpose of this calculation, it is assumed:

  • Initial deposit of £1,000
  • 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

Question

How do I open & manage my account?

Answer

Eligibility

  • Aged 18 years or over to open an account on behalf of a child

 

How to open the account:

  • Open an account in branch

 

Minimum/Maximum Balance:

  • No minimum deposit to open the account
  • There is no maximum balance

 

How to manage the account

  • Once opened you can manage your account via Online Banking, Telephone Banking, the HSBC UK Mobile Banking App or in branch

Question

Can I withdraw money?

Answer

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

Question

Additional Information

Answer

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 06.04.18

 

   

How to apply

Are you eligible?

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Apply in branch

Apply for this account by visiting one of our branches. You’ll just need to bring some identification and proof of your address.

Once your account is open, you can manage it in branch and online

Call to book an appointment

In the UK: 03457 404 404

Outside the UK: +44 1226 261 010


 

Apply by phone

To find out more, or to apply for a Future Saver for Children account, call us on

0800 032 4729

Lines are open 8am to 8pm every day (excluding Christmas Day, Boxing Day and New Year’s Day).

Additional information

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

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Frequently Asked Questions

How much can I save?

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How can I access my savings?

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Is interest on this account taxed?

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