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 the amount you want 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

What is the account name?

Future Saver for Children

What is the interest rate?

Interest rates effective until 16 June 2020:
Balance Interest Rate
£1+ 0.75% AER/Gross
Interest rates effective until 16 June 2020:
Balance £1+
Interest Rate 0.75% AER/Gross
Interest rates effective from 17 June 2020:
Balance Interest Rate
£1+ 0.25% AER/Gross
Interest rates effective from 17 June 2020:
Balance £1+
Interest Rate 0.25% AER/Gross

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?

The estimated balance after 12 months based on a £1,000 deposit would be as follows until 16 June 2020:
Initial Deposit Interest Rate Balance at the end of 12 months
£1,000 0.75% AER/Gross £1,007.50
The estimated balance after 12 months based on a £1,000 deposit would be as follows until 16 June 2020:
Initial Deposit £1,000
Interest Rate 0.75% AER/Gross
Balance at the end of 12 months £1,007.50
From 17 June 2020, the estimated balance at the end of a 12 month term based on the same deposit would be as follows:
Initial Deposit Interest Rate Balance at the end of 12 months
£1,000 0.25% AER/Gross £1,002.50
From 17 June 2020, the estimated balance at the end of a 12 month term based on the same deposit would be as follows:
Initial Deposit £1,000
Interest Rate 0.25% AER/Gross
Balance at the end of 12 months £1,002.50

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

  • You have to be aged 18 or over to open this account on behalf of a child.
  • You need to provide identification for the child in the form of a passport, or UK full birth certificate or adoption certificate.
  • If the account is not being opened by the parent/legal guardian e.g. if you are a grandparent then you must obtain address verification from the parent/legal guardian with whom the child lives.


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 30.03.2020

 

   

How to apply

Are you eligible? 

Expanded press enter to collapse Collapsed press enter to expand

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


 

Additional information

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

You might also be interested in

man pushing a stroller outside

Savings explained

 

Confused by savings jargon or want to know the basics? Read our guide.

dad and daughter climbing up the stairs

Planning for your children's future

 

This tool will help you work out what you'll need to do to give your children a head start.

mon and daughter painting

HSBC MyMoney

 

A current account designed to help children manage their money.

Frequently Asked Questions

How much can I save? 

Expanded press enter to collapse Collapsed press enter to expand

How can I access my savings? 

Expanded press enter to collapse Collapsed press enter to expand

Is interest on this account taxed? 

Expanded press enter to collapse Collapsed press enter to expand