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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 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

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: 0.75% AER/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: 0.75% AER/Gross

Balance at the end of 12 months: £1,007.50

 

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

  • 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 03.09.2018

Summary box

          

Question

What is the account name?

Answer

Future Saver for Children

Question

What is the interest rate?

Answer

Interest Rate: 0.75% AER/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: 0.75% AER/Gross

Balance at the end of 12 months: £1,007.50

 

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

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 03.09.2018

 

   

How to apply

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.

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