HSBC Future Saver for Children
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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
What is the account name?
Future Saver for Children
What is the interest rate?
| Balance | Interest Rate |
|---|---|
| £1+ | 0.75% AER/Gross |
| Balance | £1+ |
|---|---|
| Interest Rate | 0.75% AER/Gross |
| Balance | Interest Rate |
|---|---|
| £1+ | 0.25% AER/Gross |
| 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?
| Initial Deposit | Interest Rate | Balance at the end of 12 months |
|---|---|---|
| £1,000 | 0.75% AER/Gross | £1,007.50 |
| Initial Deposit | £1,000 |
|---|---|
| Interest Rate | 0.75% AER/Gross |
| Balance at the end of 12 months | £1,007.50 |
| Initial Deposit | Interest Rate | Balance at the end of 12 months |
|---|---|---|
| £1,000 | 0.25% AER/Gross | £1,002.50 |
| 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
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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