MySavings / Premier MySavings
It’s never too early to learn how to handle money wisely, and an HSBC MySavings / Premier MySavings account is the first step on that road. It’s open to anyone aged 7 to 17. On the account holder’s 11th birthday, we'll open a current account in their name, complete with its own HSBC Visa Debit Card.
-
Start saving from just £10
Whether it’s your pocket money or the wages from your job -
Watch your money grow
MySavings / Premier MySavings accounts pay you interest on your savings between 0.75% AER/gross and 3.00% AER (2.96% gross) until 16 June 2020. From 17 June 2020, we’ll pay between 0.25% AER / gross and 2.50% AER (2.47% gross) -
Get your own HSBC Visa Debit Card
On your 11th birthday, we'll open a current account for you, complete with your own HSBC Visa Debit Card to shop in stores, online or use at cash machines -
Take your money out at the bank
You can use your cash book to withdraw money from your savings account. But keep in mind that if you're under 11, you'll need your parent or guardian's signature to withdraw £50 or more -
Premier MySavings account
Children and grandchildren of Premier customer can benefit from a Premier MySavings account with access to additional product benefits. At age of 11, we will also open a Premier MyAccount.
Start saving and we’ll take it from there
Open an account with just a £10 deposit
Please read the important product information and check eligibility before you apply.
Key product information
How it works
Open an account 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 / Premier MySavings comes with a free money box on account opening and a free sticker activity book to help 7 to 10 years understand money. 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.
On your 11th birthday, we'll also open one of the following current accounts for you, which together with your savings account, form a package called MyMoney:
- If you have a MySavings account, we will open you a MyAccount.
- If you have a Premier MySavings account, we will open you a Premier MyAccount
When you reach the age of 18, we will transfer your MyAccount or Premier MyAccount to our Bank Account. We will also transfer your MySavings account to a Flexible Saver, or if you have a Premier MySavings, we will transfer it to a Premier Family Savings account.
(We may transfer your account to an equivalent account in any of the cases above, if any of the above are no longer on sale when you reach 18, or if we consider that another one of our accounts would be more beneficial to you).
Summary box
What is the account name?
MySavings/HSBC Premier MySavings
What is the interest rate?
| Balance | Interest Rate |
|---|---|
| Up to £3,000 | 3.00% AER (2.96% Gross) |
| Over £3,000 | 0.75% AER (0.75% Gross) |
| Balance | Up to £3,000 |
|---|---|
| Interest Rate | 3.00% AER (2.96% Gross) |
| Balance | Over £3,000 |
| Interest Rate | 0.75% AER (0.75% Gross) |
| Balance | Interest Rate |
|---|---|
| Up to £3,000 | 2.50% AER (2.47% Gross) |
| Over £3,000 | 0.25% AER (0.25% Gross) |
| Balance | Up to £3,000 |
|---|---|
| Interest Rate | 2.50% AER (2.47% Gross) |
| Balance | Over £3,000 |
| Interest Rate | 0.25% AER (0.25% Gross) |
Interest is calculated daily and credited to the account monthly.
Balances up to £3,000 will earn the higher rate of interest. Only the part of the balance above £3,000 will earn the lower rate of interest.
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 range of deposits?
| Initial Deposit | Interest Rate | Balance at the end of 12 months |
|---|---|---|
| £1,000 | 3.00% AER (2.96% Gross) | £1,030 |
| £5,000 | 3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% AER/Gross on any balance above £3,000. |
£5,105 |
| Initial Deposit | £1,000 |
|---|---|
| Interest Rate | 3.00% AER (2.96% Gross) |
| Balance at the end of 12 months | £1,030 |
| Initial Deposit | £5,000 |
| Interest Rate |
3.00% AER (2.96% Gross) on 1st £3,000 then 0.75% AER/Gross on any balance above £3,000. |
| Balance at the end of 12 months | £5,105 |
| Initial Deposit | Interest Rate | Balance at the end of 12 months |
|---|---|---|
| £1,000 | 2.50% AER (2.47% Gross) | £1,030 |
| £5,000 | 2.50% AER (2.47% Gross) on 1st £3,000 then 0.25% AER/Gross on any balance above £3,000. |
£5,080 |
| Initial Deposit | £1,000 |
|---|---|
| Interest Rate | 2.50% AER (2.47% Gross) |
| Balance at the end of 12 months | £1,030 |
| Initial Deposit | £5,000 |
| Interest Rate |
2.50% AER (2.47% Gross) on 1st £3,000 then 0.25% AER/Gross on any balance above £3,000. |
| Balance at the end of 12 months | £5,080 |
For the purpose of these calculations, it is assumed:-
- Initial deposit of either £1,000 or £5,000
- 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 between 7 - 17 years old
How to open the account:
- Open an account in branch. If you are under 16 you will need your parent/guardian to sign the application however as the account will be in your name then you must be present in branch to open the account.
Minimum/Maximum Balance:
- A minimum of £10 must be deposited to open an account
- There is no maximum balance
How to manage the account
- Once opened you can manage your account in branch or via Telephone Banking. If you have a MyAccount, you can also manage your account via Online Banking or via the HSBC UK Mobile Banking App.
Can I withdraw money?
Yes, you have instant access to your account. You can make as many fee free withdrawals as you like.
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 years 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
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 do I apply for MySavings / Premier MySavings
You can apply for a MySavings / Premier MySavings account by downloading an application form and taking it to your local branch. You will need to take identification and proof of your address with you.
Apply in branch
When you’ve filled it in, take it to your nearest HSBC branch in person with your identification and proof of address.
If you’re under 16, your parent or legal guardian will need to sign the application form and be present in the branch when you open the account.
Additional information
Things you should know
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
MyMoney
Designed to help children aged 7-17 manage their money, MyMoney helps them learn to save and spend responsibly*.
*MyMoney comes in two parts – MySavings from the age of 7 and MyAccount from the age of 11 (subject to eligibility).
Student Account
We’re here to support you during your studies with a current account designed exclusively with students in mind.
ISAs
Find out more about tax efficient savings and how to make the most of your ISA allowance.
