Children's Savings Account

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 Cash Book. You can use it to pay in and take money out at any HSBC branch. 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.

Unless you tell us otherwise, we will send you paper statements via the post. If you prefer, you can switch off your paper statements on Online Banking.

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).

MySavings/HSBC Premier MySavings

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.

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

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.

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.

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

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

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.

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.