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.
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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) -
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 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).
Question |
Answer |
---|---|
What is the account name? |
MySavings/HSBC Premier MySavings |
What is the interest rate? |
Interest Rate on balances up to £3,000: 3.00% AER (2.96% Gross) Interest Rate on balances over £3,000: 0.75% AER (0.75% 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 of £1,000
MySavings / Premier MySavings Interest rate: 3.00% AER (2.96% Gross) Balance at end of 12 months: £1,030
Initial Deposit of £5,000
MySavings / Premier MySavings Interest rate on 1st £3,000: 3.00% AER (2.96% Gross) Interest rate on any balance over £3,000: 0.75% AER/Gross Balance at end of 12 months: £5,105
For the purpose of these calculations, it is assumed:-
Projection provided for illustrative purposes only and does not take into account individual circumstances. |
How do I open & manage my account? |
Eligibility:
How to open the account:
Minimum/Maximum Balance:
How to manage the account
|
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
Rates correct as at 03.09.2018 |
Question |
What is the account name? |
---|---|
Answer |
MySavings/HSBC Premier MySavings |
Question |
What is the interest rate? |
Answer |
Interest Rate on balances up to £3,000: 3.00% AER (2.96% Gross) Interest Rate on balances over £3,000: 0.75% AER (0.75% 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. |
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 range of deposits? |
Answer |
Initial Deposit of £1,000
MySavings / Premier MySavings Interest rate: 3.00% AER (2.96% Gross) Balance at end of 12 months: £1,030
Initial Deposit of £5,000
MySavings / Premier MySavings Interest rate on 1st £3,000: 3.00% AER (2.96% Gross) Interest rate on any balance over £3,000: 0.75% AER/Gross Balance at end of 12 months: £5,105
For the purpose of these calculations, it is assumed:-
Projection provided for illustrative purposes only and does not take into account individual circumstances. |
Question |
How do I open & manage my account? |
Answer |
Eligibility:
How to open the account:
Minimum/Maximum Balance:
How to manage the account
|
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. 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 |
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
Rates correct as at 03.09.2018 |
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.
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