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Children's Savings Account

A great way to get into the savings habit

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. 

  • Start saving from just £10
    Whether it’s your pocket money or the wages from your job

  • Get your own HSBC Visa Debit Card
    On your 11th birthday, we'll open a MyAccount / Premier MyAccount 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 customers can benefit from a Premier MySavings account with access to additional product benefits. At the age of 11, we'll also open a Premier MyAccount for you

Open a MySavings account today

You'll need your parent or guardian when you're ready to apply.

 

Please read the important product information and check eligibility before you apply.

2.50% AER/2.47% gross
On balances up to £3,000

0.25% AER/gross
On balances over £3,000

Interest rates variable and paid monthly.

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 or guardian with you.

MySavings / Premier MySavings comes with a free money box on account opening and a free sticker activity book to help those aged 7 to 10 years understand money. If you're 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.

When you reach the age of 18, we'll transfer your MyAccount or Premier MyAccount to our Bank Account. We'll also transfer your MySavings account to a Flexible Saver, or if you have a Premier MySavings, we'll 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 these accounts are no longer available when you reach 18, or if we consider another of our accounts may be more beneficial to you).

Summary box

What's the account name?

MySavings / HSBC Premier MySavings

What is the interest rate?

The current interest rates are shown below

Balance Interest Rate
Up to £3,000 2.50% AER (2.47% Gross)
Over £3,000 0.25% AER (0.25% Gross)

The current interest rates are shown below

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?

The estimated balance at the end of a 12-month term based on a range of deposits would be as follows:

Initial Deposit Interest Rate Balance at the end of 12 months
£1,000 2.50% AER (2.47% Gross) £1,025
£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

The estimated balance at the end of a 12-month term based on a range of deposits would be as follows:

Initial Deposit £1,000
Interest Rate 2.50% AER (2.47% Gross)
Balance at the end of 12 months £1,025
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:

  • this account can only be opened in a sole name
  • if your parents bank with us, they can apply on your behalf through their personal Internet Banking
  • to open an account in branch, if you’re under 16, you’ll need your parent/guardian to sign the application. However, as the account will be in your name 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's no maximum balance

 

How to manage the account

  • once opened, the account can be managed via online banking or the HSBC Mobile Banking app, where you can chat to us 24/7
  • you can also manage the account via Telephone Banking 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.

If you’re under 11, MySavings comes with a Cash Book. You can use it to pay in and take money out, at any HSBC branch. If you want to take out more than £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 to 24 November 2020

How to apply

You can apply for a MySavings Account or Premier MySavings Account if:

  • you're 7-17
  • you can provide proof of your identity if your parent or guardian is an HSBC customer
  • you and your parent or guardian can provide proof of identity and address if your parent or guardian isn't an HSBC customer and you're under 16
  • you can provide proof of identity and address if your parent or guardian isn't an HSBC customer and you're over 16
  • in addition, if your parent, guardian or grandparent is an HSBC Premier customer you can apply for a Premier MySavings Account

If your parent or guardian is a personal HSBC customer

Your parent or guardian can apply for you quickly and easily in minutes online. They'll need your valid passport to hand.

We’re busier than usual at the moment, so it may take a little longer to process your application. No need to contact us, though – we’ll be in touch.

Parents and guardians: please make sure your contact details are up to date in online banking.

If your parent/guardian isn't a personal HSBC customer

You can apply for MyMoney in-branch. If you're under 16, your parent or guardian must be with you to sign the application.

We’re using our branches to support customers who need us the most during the COVID-19 outbreak. So please only visit a branch if you have a financial need that can’t wait.

Frequently Asked Questions

You might also be interested in

 

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).

 

We’re here to support you during your studies with a current account designed exclusively with students in mind.

 

Make your money grow. Choose from fixed-term or easy access accounts.

It’s easy to answer your query online. Visit our Help page to find out how.