Children's Savings Account

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)
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

How to apply for an HSBC MySavings account

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).

Download PDF version of interest rates Download

Summary box
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:- 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 03.09.2018

Summary box
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:- 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.

Question	How do I open & manage my account?
Answer	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.

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 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

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.

To qualify for an MySavings / Premier MySavings, you just need to:

Be aged between 7 and 17. If you’re under 16 (or are applying for a Premier MySavings account), can you get your application signed by a parent or guardian?
Be able to provide proof of your identity and address
Have your application signed by a parent or guardian if you’re under 16 and bring them with you when you open the account
To apply for a Premier MySavings account, one of your parents must be a Premier customer

Once you've submitted your application, we'll send you the paperwork to sign and return. We may also ask you for further documents to confirm your identity or address.

Apply in branch

Downloadable MyMoney application form (PDF) Download

Downloadable Premier MyMoney application form (PDF) Download

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.

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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.

Frequently Asked Questions

You can apply for a MySavings / Premier MySavings Account by downloading an application and taking it to your local branch. You will need to take identification and proof of your address with you.

You can manage your account in branch, by phone and online. If you're under 11 years old and want to take out over £50 or move it to another account, you'll need a parent's or guardian's 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

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MySavings / Premier MySavings

Key product information

How it works

Summary box

Summary box

How do I apply for MySavings / Premier MySavings

Are you eligible?

Apply in branch

Additional information

Things you should know

You might also be interested in

MyMoney

Student Account

ISAs

Frequently Asked Questions

How do I apply for MySavings / Premier MySavings?

How much can I save?

How can I access MySavings / Premier MySavings?

What happens to the account when you reach 11 years of age?

Customer support