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 and we’ll take it from there
Open a account with just a £10 deposit
Please read the important product information and check eligibility before you apply.
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:
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 £3000: 2.75% AER (2.72% Gross) Interest Rate on balances over £3000: 0.50% AER (0.50% 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: 2.75% AER (2.72% Gross) Balance at end of 12 months: £1,027.54
Initial Deposit of £5,000
MySavings / Premier MySavings Interest rate on 1st £3,000: 2.75% AER (2.72% Gross) Interest rate on any balance over £3,000: 0.50% AER (0.50% Gross) Balance at end of 12 months: £5,092.50
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 06.04.18 |
Question |
What is the account name? |
|---|---|
Answer |
MySavings/HSBC Premier MySavings |
Question |
What is the interest rate? |
Answer |
Interest Rate on balances up to £3000: 2.75% AER (2.72% Gross) Interest Rate on balances over £3000: 0.50% AER (0.50% 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: 2.75% AER (2.72% Gross) Balance at end of 12 months: £1,027.54
Initial Deposit of £5,000
MySavings / Premier MySavings Interest rate on 1st £3,000: 2.75% AER (2.72% Gross) Interest rate on any balance over £3,000: 0.50% AER (0.50% Gross) Balance at end of 12 months: £5,092.50
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 06.04.18 |
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.
Call to book an appointment
In the UK: 03457 404 404
Outside the UK: +44 1226 261 010
To find out more, or to apply for a Loyalty Cash ISA, call us on
Lines are open 8am to 8pm every day (excluding Christmas Day, Boxing Day and New Year’s Day).
Before applying, please take the time to read the following documents. You may also want to save them for future reference.
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.
Find out more about tax efficient savings and how to make the most of your ISA allowance.
