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.
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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. -
Manage your account the easy way
From the age of 11 you'll be able to access online and mobile banking, where you can chat with us 24/7.
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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. Please check our branch finder for your nearest Full Service or Cash Service branch offering counter services. -
Premier MySavings account
Children and grandchildren of Premier (including retained Jade benefits) and Private Banking Account 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.
5.00% AER / 4.89% gross
On balances up to £3,000
2.25% AER / 2.23% gross
On balances over £3,000
Interest rates variable and paid monthly.
Summary box
What's the account name?
MySavings / HSBC Premier MySavings
What is the interest rate?
| Balance | Interest Rate |
|---|---|
| Up to £3,000 | 5.00% AER (4.89% gross) |
| Over £3,000 |
2.25% AER (2.23% gross) |
| Balance | Up to £3,000 |
|---|---|
| Interest Rate | 5.00% AER (4.89% gross) |
| Balance |
Over £3,000 |
| Interest Rate | 2.25% AER (2.23% 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 | Interest Rate | Balance at the end of 12 months |
|---|---|---|
| £1,000 | 5.00% AER (4.89% gross) | £1,050.00 |
| £5,000 | 5.00% AER (4.89% gross) on first £3,000 then 2.25% AER (2.23% gross) on any balance above £3,000 | £5,195.00 |
| Initial Deposit | £1,000 |
|---|---|
| Interest Rate | 5.00% AER (4.89% gross) |
| Balance at the end of 12 months | £1,050.00 |
| Initial Deposit | £5,000 |
| Interest Rate | 5.00% AER (4.89% gross) on first £3,000 then 2.25% AER (2.23% gross) on any balance above £3,000 |
| Balance at the end of 12 months | £5,195.00 |
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 to 17 years old
How to open the account:
- this account can only be opened in a sole name
- if your parent or guardian banks with us, they can apply on your behalf through online banking
- if your parent or guardian doesn't bank with us, you'll need to visit a HSBC branch with them 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 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 Mobile Banking App where you can chat to us 24/7
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 a Full Service or Cash Service branch offering counter services. 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 paid before any tax (where applicable) has been deducted.
Rates correct as at 10 August 2023
How to apply
You can apply for a MySavings Account or Premier MySavings Account if:
- you're 7 to 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
- 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 (including retained Jade benefits) or Private Banking Account customers 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. Your parent or guardian must be with you to sign the application.
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
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