Children's Savings Account

Open an account with just £10. Anyone aged 7 to 17 can open an account, although 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 or Premier MySavings account to a Flexible Saver.

(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).

MySavings / HSBC Premier MySavings

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.

Yes, the interest rate is variable. We can change the interest rate on this account, in line with the account's Terms and Conditions.

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.

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 parents bank with us, they can apply on your behalf through their personal Internet Banking
• to open an account in branch, 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

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.

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 28 April 2022

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 customer you can apply for a Premier MySavings Account