1. finance
2. bank
3. bank account

Banking for under 18s
Lighting the way
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Banking and saving for 7-17s
At HSBC we believe in giving your children the best start in life. That’s
why we’ve created MyMoney - a savings account and current account
specifically designed to help children and young people manage
their money.
MyMoney is a package that evolves as your children get older, adapting
to suit their growing needs.
A message to parents and guardians:
Please take a moment to read page 12 which contains information and support to help
your child make the most of our MyMoney accounts.
If you’re thinking of opening an account with your child, and they’re old enough to
understand, perhaps you would like to talk through this brochure with them?
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MyMoney ‘at a glance’
Accounts for 7-17s
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5
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MyMoney
7
8
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10
11
12
13
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15
16
MySavings
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11
17 18
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MyAccount
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Account features
Account name
MySavings
MyAccount
Free money box (7-10 years)

Variable credit interest

Regular Statements


Internet banking
(from 11 years)
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Mobile banking
Cash Book - pay money
in, take it out or transfer it
between accounts at any
HSBC branch

Debit card

Cheque book

(available from 16)
Mobile phone top-ups
at HSBC cash machines
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No withdrawals over your limit
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Give your child a head start
in banking
MyMoney is an account package specifically created for under 18s. It comes
in two parts - MySavings and MyAccount. You’ll get the savings account if
you’re aged 7 or over, as well as the current account when you’re aged 11.
Opening MySavings and MyAccount is easy
} Visit your local branch.
} Call 0800 130 130 (Textphone 08457 028 0126)
Fill in the application form at the back of this brochure and
}
hand it in at any HSBC branch with some ID (see page 13)
.
If you’re under 16, you’ll need your parent or guardian with you to open the account.
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Are you aged 7 to 10?
As well as keeping your pocket money
Your MySavings account
in a piggybank, you can also start saving
Receive a free money box when you
}
with a MySavings account.
You can open a MySavings account
with just £10. You can then put in as
much money as you like, as often as you
like. That way any money you receive
for birthdays, special occasions or
pocket money can start earning interest
straightaway. Interest is the money you
earn over time on the savings you have
in your account, so as long as you keep
saving, then we’ll keep adding a bit extra
into your account.
If your parent or guardian already bank
with HSBC, then they can set up a regular
payment straight into your account
through HSBC internet banking. If they’re
not an HSBC customer, they can still set
up regular payments by standing order.
You can take money from your savings, or
pay money in at any HSBC branch using
your Cash Book, which we will give you
when you open your account. If you want
to take out more than £50, you’ll need
your parent or guardian’s signature.
open your account.
Pay in or take money out at any HSBC
}
branch using your Cash Book.
Earn an attractive rate of interest, paid
}
monthly into your account.
Get regular statements so you can
}
watch your savings grow.
On page 11 you’ll find a Savings Summary
Box, which shows all the essential
information about this account, so you can
compare it with other savings accounts.
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Are you aged 11 to 15?
We know that you’d like to save, but
sometimes you want to do more with
your money – That’s why MyMoney
gives you a current account you can
spend from, when you’re 11 years old.
Two accounts.
One for spending. One for saving
As well as a MySavings account, we’ll
give you a MyAccount - your very own
current account. MyAccount gives you a
Visa debit card which you can use to shop
in stores and online. You can also take
money out at cash machines.
With the MyMoney it’s easy to separate
your spending money from your savings.
You can see exactly what’s in each
account so you can manage your money
and avoid spending too much.
Transferring money is easy
You can move money between accounts
using internet banking, telephone banking
and at one of our branches.
Top tip
You can move money between
your accounts at any HSBC
Express Banking machines.
Just visit any HSBC branch and
ask us if you need help.
Already have a MySavings account?
We’ll automatically open a current
account for you, called MyAccount when
you turn 11. Your savings can stay in your
MySavings account, and your MyAccount
will become your spending account.
We’ll write to you and your parent or
guardian just before your 11th birthday
with all the details and again once the
account has been opened. We’ll provide
plenty of notice so you or your parent or
guardian can tell us if you don’t want a
MyAccount opened.
New to HSBC?
We’ll give you both a current account
called MyAccount and a savings account,
called MySavings. For more information
on how to apply see page 13.
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With MyAccount you’ll get:
Visa debit card
}
Use it to shop in stores and online,
or to take money from your MyAccount
at cash machines.
You or your parent/guardian can ask
us not to send you one.
Fast Balance app
}
A quick and easy way to check your
balance and last 6 transactions on
your MyAccount, via your smartphone.
To register, visit the App Store,
Blackberry App World or Google Play.
You’ll need your account details and
debit card to hand.
Top up your mobile
}
Top-up with your MyAccount card at
any HSBC cash machines, or through
our Fast Balance app.
Text alerts
}
Internet banking
}
Manage your money easily. Move
money between your spending and
savings accounts.
To register:
1. Call 08457 400 004*1 to set up
your security details.
2. Click hsbc.co.uk and follow the step-by-step guide.
3. We’ll send you HSBC’s Secure Key
which you’ll need to log on. It helps to
protect your money.
Quarterly statements Sent to you
}
every three months. These show what
has been paid in and taken out of your
account.
No overdraft So you don’t have to
}
worry about spending more than you
have in your account.*2
If you ask us to we’ll send you a text
everytime your MyAccount:
– Balance goes above a certain amount.
–B
alance falls below a certain amount.
– Has a lump sum paid in - the amount
is set by you.
– Has a lump sum taken out - the amount
is set by you.
To register just call us on 08457 404 404*1.
*1 L ines open 8am to 10pm every day.
Textphone 0800 028 0126.
Overseas ++44 1226 26 10 10.
*2 Very occasionally we may have no option but to
allow a payment for more money than is in your
MyAccount. If this happens please contact us straight
away so we can resolve the issue.
Top tip
If you’re struggling to remember the PIN,
that’s the 4 digit identification number
we give you, you can change it at any
HSBC cash machine. Just ask a member
of staff if you need help with this.
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Are you aged 16 to 17?
Maybe you’re starting your first job or
getting an allowance. If so, MyMoney is a
great place to start managing your cash.
You’ll get all of the features of the
MySavings account and MyAccount
described previously and as you’re
over the age of 16, you don’t need your
parent or guardian with you to open the
Top tip
Have you thought of setting up
a standing order straight to your
MySavings account? This lets you
make regular fixed payments from
one account to another – a great way
to help you save. Set one up through
internet banking, by phone or at any
HSBC branch.
accounts.
Did you know?
We fund education projects across the world to help give young
people a positive attitude, opportunities for success and above
all, a better future.
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What happens at 18?
No doubt you will have started to
think about your future. Whether you’re
planning to start full time work, go to
university or take a gap year, we’re
here to help.
Unless you ask us not to we’ll
automatically transfer your MyAccount
to our Bank Account and your MySavings
to our Flexible Saver account.
However, if you’re going to university,
please let us know and we’ll change your
MyAccount to a Student Bank Account
instead.
For more information about our Student
Bank Account visit www.hsbc.co.uk/
students. We’ll contact you just before
your 18th birthday to talk about your
plans.
It may be a good time to come in
to speak to someone from our
customer service team. They’ll
be able to discuss your financial
needs and help you work out
the best way to achieve your
future goals.
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Learn more about money
Getting confused by banking?
To learn more about money and banking,
Fancy running your own mini
HSBC branch?
go to banking.making-money-easier.info
Why not get involved in setting up a
for a free guide, ‘Making Money Easier’.
SchoolBank at your school – you can
gain some excellent work experience
Want to bank online?
and have some fun doing it.
If you want an easy way to bank, HSBC’s
Suitable for 7-11 year olds (Key Stage 2)
Internet Banking service lets you manage
a SchoolBank is a mini HSBC branch run
all your accounts and your money when it
by your school. It’s set up and managed
suits you.
by kids, for kids, with the support and
Go to www.hsbc.co.uk/internetbanking
guidance of local HSBC branch employees.
to register and watch our demo on how to
For more details ask one of our
use it.
branch team or visit
www.hsbc.co.uk/schoolbank.
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Savings Summary Box
Key Product Information for our Savings Accounts
Account Name
MySavings
Interest rates
Variable rate
Interest paid monthly
See current rate insert for details
Tax status
Interest is paid net of basic rate income tax
A parent or guardian may register to receive interest
paid gross on behalf of the child
Conditions for bonus
payment
No bonus payment applies to this account
Withdrawal arrangements
Instant access
Access
The account can be applied for in branch and by
telephone (0800 130 130) and once opened, it can
be managed in branch. If you have a MyAccount too,
your MySavings account can also be managed by
telephone and online.
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Parents and guardians:
We’ve done our homework
Encouraging children and teenagers to save
and manage their money is more important
than ever in today’s financial environment.
Getting into the habit of saving is a positive
way to approach money.
If young people learn to manage their
finances responsibly now, they’ll be less
likely to get into debt later on. Our aim is
to help them to understand that by saving,
they’ll be starting to finance their future
dreams.
Opening MyMoney with your child
There are a few different ways you can
apply for MyMoney, depending on what
suits you. Make it a memorable event for
your child by setting up an appointment
with your local HSBC branch. Or if you’re
tight on time, give us a call or simply
complete the application form at the back
of this brochure with your child and take
it to your local HSBC branch. Remember,
you’ll need to bring in proof of their ID and,
if you’re not an existing HSBC customer or
reside at the same address as your child,
then you’ll also need proof of their address
(valid documents listed opposite).
We will set up the account in your child’s
name and send you both a welcome letter
confirming all the details.
We’ll keep you up-to-date on your child’s
account by writing to both of you just
before their 11th birthday to inform you
about their new current account. Please
note that if your child is under 11, you’ll
need to countersign every withdrawal
they make over £50.
How much control can I have on
my child’s account?
If you would like greater control of your
child’s account until they become more
financially independent, ask for a Third
Party Mandate when you open their
account(s). This will allow you to enquire
about and make transactions on your child’s
behalf. It also gives you the option to set up
a Security Number so that we can talk to
you about their account(s) over the phone.
How to avoid your child’s savings
being liable for tax
Children under the age of 16 don’t usually
earn enough to pay tax. A completed HM
Revenue & Customs R85 form enables us
to pay your child’s interest, free from tax.
Make sure you ask for the R85 form
when your child’s account is opened.
Once we receive your completed form,
we’ll pay interest without deducting tax.
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How to apply for MyMoney
Are you aged between 7 and 17? If so
you can apply for MyMoney in any of the
following ways:
What you'll need to open your account(s):
}Make an appointment at your local
}Proof of ID (who you are)
HSBC branch
}Call us on 0800 130 130
(Textphone 08457 028 0126)
}Fill in the application form at the back
of this brochure and hand it in at any
HSBC branch
}£10 (or more) to deposit into your new
MySavings account
}Application form (if applicable)
roof of address* if your parent
}P
or guardian isn't an existing HSBC
customer or if you don't live at the
same address as them.
If your under 16, you'll need your parent/
guardian with you to open the account(s).
Acceptable documents include:
Proof of who you are
• Valid full passport
• Birth certificate, issued in the UK
• Travelcard, bus or rail pass.
Proof of where you live
• Parent’s or guardian’s recent utility bill
(dated within the last four months –
not a mobile phone bill).
• Medical card
For details of other acceptable
documentation, please contact your
local branch.
*Two forms of address verification are required
if you live in the Channel Islands or Isle of Man.
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Important information
These are special details about HSBC and your account that you need to know.
About HSBC. HSBC Bank plc is established
at 8 Canada Square, London E14 5HQ, its
registered office. In the UK, HSBC Bank plc
is authorised and regulated by the Financial
Services Authority and registered in the
Financial Services Authority register with the
registration number 114216.
For further information about the scheme
(including the current limits, amounts covered
and eligibility to claim) please ask at your local
branch, refer to the FSCS website www.fscs.org.
uk or call the FSCS on 020 7741 4100 or 0800
678 1100. For all other enquiries on your account
please contact HSBC on 08457 404 404.
In the Channel Islands, HSBC Bank plc is
regulated by the Jersey Financial Services
Commission for Banking, General Insurance
Mediation and Investment Business and licensed
by the Guernsey Financial Services Commission
for Banking, Insurance, Collective Investment
Schemes and Investment Business. Licensed by
the Isle of Man Financial Supervision Commission.
Deposits made with our branches in the
Channel Islands and the Isle of Man are not
protected by the rules made under the UK’s
Financial Services and Markets Act 2000 for
the protection of retail clients, including the UK
Financial Services Compensation Scheme and
the Financial Ombudsman Service. In Jersey,
HSBC Bank Plc is a participant in the Jersey
Banking Depositor Compensation Scheme. The
Scheme offers protection for eligible deposits
of up to £50,000. The maximum total amount
of compensation is capped at £100,000,000 in
any 5 year period. Full details of the Scheme
and banking groups covered are available on
the States of Jersey website or on request. In
Guernsey, HSBC Bank plc is a participant in
the Guernsey Banking Deposit Compensation
Scheme established by The Banking Deposit
Compensation Scheme (Bailiwick of Guernsey)
Ordinance, 2008. Deposits made with our
branches in the Isle of Man are protected by
the Isle of Man Compensation of Depositors
Regulations 2010. Full details available on
request.
About the Terms and Conditions. Our terms
and conditions and our dealings with you up
until the time your account is opened are
governed by the laws of England and Wales for
accounts held in the UK or, for accounts held in
the Channel Islands or the Isle of Man, by the
laws of the Island where your account is held.
We are required by law to tell you the terms
and conditions are in English and we will
communicate with you in English. Further
information and written details about our products
and services are available from any of our
branches or from Customer Information, PO Box
757, Hemel Hempstead, Hertfordshire HP2 4SS.
We reserve the right to decline applications for
any product, account or service.
Compensation. HSBC Bank plc is a member of
the Financial Services Compensation Scheme
established under the Financial Services and
Markets Act 2000.
HSBC Bank plc is covered by the Financial
Services Compensation Scheme (FSCS). The
FSCS can pay compensation to depositors if a
bank is unable to meet its financial obligations.
Most depositors – including most individuals
and small businesses – are covered by the
scheme. In respect of deposits, an eligible
depositor is entitled to claim up to the current
FSCS limit for deposits.
First Direct and HSBC are both trading names
of HSBC Bank plc and customers who hold
deposits under both trading names will only be
eligible for one claim of up to the FSCS deposit
limit in total.
Complaints. If you have a complaint please
let your local branch manager or the manager
of the department concerned know. We will
endeavour to resolve your concerns and put
matters right. If your complaint is not settled
to your satisfaction you may be able to refer
it to the Financial Ombudsman Scheme in the
UK, the Financial Services Commissions in
Jersey and Guernsey or the Financial Services
Ombudsman Scheme for the Isle of Man. Our
“Listening to your Comments” leaflet contains
further details.
About your accounts. We will tell you if your
application has been successful and when we
will open your account. This may be subject to
appropriate identification, address verification
or other specified documentation being
produced to us.
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If you are a higher rate tax payer you may
have to pay the higher rate of income tax
on any interest credited to your account.
For a period of 14 days after the date you
are provided with your MyAccount and/or
MySavings account, you have the right to cancel
your contract with us and close your accounts(s)
without charge. You can also tell us to close
your account(s) at any time after they have been
opened. In both instances, we must receive
your instructions in writing (or via our Personal
Internet Banking Service).
We have the right to close your account(s)
at any time and will normally give you
two months notice of this.
Written details are available from any
of our branches or from HSBC Bank plc,
Customer Information, PO Box 757,
Hemel Hempstead HP2 4SS.
To help us to continually improve our service
and in the interest of security, we may monitor
and/or record your communications with us.
This brochure only sets out the main features
of each product/service you may be entitled
to. These products/services will be subject
to additional terms and conditions which you
will be given when you apply for them or
will be covered by our MyMoney Terms and
Conditions. Our products and/or services and/or
their features may change from time to time.
If you have a MySavings account with us
we will automatically open you a MyAccount
current account on your 11th birthday.
About your debit card
UK currency cash machine
You can use your debit card to make cash
withdrawals in Euros or US Dollars from some
of our self-service machines. The HSBC
prevailing exchange rate and the amount of
currency you will receive and the Sterling
amount will be shown on the screen. The
amount of the cash withdrawal converted into
Sterling will be deducted from your account
balance immediately.
Using your card abroad
General: The exchange rate that applies to any
cash withdrawals) is the wholesale market rate
used by VISA applying on the day the conversion
is made plus our foreign exchange charge,
which is currently 2.75% of the applicable VISA
wholesale rate. We will make the conversion
and deduct the payment from your account once
we receive details of the payment from VISA, at
the latest the next working day. Details of the
current wholesale market rates can be obtained
by calling us on the usual telephone numbers.
Cash Machines: There is an ATM transaction
fee currently 2% (minimum £1.75, maximum
£5.00) for withdrawing cash at cash machines
overseas. We will deduct the amount of the
transaction fee from your account once we
receive details of the payment from VISA at
the latest the next working day. Some cash
machine operators may apply a direct charge
for withdrawals from their cash machines and
this will be advised on screen at the time of
withdrawal.
Shops and retailers: There is no transaction
fee for using your debit card to pay for goods
and services overseas.
Customers with disabilities
We offer many services including
Braille and large print statements
and sign language interpretation.
For more information, just visit
hsbc.co.uk or call us on 08457 404
404* (textphone 08457 125 563),
08456 006 161 for the Channel
Islands and Isle of Man or pop
into any HSBC Bank branch.
*Telephone calls. In the interest of security and
to assure quality we may monitor and/or record
your telephone calls with us.
For more information about these accounts
Click hsbc.co.uk/under18s
Call 0800 130 130 Textphone 0800 028 0126
Come in and see us in branch
Issued by HSBC Bank plc
Customer Information:
PO Box 757, Hemel Hempstead, Hertfordshire HP2 4SS
98733-MS MCP40245 05/12 ©HSBC Bank plc 2012. All Rights Reserved AC21672