Perhaps you are looking for the most advantageous way to save money for your child’s future. Or you want to teach them how to save and be sensible with their finances. Or you are a teenager who believes it’s time for you to have a proper bank account.
Whatever the reason you are looking for a child account, HSBC has options to meet (almost) all needs. Let’s have a look.
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HSBC offers both a current account and a savings account for children:
A children’s current account. For children and young people aged 11 to 17. Like all current accounts, this is for day-to-day spending, and comes with a debit card. It has no monthly fee, can be managed through the app, and pays no interest on balances.
A savings account for kids. For children and teens aged 7 to 17. Savings accounts are just for putting money aside, so there’s no card and you can’t really use it to make payments. You can pay in as much as you like, anytime, and you can also withdraw money anytime. The interest rate is pretty good, at least on medium and low balances. If your child is 11 or older, they can get both the savings and the current account, which is a good way of teaching them how real-life banking works.
While this is a decent range of accounts, if you are looking for a card for day-to-day spending and your child is younger than 11, HSBC can’t really help. You can find cards from other providers with lower age limits in our comparison.
How to open a child account with HSBC
If your parent/guardian is already a personal HSBC customer, HSBC’s child accounts can be opened online. If not, the accounts need to be opened in person at a branch. You will need to bring a proof of identity, and if your parent or guardian does not already bank with HSBC, a proof of address too. If you are under 16, your parent or guardian will also need to sign the application form.
How much does opening a child account with HSBC cost?
All HSBC’s child accounts do not have any monthly fees. For the current accounts, debit card payments and cash withdrawals are also free.
However, HSBC does charge a foreign transaction fee. If the kid uses the card on a trip abroad, they will be charged for every transaction or cash withdrawal.
Is opening a child account with HSBC safe?
HSBC is a fully licensed bank, meaning that it’s regulated by the Financial Conduct Authority and deposits are protected by the FSCS.
Its child accounts don’t have overdraft options (neither arranged or unarranged), so you don’t have to worry about the child going into debt. Unlike other children’s cards, HSBC’s debit card does not have much in terms of parental controls, meaning you can’t do much to limit how they use it or spend the money. ATM cash withdrawals are capped at £100 though.
Pros and cons of using HSBC for a child account
Pros
Free to open, and almost no fees for using them.
Children can manage the account from the app.
The savings account for kids has a pretty good interest rate.
Cons
No card or account for kids under 11.
Little parental control options.
You can’t open a child account with HSBC online.
Customer service information for HSBC
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Alternatives to children’s bank accounts
If a child’s bank account does not sound like the right idea, then there are other options available.
Prepaid cards As a parent you can purchase a prepaid card for your child. These are aimed for children aged 6 to 18. Parents can top up their child’s balance via an app, control where they shop and also can teach them about good money habits. Learn more about children’s prepaid cards
Our verdict
HSBC’s accounts for kids and teenagers aren’t particularly sophisticated, but they do the job just fine. If you already bank with HSBC and you like to do all things money with the same bank, they make a practical, mostly fee-free solution.
However, bear in mind your kid can’t get a debit card until they turn 11, so if you want to start early with personal finance education, you’ll need to look somewhere else.
Get started by visiting HSBC’s website and applying for an account. If you have read this review and decided that these accounts are not the right choice, you can also discover other bank accounts for children and the option of prepaid cards for kids.
Frequently asked questions
They all become standard accounts for adults, both for the savings account and for the current account. For the savings account, this might mean less competitive rates. If you want to keep your current account with HSBC once you turn 18, it’s worth checking whether you can qualify for a student current account, as these usually have plenty of perks to enjoy and a good overdraft facility.
For the child savings account, the kid will need to be at least 7, while the minimum age for the current account is 11.
Not at the moment. HSBC does not currently offer cash or stocks and shares junior ISAs.
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Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism.
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GoHenry gives financial independence to children and full control to parents. We look at how it works and what features it has to see if it’s worth the fee.
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