HSBC child and teenager account review

HSBC accounts for children and teens are good options for both saving and day-to-day spending.

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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.

Compare kids’ accounts from HSBC

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Name Product ratings Interest (AER) Minimum eligibility age Maximum eligibility age Incentive Representative example Link
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11 Years
17 Years
tag iconEligible for MySavings account from age 7 as part of MyMoney package.
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Name Product Interest rate Min. opening balance Min. age Max.age Incentive Link
HSBC – Premier MySavings
5% AER variable
Free moneybox available on account opening.

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HSBC – MySavings
5% AER variable
Free moneybox available on account opening.

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What type of child accounts does HSBC offer?

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


  • 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.


  • 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

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