HSBC MyAccount current account review
If your child is aged between 11 and 17, the HSBC MyAccount could be worth considering for them.
|Account name||MyAccount - Age 11-17|
|ATM withdrawal limit||£100|
|Card type||Cash / Debit|
|Minimum eligibility age||11 Years|
|Mininum operating balance||£0.01|
|Minimum opening balance||£0.01|
|Current account switch guarantee|
Teaching your kids about money from an early age is important and opening a bank account for them is a great place to start.
HSBC is one of the world’s largest banking and financial services organisations, so if you’re thinking about choosing HSBC for your child’s bank account, this review looks at its MyAccount current account in detail.
What is the HSBC MyAccount current account?
The HSBC MyAccount is a bank account designed for those aged between 11 and 17. It comes with a contactless Visa debit card, allowing your child to shop online or instore as well as withdraw up to £100 a day in cash from any ATM.
How does it work?
The key features of the HSBC MyAccount are outlined below:
- No monthly fee. There’s no monthly maintenance fee with this account.
- Visa debit card. Can be used for shopping online and instore, as well as for cash withdrawals.
- Option to open a savings account. HSBC also offers a MySavings savings account for those aged between 7 and 17 which can run alongside the MyAccount.
- Multiple ways to bank. Your child can check their balance and send money between their current account and savings account through online, mobile and phone banking.
Who is it for?
The HSBC MyAccount is for those aged between 11 and 17. It’s designed to help your child develop good money habits and encourage financial independence.
What are the benefits?
Some of the main benefits of the account are that there is no monthly fee and the account can be managed in multiple ways. What’s more, it can be linked to the MySavings account to help your child start to save.
How to apply
If you, as a parent or guardian, bank with HSBC, you can apply for the account quickly and easily online. You’ll need your child’s passport on hand and the application should only take a few minutes.
If you do not bank with HSBC, you can apply for the account in branch. You’ll need to accompany your child if they are under the age of 16 and you will both need to provide proof of ID and address. Proof of ID can be a passport or driving licence or an EU national identity card, and proof of address can be a bank statement, UK driving licence or council tax bill. View the full list here.
Your child can open the account on their own in branch if they are over 16.
Is it safe?
Yes, HSBC is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
Overdrafts are not available for those under 18, so there’s no need to worry about debt.
Pros and cons of HSBC MyAccount
- No monthly fee
- Option to open a savings account too
- FSCS protection
- Multiple ways to bank
- Account can be opened easily online if parent/guardian is an HSBC customer
- No interest paid on balances
- Account must be opened in branch if parent/guardian is not an HSBC customer
Our verdict: Is the MyAccount current account from HSBC worth it?
This account from HSBC could be worth considering if you have a child aged between 11 and 17. The fact that it also links to a savings account (which can be opened from the age of 7) means it’s a great way to encourage your child to develop good money habits from an early age.
However, no interest is paid on the bank account itself, unlike some children’s bank accounts, and if you’re not an existing HSBC customer, you’ll need to find the time to visit your local branch to open the account.