HSBC launches MyMoney accounts for children
Wednesday, 04 Apr 2007 11:51
HSBC has launched new savings and current accounts for under-18s.
The new MySavings and MyAccount products are designed for people aged seven to 17 to spend, save and learn to manage their cash.
From the age of seven MySavings accounts can be opened - with an interest rate of 5.25 per cent and including a red moneybox shaped like a safe.
On the child’s 11th birthday, HSBC will open a linked current account - MyAccount - to help children keep their spending and savings money separate.
At 13 the child is offered a Solo debit card, unless HSBC is asked not to do so by his or her parents.
"The MyMoney accounts are designed to help children and teenagers better understand that saving is a positive way to approach money," said Lucy Payne, youth customer manager at HSBC.
"By keeping their savings and their spending separate they can learn to budget and manage their finances responsibly now."
Seven to ten years - MySavings account features:
5.25 per cent AER interest (current rate), paid monthly
A free "safe" moneybox for under 11s
A minimum deposit of just £1
Friends and family can pay pocket money directly to the account
Paying in and cash withdrawal book
Parents/guardian signature required for withdrawals of £50 or more
Quarterly statements to help children keep tabs on their money.
11 to 17 years - MySavings and MyAccount - with the following additional features:
Exclusive website with special discounts and offers along with hints and tips on how children can manage their money
Access to a personal internet banking account, so children can easily move money between their saving and spending accounts
Regular detailed statements, which can also be viewed online via their personal internet banking account
Cash card and pin for cash withdrawals, balance checks, mobile phone top-ups and ordering statements and the facility to make deposits using HSBC's express banking machines.