HSBC child account: everything you need to know

Many UK banks offer children’s accounts. They offer lots of benefits, including teaching young people how to budget and manage money. This kind of account usually comes with parental controls too, such as spending limits.

High street favourite HSBC has a children’s account called MyMoney. But what’s it like? Read on to find out, as we’ve put together a helpful guide to the HSBC child account covering everything you need to know. This includes features, how to apply and much more.

If you’re a parent reading this and are in need of a new account for yourself, check out Wise. The Wise account is free to open online and has no monthly fees. It’s tailor made for international transactions, and could save you a bundle compared to using a bank.

What is the HSBC child account?

HSBC has a package of accounts designed for children and teens. There’s the MyMoney Account (also called MyAccount), which is a current account for 11-17 year olds.

There’s also the HSBC MySavings account for children, which can be opened from age 7. And once the account holder is old enough for the current account, the savings account can be linked to it.

HSBC MyMoney is a simple current account for young people, which comes with a debit card and can be managed through the HSBC mobile app.

Features and benefits

The HSBC MyMoney account comes with the following features:¹

• A contactless Visa debit card, which can be used with mobile wallets such as Google Pay, Apple Pay and Samsung Pay
• Access to the HSBC mobile banking app, where you can check your balance, set up spending notifications or freeze your debit card if you lose it. The account can also be managed through online banking.
• Automatic access to a linked HSBC MySavings account, which offers an interest rate of 5% AER on balances up to £3,000.
• Support any time through chat on the HSBC website and in the app, over the phone or in branch.

Info for parents on the HSBC child account

It’s normal to feel a little nervous about your child having access to a bank account and debit card.

But to ease your mind, here are a few useful things to know:¹

• The debit card is optional - you can just tell HSBC if you don’t want one and the bank won’t issue it
• There’s a limit on cash withdrawals of £100 a day - the money will only be withdrawn if the holder has enough money in their account
• Your child can only spend what is in their account - there’s no overdraft, so no worries about your child racking up any debts. In case a scheduled payment is due to go out of the account but there are inadequate funds, there won’t be any interest or charges to pay.

How to open a HSBC MyMoney child account

If you like the sound of the HSBC child account, either for yourself or for your child, you’ll need to know how to apply.

Here’s how to do it, starting with the eligibility requirements.

Eligibility¹

The HSBC MyMoney account is open to anyone who is between 11 and 17 years old. You’ll need to live in the UK or the EU.

Crucially though, this account can only be opened by a parent or guardian.

Before you start an application, you’ll need to make sure you have the following documents to hand:

• Proof of identity for the account holder
• Proof of identity and address for the parent or guardian.

If you’re over 16, you’ll only need to provide proof of address for your parent or guardian, along with your own ID.

Acceptable ID documents include a passport or UK driving licence, with the former being the more likely option for children applying for this account. For proof of address, a recent bank statement, council tax bill, utility bill or HMRC tax notification are all acceptable documents.

Opening a new account - a step-by-step guide¹

With your documents sorted, you’re ready to apply. There are a couple of ways you can do it, depending on whether your parent or guardian is an HSBC customer already.

If your parent or guardian does already bank with HSBC, they can apply online by following these steps:

1. Go to the HSBC website
2. Log in to online banking
3. Apply for the MyMoney account on the child’s behalf
4. Complete the online form and follow the on-screen instructions
5. Provide information as requested and upload a copy of the child’s passport as proof of ID.
6. Check the details and submit the application.

If no one in the family banks with HSBC, you can still apply for the MyMoney account - but you’ll need to visit an HSBC branch. You can find your nearest one here.

To apply in a branch, you’ll need to make sure you do the following:

• Download the application form, complete it and bring it with you to the bank
• Bring a parent or guardian with you to sign the form (if you’re under 16)
• Remember to bring your passport as proof of ID, along with proof of ID and address for your parent or guardian.

Are there any fees with the HSBC MyMoney Account?

The HSBC child account has no initial or monthly fees to worry about, nor are there charges for using your debit card within the UK.

But like other HSBC accounts, there are some fees for making international or foreign currency transactions. Let’s take a look:²

Is opening a child account with HSBC safe?

HSBC is a fully licensed bank in the UK, regulated by the Financial Conduct Authority (FCA). It also uses sophisticated security technology to keep your account and money safe.

But as this is a child account, parents will need to decide whether they’re happy with the security features on offer.

After reading this, you should have all the info you need on the HSBC child account. We’ve covered features, fees and how the account is opened and managed. So you should be all set to decide whether it’s right for you, or your child.

Sources used:

Sources last checked on date: 31-July-2023