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Future Saver for Children

This account is currently closed to new applications. If you already hold an account, here’s what you need to know.

Looking after a child's future savings

The Future Saver for Children Account is not available to new customers. If you already have this account, you can continue using it. This page tells you how.

The Future Saver for Children is a bare trust account which should only be used by you to add and manage savings for a named child. Deposits into the account are treated as gifts to the child, and once made the money in the account belongs to them.  You act as trustee and shouldn’t use the account for your own savings. For more information look at our full list of bare trust FAQs.

Summary box

What is the account name?

Future Saver for Children

What is the interest rate?

The current interest rates are shown below
Balance Interest Rate
£1+ 2.25% AER / 2.23% gross
The current interest rates are shown below
Balance £1+
Interest Rate 2.25% AER / 2.23% gross

Interest is calculated daily and credited to the account monthly.

Can HSBC change the interest rate?

Yes, the interest rate is variable. We can change the interest rate on this account, in line with the account's Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

The estimated balance after 12 months based on a £1,000 deposit would be as follows:
Initial Deposit Interest Rate Balance at the end of 12 months
£1,000 2.25% AER / 2.23% gross £1,022.50
The estimated balance after 12 months based on a £1,000 deposit would be as follows:
Initial Deposit £1,000
Interest Rate 2.25% AER / 2.23% gross
Balance at the end of 12 months £1,022.50

For the purpose of this calculation, it is assumed:

  • Initial deposit of £1,000
  • No further deposits
  • No withdrawals
  • No change to the interest rate during the 12 months

Projection provided for illustrative purposes only and does not take into account individual circumstances

How do I manage my account?

Minimum/Maximum Balance:

  • There is no minimum or maximum balance

How to manage the account

  • Once opened you can manage your account via Online Banking, Telephone Banking, the HSBC UK Mobile Banking App or in branch

Can I withdraw money?

The account is an instant access account, and you can withdraw or transfer money as required. Any withdrawals must be used only for the named child. You can give the child cash to spend on themselves, or use it to buy things for them, such as: clothing, books, toys, school fees or trips.

Additional Information

We do not deduct tax from any interest paid to you.

Tax benefits depend on individual circumstances and could change in the future.

Definitions

  • AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
  • Gross is the rate of interest paid before any tax (where applicable) has been deducted.

Rates correct as at 10 August 2023

Frequently asked questions

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