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.
HSBC offers both a current account and a savings account for children:
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.
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.
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.
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.
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If a child’s bank account does not sound like the right idea, then there are other options available.
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.
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