Whether you’re about to hear the patter of tiny feet or you’re already well versed in the school run, your child’s first bank account is more than just somewhere to keep their savings.
Opening an account for your child can build the foundations to help them manage their own money.
A child usually needs to be at least 11 years old to open a children's bank account. Some banks have a higher age limit of 16.
If you’re setting up an HSBC MyMoney Account for your child, they’ll need to be 11 to 17 years old. They’ll get their own contactless Visa debit card and be able to use online banking to check their balance. You won’t need to worry about them overspending either, as they’ll only be able to spend what’s in their account.
If your child’s looking for somewhere to keep their money before they’re old enough to have a bank account, you may want to consider a children’s savings account.
An HSBC MySavings account is open to anyone aged 7 to 17 and can be opened with £10. If your child wants to open an account in a branch, a parent or guardian will need to be with them. If you bank with HSBC and you’re opening an account for your child, you can do this through your online banking.
Your child will get a cash book, so they’ll be able to make payments or withdraw money from their savings account. If they’re under 11 and want to withdraw or make a payment of £50 or more, they’ll need the signature of a parent or guardian.
Keep in mind – if the account is in your child's name, it's your child's money.
Many accounts allow the parent or guardian to stay in control of the money until the child turns 16 (or 18, if it’s a Junior ISA). Once they reach this age, the money is technically theirs to do with whatever they want. There is the option for the parent or guardian to stay in control of the accounts until the child turns 18, but this is optional for 16 to 18-year-olds. HSBC currently doesn’t offer Junior ISAs.
Explore: Saving for children
There may be different things you need to do to set up a children’s bank account, depending on the bank.
If you’re a personal HSBC customer, you can open a child’s bank account online. You’ll need proof of their identity. Make sure your contact details in online banking are up to date.
If you’re not a personal HSBC customer but your child would like to open an account with us, you’ll need to visit us in a branch.
You and your child will both need to provide proof of identity, and you’ll need to provide proof of address. If your child is under 16, you’ll need to be with them to sign the application form.
You can print the application form from our website and bring this with you, or we can print it for you in a branch.
