MySavings Youth Bank Account | Savings Accounts

MySavings Youth Account

It's never too early to start teaching your kids how to manage their money. Our MySavings Youth Account offers exclusive benefits for young savers aged 7 to 17*, including a monthly and quarterly BONUS Interest rate. Receive a FREE gift upon opening a MySavings Youth Account.

*Children of Premier customers can extend their Youth Account privileges up to age 24.

How to open an account

Why get a My Savings Youth Account?

Age eligibility

For children of Personal Banking and Advance customers - ages 7 to 17.

For children of Premier customers - ages 7 to 24.
Start with as little as $25

Anyone aged 7 to 17 must be accompanied by an adult to open the MySavings Youth Account.
No maintenance fees
Bonus interest*

Standard and bonus interest is calculated daily, with standard interest credited to your account monthly and bonus interest quarterly, if no withdrawals are made after each qualifying 3-month period.
Online and mobile banking

With personal online banking and mobile banking, you have access to your accounts 24 hours a day, making banking easier and greener, too.
Available in Bermuda dollars, US dollars and Canadian dollars

*Bonus rate varies by currency

Things you should know

the minimum opening balance for this account is BMD$25*, USD$25 or CAD$25
Minimum deposit is required at time of sign-off at the account opening appointment.
*Interest is only available in Bermuda dollars.
savings account only
A debit card is not available for the MySavings Youth Account. However, a debit card for youths is available when you open a joint HSBC Bank account with your child.
identification is required at time of account opening
Please bring at least two forms of identification listed below once the sign-off appointment has been scheduled:

Cosignatory
- valid Bermuda driver's licence
- signed lease document
- utility bill (within the last 3 months)
- current home insurance
- employers pay receipt (within the last 3 months)
- completed FATCA and CRS individual self-certification form

Youth Applicant
- valid passport
- Bermuda driver's licence
- proof of address (signed letter by the parent/guardian confirming the youth's address)
the current interest rates are displayed in these tables

Interest rates

**Balance up to $15,000**
Rate	Interest
Standard interest rate	0.80%* AER
Bonus interest rate	0.45% AER
Total APR (if no withdrawals are made)	1.25% AER

**Balance up to $15,000**
Rate	Standard interest rate
Interest	0.80%* AER

Rate	Bonus interest rate
Interest	0.45% AER

Rate	Total APR (if no withdrawals are made)
Interest	1.25% AER

**Balance over $15,000**
Rate	Interest
Standard interest rate	0.05%** AER
Bonus interest rate	0.45% AER (up to $200k)
Total APR (if no withdrawals are made)	0.50% AER

**Balance over $15,000**
Rate	Standard interest rate
Interest	0.05%** AER

Rate	Bonus interest rate
Interest	0.45% AER (up to $200k)

Rate	Total APR (if no withdrawals are made)
Interest	0.50% AER

*Balances up to $15,000 will earn the higher rate of interest.
**Only the part of the balance above $15,000 will earn the lower interest rate.

**Balance up to $15,000**
Rate	Interest
Standard interest rate	0.05%* AER
Bonus interest rate	0.45% AER
Total APR (if no withdrawals are made)	0.50% AER

**Balance up to $15,000**
Rate	Standard interest rate
Interest	0.05%* AER

Rate	Bonus interest rate
Interest	0.45% AER

Rate	Total APR (if no withdrawals are made)
Interest	0.50% AER

**Balance up to $15,000**
Rate	Interest
Standard interest rate	0.05%* AER
Bonus interest rate	0.20% AER
Total APR (if no withdrawals are made)	0.25% AER

**Balance up to $15,000**
Rate	Standard interest rate
Interest	0.05%* AER

Rate	Bonus interest rate
Interest	0.20% AER

Rate	Total APR (if no withdrawals are made)
Interest	0.25% AER

FAQs

When you reach the age of 18, we will transfer your MySavings Youth Account to the Quarterly Bonus Saver Account. For the Premier MySavings Youth Account, when you reach the age of 24,
we will transfer to the Quarterly Bonus Saver.

If the Quarterly Bonus Saver Account is no longer available, we will transfer your account to an equivalent bank or we may advise that another one of our bank accounts would be more beneficial to you.

Yes, the interest is variable. We can change the interest rate on this account, in line with the Personal Banking Agreement. Find out more about our interest rates.

For the purpose of this calculation, it is assumed:

initial deposit of BMD 1,000 and BMD 16,000
no further deposits
no withdrawals
no change to the interest rate during the 12 months


Initial Deposit	Standard Interest Rate	Bonus Interest Rate	Balance at end of 12 months
BMD 1,000	0.80% AER	0.20% AER	BMD 1,010
BMD 16,000	0.80% AER on firstBMD 15,000 then 0.10% on any balance above BMD 15,000	0.20% AER	BMD 16,153


Initial Deposit	BMD 1,000
Standard Interest Rate	0.80% AER
Bonus Interest Rate	0.20% AER
Balance at end of 12 months	BMD 1,010

Initial Deposit	BMD 16,000
Standard Interest Rate	0.80% AER on firstBMD 15,000 then 0.10% on any balance above BMD 15,000
Bonus Interest Rate	0.20% AER
Balance at end of 12 months	BMD 16,153

Age eligibility:

For children of Personal Banking and Advance customers - ages 7 to 17

For children of Premier customers - ages 7 to 24

How to open the account:

complete the MySavings or Premier MySavings Account Opening form and submit the form to one of our branches
if you are under the age of 18, you must be accompanied by an adult to open the MySavings Youth Account
you will receive a call from an HSBC representative to come into the bank for a final sign-off meeting (the youth and the adult must be present at the meeting to complete the account opening process), identification is required

Minimum/maximum balance:

a minimum of $25 must be deposited to open an account
there is no maximum balance

Only the account holder may withdraw money from their MySavings Youth Account. The parent or guardian may make deposits, but the child will need to be present for money to be withdrawn.

Application forms

If you would like to open a MySavings Youth Account, please complete an application form and then print it off and return it to one of our branches. You can also request a paper copy of the application form from a member of staff at any of our branches.

MySavings Application Form (PDF, 104KB)

Premier MySavings Application Form (PDF, 120KB) - For children of Premier Account holders

Important documents

FATCA and CRS Individual Self-Certification Form (PDF, 1.02MB)

Disclosure

Issued by HSBC Bank Bermuda Limited, of 37 Front Street, Hamilton Bermuda, which is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority.

MySavings Youth Account

MySavings Youth Account

Why get a My Savings Youth Account?

Things you should know

Interest rates

BMD

USD

CAD

FAQs

What happens with the MySavings Youth Account after the age eligibility?

Can HSBC change the interest rate?

What would the estimated balance be after 12 months based on a range of deposits?

How do I open and manage my account?

Can I withdraw money?

Application forms

Important documents

Connect with us