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.
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 $25Anyone 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 bankingWith 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:
- 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
- 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
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?
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
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.