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MySavings Youth Account

Take advantage of our introductory offer to receive a limited edition HSBC Bermuda kite when you open a MySavings or Premier MySavings Youth Account. Available while supplies last.

MySavings Youth Account

It’s never too early to teach your kids about the responsibilities of money. Our new MySavings Youth Account is Bermuda's only savings account that pays a monthly and Quarterly BONUS Interest.

Benefits

  • 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 and receive a gift

    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.

  • Available in Bermuda dollars, US dollars and Canadian dollars

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.
  • 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:

    Co-Signatory
    - 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)

    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

Balance up to $15,000

Rate
Interest
Standard interest rate
0.80%* AER
Bonus interest rate
0.20% AER

Balance up to $15,000

Rate
Standard interest rate
Interest
0.80%* AER
Rate
Bonus interest rate
Interest
0.20% AER

Balance over $15,000

Rate
Interest
Standard interest rate
0.10%** AER
Bonus interest rate
0.20% AER (up to $200k)

Balance over $15,000

Rate
Standard interest rate
Interest
0.10%** AER
Rate
Bonus interest rate
Interest
0.20% AER (up to $200k)

*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.

FAQs

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, 763KB)

Premier MySavings Application Form (PDF, 907KB) - For children of Premier Account holders

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

 

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