HSBC unveils youth banking accounts

Wed, 04 Apr 2007

HSBC has announced a new account range targeted at young banking customers to try and get them hooked on the savings habit.

The MySavings account is available to fledgling banking customers aged 7 years old or over and features 5.25 per cent annual equivalent rate interest on all savings.

Money can be taken out via a special cash withdrawal booklet.

Meanwhile, the financial services provider has also unveiled a current account entitled MyAccount, which includes provision for online banking for older children.

Online banking customers can also review their financing situation over the internet as frequently as they wish.

Lucy Payne, youth customer manager at the financial services provider, commented: "Learning to budget at an early age is a great foundations to help children avoid the pitfalls of debt.

"By keeping theior savings and their spending separate, they can learn to budtget and manage their finances."

HSBC is the largest banking institution in the country in terms of market capitalisation.

It is traditionally recognised as one of the big four banks in the UK, alongside Barclays, Royal Bank of Scotland/Natwest and Lloyds TSB.

add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.