Banking for under 18s Lighting the way
Transcription
Banking for under 18s Lighting the way
Banking for under 18s Lighting the way 2 Banking and saving for 7-17s At HSBC we believe in giving your children the best start in life. That’s why we’ve created MyMoney - a savings account and current account specifically designed to help children and young people manage their money. MyMoney is a package that evolves as your children get older, adapting to suit their growing needs. A message to parents and guardians: Please take a moment to read page 12 which contains information and support to help your child make the most of our MyMoney accounts. If you’re thinking of opening an account with your child, and they’re old enough to understand, perhaps you would like to talk through this brochure with them? 3 MyMoney ‘at a glance’ Accounts for 7-17s 0 1 2 3 4 5 6 MyMoney 7 8 9 10 11 12 13 14 15 16 MySavings 7 11 17 18 18 MyAccount 18 Account features Account name MySavings MyAccount Free money box (7-10 years) Variable credit interest Regular Statements Internet banking (from 11 years) Mobile banking Cash Book - pay money in, take it out or transfer it between accounts at any HSBC branch Debit card Cheque book (available from 16) Mobile phone top-ups at HSBC cash machines No withdrawals over your limit 2 4 Give your child a head start in banking MyMoney is an account package specifically created for under 18s. It comes in two parts - MySavings and MyAccount. You’ll get the savings account if you’re aged 7 or over, as well as the current account when you’re aged 11. Opening MySavings and MyAccount is easy } Visit your local branch. } Call 0800 130 130 (Textphone 08457 028 0126) Fill in the application form at the back of this brochure and } hand it in at any HSBC branch with some ID (see page 13) . If you’re under 16, you’ll need your parent or guardian with you to open the account. 5 Are you aged 7 to 10? As well as keeping your pocket money Your MySavings account in a piggybank, you can also start saving Receive a free money box when you } with a MySavings account. You can open a MySavings account with just £10. You can then put in as much money as you like, as often as you like. That way any money you receive for birthdays, special occasions or pocket money can start earning interest straightaway. Interest is the money you earn over time on the savings you have in your account, so as long as you keep saving, then we’ll keep adding a bit extra into your account. If your parent or guardian already bank with HSBC, then they can set up a regular payment straight into your account through HSBC internet banking. If they’re not an HSBC customer, they can still set up regular payments by standing order. You can take money from your savings, or pay money in at any HSBC branch using your Cash Book, which we will give you when you open your account. If you want to take out more than £50, you’ll need your parent or guardian’s signature. open your account. Pay in or take money out at any HSBC } branch using your Cash Book. Earn an attractive rate of interest, paid } monthly into your account. Get regular statements so you can } watch your savings grow. On page 11 you’ll find a Savings Summary Box, which shows all the essential information about this account, so you can compare it with other savings accounts. 6 Are you aged 11 to 15? We know that you’d like to save, but sometimes you want to do more with your money – That’s why MyMoney gives you a current account you can spend from, when you’re 11 years old. Two accounts. One for spending. One for saving As well as a MySavings account, we’ll give you a MyAccount - your very own current account. MyAccount gives you a Visa debit card which you can use to shop in stores and online. You can also take money out at cash machines. With the MyMoney it’s easy to separate your spending money from your savings. You can see exactly what’s in each account so you can manage your money and avoid spending too much. Transferring money is easy You can move money between accounts using internet banking, telephone banking and at one of our branches. Top tip You can move money between your accounts at any HSBC Express Banking machines. Just visit any HSBC branch and ask us if you need help. Already have a MySavings account? We’ll automatically open a current account for you, called MyAccount when you turn 11. Your savings can stay in your MySavings account, and your MyAccount will become your spending account. We’ll write to you and your parent or guardian just before your 11th birthday with all the details and again once the account has been opened. We’ll provide plenty of notice so you or your parent or guardian can tell us if you don’t want a MyAccount opened. New to HSBC? We’ll give you both a current account called MyAccount and a savings account, called MySavings. For more information on how to apply see page 13. 7 With MyAccount you’ll get: Visa debit card } Use it to shop in stores and online, or to take money from your MyAccount at cash machines. You or your parent/guardian can ask us not to send you one. Fast Balance app } A quick and easy way to check your balance and last 6 transactions on your MyAccount, via your smartphone. To register, visit the App Store, Blackberry App World or Google Play. You’ll need your account details and debit card to hand. Top up your mobile } Top-up with your MyAccount card at any HSBC cash machines, or through our Fast Balance app. Text alerts } Internet banking } Manage your money easily. Move money between your spending and savings accounts. To register: 1. Call 08457 400 004*1 to set up your security details. 2. Click hsbc.co.uk and follow the step-by-step guide. 3. We’ll send you HSBC’s Secure Key which you’ll need to log on. It helps to protect your money. Quarterly statements Sent to you } every three months. These show what has been paid in and taken out of your account. No overdraft So you don’t have to } worry about spending more than you have in your account.*2 If you ask us to we’ll send you a text everytime your MyAccount: – Balance goes above a certain amount. –B alance falls below a certain amount. – Has a lump sum paid in - the amount is set by you. – Has a lump sum taken out - the amount is set by you. To register just call us on 08457 404 404*1. *1 L ines open 8am to 10pm every day. Textphone 0800 028 0126. Overseas ++44 1226 26 10 10. *2 Very occasionally we may have no option but to allow a payment for more money than is in your MyAccount. If this happens please contact us straight away so we can resolve the issue. Top tip If you’re struggling to remember the PIN, that’s the 4 digit identification number we give you, you can change it at any HSBC cash machine. Just ask a member of staff if you need help with this. 8 Are you aged 16 to 17? Maybe you’re starting your first job or getting an allowance. If so, MyMoney is a great place to start managing your cash. You’ll get all of the features of the MySavings account and MyAccount described previously and as you’re over the age of 16, you don’t need your parent or guardian with you to open the Top tip Have you thought of setting up a standing order straight to your MySavings account? This lets you make regular fixed payments from one account to another – a great way to help you save. Set one up through internet banking, by phone or at any HSBC branch. accounts. Did you know? We fund education projects across the world to help give young people a positive attitude, opportunities for success and above all, a better future. 9 What happens at 18? No doubt you will have started to think about your future. Whether you’re planning to start full time work, go to university or take a gap year, we’re here to help. Unless you ask us not to we’ll automatically transfer your MyAccount to our Bank Account and your MySavings to our Flexible Saver account. However, if you’re going to university, please let us know and we’ll change your MyAccount to a Student Bank Account instead. For more information about our Student Bank Account visit www.hsbc.co.uk/ students. We’ll contact you just before your 18th birthday to talk about your plans. It may be a good time to come in to speak to someone from our customer service team. They’ll be able to discuss your financial needs and help you work out the best way to achieve your future goals. 10 Learn more about money Getting confused by banking? To learn more about money and banking, Fancy running your own mini HSBC branch? go to banking.making-money-easier.info Why not get involved in setting up a for a free guide, ‘Making Money Easier’. SchoolBank at your school – you can gain some excellent work experience Want to bank online? and have some fun doing it. If you want an easy way to bank, HSBC’s Suitable for 7-11 year olds (Key Stage 2) Internet Banking service lets you manage a SchoolBank is a mini HSBC branch run all your accounts and your money when it by your school. It’s set up and managed suits you. by kids, for kids, with the support and Go to www.hsbc.co.uk/internetbanking guidance of local HSBC branch employees. to register and watch our demo on how to For more details ask one of our use it. branch team or visit www.hsbc.co.uk/schoolbank. 11 Savings Summary Box Key Product Information for our Savings Accounts Account Name MySavings Interest rates Variable rate Interest paid monthly See current rate insert for details Tax status Interest is paid net of basic rate income tax A parent or guardian may register to receive interest paid gross on behalf of the child Conditions for bonus payment No bonus payment applies to this account Withdrawal arrangements Instant access Access The account can be applied for in branch and by telephone (0800 130 130) and once opened, it can be managed in branch. If you have a MyAccount too, your MySavings account can also be managed by telephone and online. 12 Parents and guardians: We’ve done our homework Encouraging children and teenagers to save and manage their money is more important than ever in today’s financial environment. Getting into the habit of saving is a positive way to approach money. If young people learn to manage their finances responsibly now, they’ll be less likely to get into debt later on. Our aim is to help them to understand that by saving, they’ll be starting to finance their future dreams. Opening MyMoney with your child There are a few different ways you can apply for MyMoney, depending on what suits you. Make it a memorable event for your child by setting up an appointment with your local HSBC branch. Or if you’re tight on time, give us a call or simply complete the application form at the back of this brochure with your child and take it to your local HSBC branch. Remember, you’ll need to bring in proof of their ID and, if you’re not an existing HSBC customer or reside at the same address as your child, then you’ll also need proof of their address (valid documents listed opposite). We will set up the account in your child’s name and send you both a welcome letter confirming all the details. We’ll keep you up-to-date on your child’s account by writing to both of you just before their 11th birthday to inform you about their new current account. Please note that if your child is under 11, you’ll need to countersign every withdrawal they make over £50. How much control can I have on my child’s account? If you would like greater control of your child’s account until they become more financially independent, ask for a Third Party Mandate when you open their account(s). This will allow you to enquire about and make transactions on your child’s behalf. It also gives you the option to set up a Security Number so that we can talk to you about their account(s) over the phone. How to avoid your child’s savings being liable for tax Children under the age of 16 don’t usually earn enough to pay tax. A completed HM Revenue & Customs R85 form enables us to pay your child’s interest, free from tax. Make sure you ask for the R85 form when your child’s account is opened. Once we receive your completed form, we’ll pay interest without deducting tax. 13 How to apply for MyMoney Are you aged between 7 and 17? If so you can apply for MyMoney in any of the following ways: What you'll need to open your account(s): }Make an appointment at your local }Proof of ID (who you are) HSBC branch }Call us on 0800 130 130 (Textphone 08457 028 0126) }Fill in the application form at the back of this brochure and hand it in at any HSBC branch }£10 (or more) to deposit into your new MySavings account }Application form (if applicable) roof of address* if your parent }P or guardian isn't an existing HSBC customer or if you don't live at the same address as them. If your under 16, you'll need your parent/ guardian with you to open the account(s). Acceptable documents include: Proof of who you are • Valid full passport • Birth certificate, issued in the UK • Travelcard, bus or rail pass. Proof of where you live • Parent’s or guardian’s recent utility bill (dated within the last four months – not a mobile phone bill). • Medical card For details of other acceptable documentation, please contact your local branch. *Two forms of address verification are required if you live in the Channel Islands or Isle of Man. 14 Important information These are special details about HSBC and your account that you need to know. About HSBC. HSBC Bank plc is established at 8 Canada Square, London E14 5HQ, its registered office. In the UK, HSBC Bank plc is authorised and regulated by the Financial Services Authority and registered in the Financial Services Authority register with the registration number 114216. For further information about the scheme (including the current limits, amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org. uk or call the FSCS on 020 7741 4100 or 0800 678 1100. For all other enquiries on your account please contact HSBC on 08457 404 404. In the Channel Islands, HSBC Bank plc is regulated by the Jersey Financial Services Commission for Banking, General Insurance Mediation and Investment Business and licensed by the Guernsey Financial Services Commission for Banking, Insurance, Collective Investment Schemes and Investment Business. Licensed by the Isle of Man Financial Supervision Commission. Deposits made with our branches in the Channel Islands and the Isle of Man are not protected by the rules made under the UK’s Financial Services and Markets Act 2000 for the protection of retail clients, including the UK Financial Services Compensation Scheme and the Financial Ombudsman Service. In Jersey, HSBC Bank Plc is a participant in the Jersey Banking Depositor Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website or on request. In Guernsey, HSBC Bank plc is a participant in the Guernsey Banking Deposit Compensation Scheme established by The Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance, 2008. Deposits made with our branches in the Isle of Man are protected by the Isle of Man Compensation of Depositors Regulations 2010. Full details available on request. About the Terms and Conditions. Our terms and conditions and our dealings with you up until the time your account is opened are governed by the laws of England and Wales for accounts held in the UK or, for accounts held in the Channel Islands or the Isle of Man, by the laws of the Island where your account is held. We are required by law to tell you the terms and conditions are in English and we will communicate with you in English. Further information and written details about our products and services are available from any of our branches or from Customer Information, PO Box 757, Hemel Hempstead, Hertfordshire HP2 4SS. We reserve the right to decline applications for any product, account or service. Compensation. HSBC Bank plc is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. HSBC Bank plc is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to the current FSCS limit for deposits. First Direct and HSBC are both trading names of HSBC Bank plc and customers who hold deposits under both trading names will only be eligible for one claim of up to the FSCS deposit limit in total. Complaints. If you have a complaint please let your local branch manager or the manager of the department concerned know. We will endeavour to resolve your concerns and put matters right. If your complaint is not settled to your satisfaction you may be able to refer it to the Financial Ombudsman Scheme in the UK, the Financial Services Commissions in Jersey and Guernsey or the Financial Services Ombudsman Scheme for the Isle of Man. Our “Listening to your Comments” leaflet contains further details. About your accounts. We will tell you if your application has been successful and when we will open your account. This may be subject to appropriate identification, address verification or other specified documentation being produced to us. 15 If you are a higher rate tax payer you may have to pay the higher rate of income tax on any interest credited to your account. For a period of 14 days after the date you are provided with your MyAccount and/or MySavings account, you have the right to cancel your contract with us and close your accounts(s) without charge. You can also tell us to close your account(s) at any time after they have been opened. In both instances, we must receive your instructions in writing (or via our Personal Internet Banking Service). We have the right to close your account(s) at any time and will normally give you two months notice of this. Written details are available from any of our branches or from HSBC Bank plc, Customer Information, PO Box 757, Hemel Hempstead HP2 4SS. To help us to continually improve our service and in the interest of security, we may monitor and/or record your communications with us. This brochure only sets out the main features of each product/service you may be entitled to. These products/services will be subject to additional terms and conditions which you will be given when you apply for them or will be covered by our MyMoney Terms and Conditions. Our products and/or services and/or their features may change from time to time. If you have a MySavings account with us we will automatically open you a MyAccount current account on your 11th birthday. About your debit card UK currency cash machine You can use your debit card to make cash withdrawals in Euros or US Dollars from some of our self-service machines. The HSBC prevailing exchange rate and the amount of currency you will receive and the Sterling amount will be shown on the screen. The amount of the cash withdrawal converted into Sterling will be deducted from your account balance immediately. Using your card abroad General: The exchange rate that applies to any cash withdrawals) is the wholesale market rate used by VISA applying on the day the conversion is made plus our foreign exchange charge, which is currently 2.75% of the applicable VISA wholesale rate. We will make the conversion and deduct the payment from your account once we receive details of the payment from VISA, at the latest the next working day. Details of the current wholesale market rates can be obtained by calling us on the usual telephone numbers. Cash Machines: There is an ATM transaction fee currently 2% (minimum £1.75, maximum £5.00) for withdrawing cash at cash machines overseas. We will deduct the amount of the transaction fee from your account once we receive details of the payment from VISA at the latest the next working day. Some cash machine operators may apply a direct charge for withdrawals from their cash machines and this will be advised on screen at the time of withdrawal. Shops and retailers: There is no transaction fee for using your debit card to pay for goods and services overseas. Customers with disabilities We offer many services including Braille and large print statements and sign language interpretation. For more information, just visit hsbc.co.uk or call us on 08457 404 404* (textphone 08457 125 563), 08456 006 161 for the Channel Islands and Isle of Man or pop into any HSBC Bank branch. *Telephone calls. In the interest of security and to assure quality we may monitor and/or record your telephone calls with us. For more information about these accounts Click hsbc.co.uk/under18s Call 0800 130 130 Textphone 0800 028 0126 Come in and see us in branch Issued by HSBC Bank plc Customer Information: PO Box 757, Hemel Hempstead, Hertfordshire HP2 4SS 98733-MS MCP40245 05/12 ©HSBC Bank plc 2012. 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