Clarification of HSBC's account range available for 7-17 year olds

The HSBC Right Track Account is no longer available to new customers, having been replaced in March by the simpler and more competitive 'MyMoney' account range for 7-17 year olds.

The accounts are designed to help children get into the habit of managing their pocket money and understand how their spending can have an effect on their savings. Details are as follows:

MySavings account - available to 7-10 year olds with the following great features:

a great rate of interest, currently 5.25 per cent AER, paid monthly;
a free ‘safe’ money box for under 11s;
a minimum deposit of just £1;
friends and family can pay pocket money directly to the account;
paying in and cash withdrawal book;
parents/guardian signature required for withdrawals of £50 or more; and
quarterly statements to help children keep tabs on their money.

MySavings account with linked current account (called MyAccount) - available to 11-17 year olds with the following additional features:

exclusive website with special discounts and offers along with hints and tips on how children can manage their money;
access to a Personal Internet Banking account , so children can easily move money between their saving and spending accounts;
regular detailed statements, which can also be viewed online via their Personal Internet Banking account.
cash card & PIN for cash withdrawals, balance checks, mobile phone top-ups and ordering statements at any of HSBC’s 3,500 free ATMs; and
the facility to make deposits using HSBC’s ‘Express Banking’ machines.