HSBC launches youth savings accounts
Teaching youngsters about good saving habits is part of the aim of new savings accounts for children aged 7 and up, that have been launched by HSBC Bermuda Bank Limited.
To celebrate the Easter holiday season, every child who opens either the MySavings Youth Account or the Premier MySavings Youth Account, will receive a limited edition HSBC traditional Bermuda kite, made by kitemakers at the Salvation Army.
Tanya Bule, head of wealth and personal banking and marketing at HSBC Bermuda, said: “In addition, HSBC will provide a donation to the Salvation Army in the name of each child, thereby celebrating the unique design and craftsmanship skills of Bermudian kitemakers at this important charity.”
From the age of 7, children can open one of the accounts with a minimum balance of $25 and without incurring monthly maintenance fees. The account offers monthly interest and rewards young savers, by providing quarterly bonus interest when no withdrawals are made in each qualifying three-month period.
The bank said that “time is the huge advantage children have over adults when it comes to saving. ‘MySavings’ is designed to help children and teenagers better understand that saving over time is how they grow their money and by keeping their savings and spending separate, children can learn to budget and manage their finances responsibly”.
Ms Bule said: “HSBC recognises that it's never too early to start learning to manage finances prudently and the bank is committed to working together with parents, to help teach their children how to become financially savvy at a young age.”
Visit www.hsbc.bm/mysavings/ to view the full details.