HSBC Premier introduced the Head Start Account to encourage children to manage their finances from a very young age.
The Head Start Account offers preferential rates until the age of 25 and is exclusive to children of HSBC Premier customers. No minimum age is required to open a Head Start Account for a child to start saving from a tender age. Children with an HSBC Premier Head Start account may deposit money received for birthdays, special occasions or pocket money to start earning best-in-class interest straight away, making savings grow faster.
By saving early on in life with HSBC Premier Head Start Account, children also have a range of benefits designed to suit their financial needs at different stages in their life. This helps them realise their dreams and ambitions later on, such as studying abroad, or buying that first car.
The HSBC Premier Head Start account is held in the child’s name but gives parents the possibility to monitor the account as they need until the child turns 18.
The account also comes with a Premier Recognition Card – a global safety net which gives children access to the same emergency services a Premier parent receives abroad. Premier’s financial planning services also help parents and their children to prepare and secure their future, particularly to further their studies and careers in other countries.
“Teaching children the value of money is more important than ever in today’s financial environment. With the Head Start Account, children can start saving any time they like and if they get into the habit of saving from a young age, they are likely to have more money to realise their dreams and ambitions later on,” said Gregory Inglott, HSBC’s Head of Premier.
The HSBC Premier Head Start is more than just a bank account. Children under the age of 10 learn all about saving money. Money can be deposited into their account and preferential interest is earned straight away. Through the personal internet banking service, children are able to view how their account grows, although they are not able to make payments or transfers.
Children between the age of 10 and 15 have varied levels of limited access to money in their name while parents maintain control over the account. From the age of 16, Head Start gives more control and privileges, which include the HSBC Premier Visa Electron debit card, full access to personal internet banking service, expert advice in over 6,000 English-speaking HSBC branches worldwide, and access to a worldwide helpline. Up to €2,000 instant cash in the case of an emergency in over 40 countries – which would be much appreciated in the case, for example, of a student abroad or a young employee on a foreign placement - and a supplementary credit card may also be available subject to parental agreement.