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KidzSaver Savings Account
What's new
As part of our annual review of our existing products, please note that with effect from 1 Sept 2010, Passbook & KidzSaver Savings Accounts will no longer be available for new sign-ups. Existing account holders will not be affected. Please call our 24-hour Customer Service Hotline on 1800-HSBC NOW (4722 669).
Benefits and features
- Interest-earning savings account
- Complimentary debit card for for the parent
- Opportunity to convert to a joint statement savings account when your child turns 16 years old
- One month premium waiver on HSBC's ChildEnrich - a two-in-one endowment plan
Give your child a head start by opening a KidzSaver Savings account now. You can enjoy convenient access to your funds via HSBC’s global ATM network, 24-hour Phone Banking and Personal Internet Banking.
Eligibility
- Parent with children aged 16 and below.
- The account will be opened for the parent in trust for their child.
- Minimum initial deposit of S$1.
Fees
- Closure fee of S$50 is applicable if the account is closed within 6 months from opening date.
- Waiver of minimum balance fee of S$5 if average daily balance falls below S$2,000.
- For more details of fee and charges, please refer to the Personal Financial Services tariff guide
Required documents
- Identity Document/Passport
- Proof of address
- Original birth certificate of the child
Act now
- Phone: 1800-HSBC NOW (4722 669) in Singapore or (65) 6-HSBC NOW (4722 669) from overseas.
- Make an appointment with us today
Important notes
Under the provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 (the “Act”), Singapore dollar denominated deposits with The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (“HSBC”) held by a non-bank depositor (“Insured Depositor”) will be insured by the Singapore Deposit Insurance Corporation Limited or such other company as may be designated as the deposit insurance and policy owners’ protection agency for the purposes of the Act (the “Agency”), for up to S$50,000 per Insured Depositor, or such other limit as may be specified in the Act.
In addition, Singapore dollar denominated deposits:
(i) with HSBC which are held by an Insured Depositor, as trustee under a trust account, or held on trust in a client account, will be insured by the Agency for up to S$50,000 per account, or such other limit as may be specified in the Act; and
(ii) placed with HSBC by an Insured Depositor under the Central Provident Fund Investment Scheme and/or the Central Provident Fund Minimum Sum Scheme will be insured for up to S$50,000 per Insured Depositor, or such other limit as may be specified in the Act.
Premature withdrawal of any Time Deposit is subject to the Terms and Conditions Governing Personal Deposit Accounts. Effective 1 September 2011, premature withdrawal charges will be imposed on premature withdrawal of Time Deposits prior to maturity. For all premature withdrawal of Time Deposits, interest payments (if any) will be calculated at the Bank's discretion. Customers should note that they may receive an amount less than the original Time Deposit placement amount upon premature withdrawal for their Foreign Currency Time Deposits. Currently, for Singapore Dollar Time Deposits, customers will receive not less than their original placement amount upon premature withdrawal.
With effect from 1 April 2010, your liability prior to debit card loss reporting will be capped at S$100 provided that you have not acted fraudulently, negligently or failed to report the card loss immediately. Click here for more details.
Next steps
Call us on 1800-HSBC NOW (4722 669) in Singapore or (65) 6-HSBC NOW (4722 669) from overseas
Highlights
