Question regarding MyMoney HSBC Under-18 bank account

welshfrankie

Hey!
I'm planning on opening an under-18 account with HSBC. I'm currently 16 and would like an account to get a debit card to purchase goods online. I have looked around on the website a bit but have a few questions I was hoping someone will help me with?

1) As it is an under-18 bank account, will I have to pay any fees to keep the account open? The HSBC "Important Notes" say there's a charge of £15 p/m for bank accounts but I don't know if this applies to the MyMoney accounts.

2) Will I need to fill out an R85 form? It says it's optional and I can't even get the form to load on the website. What is an R85 form? Is there any need for me to fill one out?

Thanks in advance for your help!

gandalf16

There are no fees payable for an u-18 Bank Account.
There are somn over 18 accounts available from HSBC that are completely fee free.

The R85 is a form that basically nominates the account as a tax free account so any interest earned will be 100% yours. Won't make you a millionaire but you might as well fill it out. It takes 2 minutes & the person opening the account can do it for you all you need to do is sign it.

Hope that helps.

welshfrankie

Thanks!
So I won't need to print out an R85, that can be done in the bank? I tried to set up the actual account in the bank on Saturday but they didn't have any application forms and told me to print out one at home. Good start!

gandalf16

They should have a stack of them in the branch.(Having said that they should have a stack of application forms too)
Good start indeed. Sorry to hear this

welshfrankie

Thanks very much mate. I'll be going in there tomorrow and update you on how it went!