HSBC customer service to children

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pridehappy

Had a very poor experience with customer service for children from Lloyds Bank too, don't seem to know their own systems and feel like they don't want to operate children's accounts but just do it to say they can.

My son had an HSBC MyMoney and MySavings too for a while but closed it as we received a few threatening letters when in fact it was HSBC's problem with delayed transfers. 

So far, the best accounts we've had for children are the Santander 123 Mini (higher interest rate so used for savings), Nationwide FlexOne and once over 16, Virgin Money M Plus. Typical Nationwide discontinued their children's savings account with no replacement and Virgin Money discontinued their higher interest account.

Marchitiello

pridehappy said:

Had a very poor experience with customer service for children from Lloyds Bank too, don't seem to know their own systems and feel like they don't want to operate children's accounts but just do it to say they can.

My son had an HSBC MyMoney and MySavings too for a while but closed it as we received a few threatening letters when in fact it was HSBC's problem with delayed transfers. 

So far, the best accounts we've had for children are the Santander 123 Mini (higher interest rate so used for savings), Nationwide FlexOne and once over 16, Virgin Money M Plus. Typical Nationwide discontinued their children's savings account with no replacement and Virgin Money discontinued their higher interest account.

I would not have closed the HSBC account as it could have remained open with £0.50 on it without issues. With my first born I have opened for him children current accounts with HSBC (linked to my premier status he also get an extra card that can be shown in any HSBC branch around the world to collect up to £500 emergency cash, useful when he will be on school/solo trips), Barclays, RBS and Santander. My thought for this is that he is learning already how to manage money and handle multiple products (he stores cash in his 1-2-3 mini, but makes certain payments with a different account, and only use ATM with another one etc) but also he will have built an history with each institution by the time he is 18 and could get easier access to further products from them (getting student credit cards, etc). 

pridehappy

Marchitiello said:

pridehappy said:

Had a very poor experience with customer service for children from Lloyds Bank too, don't seem to know their own systems and feel like they don't want to operate children's accounts but just do it to say they can.

My son had an HSBC MyMoney and MySavings too for a while but closed it as we received a few threatening letters when in fact it was HSBC's problem with delayed transfers. 

So far, the best accounts we've had for children are the Santander 123 Mini (higher interest rate so used for savings), Nationwide FlexOne and once over 16, Virgin Money M Plus. Typical Nationwide discontinued their children's savings account with no replacement and Virgin Money discontinued their higher interest account.

I would not have closed the HSBC account as it could have remained open with £0.50 on it without issues. With my first born I have opened for him children current accounts with HSBC (linked to my premier status he also get an extra card that can be shown in any HSBC branch around the world to collect up to £500 emergency cash, useful when he will be on school/solo trips), Barclays, RBS and Santander. My thought for this is that he is learning already how to manage money and handle multiple products (he stores cash in his 1-2-3 mini, but makes certain payments with a different account, and only use ATM with another one etc) but also he will have built an history with each institution by the time he is 18 and could get easier access to further products from them (getting student credit cards, etc). 

Did consider this before closing his HSBC, although decided due to the customer service issues and how unethical they are to close it as when they turn 18, they are transferred into an adult current account and closing them then can impact their credit score. He already uses a few accounts and has some branch only ones with our local building society, find the smaller and local banks are better at service than the larger ones which are usually unethical. Virgin provide free international transactions so cash issue should be sorted.