Bank/Savings Account for kids

Can anyone recommend a bank/savings account for kids? I'm looking for one that pays a pretty good rate of interest, however if anyone has other ideas about where to invest their money please let me know.

Many thanks for your time.

You arent going to get interest rates that are decent opening a savings account. Not in Hong Kong dollar. You need to at least look at fixed deposits, and higher yielding currencies.


Even then its a declining interest rate environment. and there would be currency risk which could with all the volatility quite easily wipe out any return you made.


You cannot explain all that to a child, so its best just to open a savings account, teach them how to save and not worry about what rate they are getting. Unless of course you are loaded and plan on giving them a massive allowance every week or month.


Cant help you with child products I'm afraid, but really all you need is an account with a passbook, so might be worth a trip down your local bank which ever that may be. HS. HSBC. SC. BEA etc etc etc

HSBC don't allow kids accounts under 11. They have phased out passbook accounts too saying customers don't want them. I tried to tell them that as a customer I did want a passbook account for my older kids, I didn't want them having a card, just an account that they could put money away and forget about it till they're 21 or whatever. You used to be able to open an account in you own name with 'in relationship to' and the childs name on it for under 11's but I don't know if you can even do that anymore. I just opened another account in my name, put their money in and will transfer it to their own account when they're older.