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MyEggNest:
Child Trust Funds
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HSBC Child Trust Fund
By HSBC
An HSBC Child Trust Fund is simple to set up and manage. You can even check the value of the Child Trust Fund when you log on to Internet Banking.
This product is issued by
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Reviews
Website: Visit the website for this product
Reviewed on 04 Aug 2011 by ABDUL RAUF
Good Points: n/a
Bad Points: n/a
whe opening tha account for my daughter i received very good excellent service from hsbc bank provider! they send me regular every yearly statements which lets me know how the accounts processing and how much is in the account. i have no complaints or bad points about the service i receive! i would recommed this service provider to any one who is looking in to opening a child trust fund account and want to invest some money! i did'nt receive the paying in book which i was told i would recive once the account was open but other than this i am happy!
Website: Visit the website for this product
Reviewed on 09 Jul 2011 by Philip Stewardson
Good Points: The regualar contact that lets me know how it is all going with my money.
The fact that I am not badgered about other products or putting more money in.
Bad Points: N/A
I have been very pleased with the trust fund. It was very easy to set up and I am regularly informed how it is doing. They also appear to be reviewing the products they have bought into and moving my money around in order to reach the maximum potential. Despite the regular input relating to the money i do not feel that they get in touch with me to often which is a pleasent surprise as usually people who have my name and address constantly bombared with me junk and useless pieces of information or requests for more money! I would recommened this trust fund to anybody who is in the market despite the fact that the £250 voucher has been cut from Government spending
Website: Visit the website for this product
Reviewed on 03 Jun 2011 by Mohammad sohel Miah
Good Points: Staff approach was good but lack of experience in dealing with customer
Bad Points: very bad customer service, They kept me waiting for one hour and failed to provide necessary information and support. I was quite disappointed at HSBC- Child Trust Fund provider service.I came back without opening an account.Then I have opened the CTF account with other bank in Uk.
They have very good reputation in banking sector but in CTF sector are not so good to recommend to others.I hope that HSBC will try to improve their customer service up to the standard.It is a multicutural bank so customer expectations are always very high and quality of information should meet these characteristics in all sectors by any means.Should the concerning authority please pay attention regarding customer service and staff training to meet the standard of the competative banking sector in uk.some sectors are very good but customer service and attention to the need of others should keep in mind.
Website: Visit the website for this product
Reviewed on 01 Jun 2011 by ANNA WALKER
Good Points: None
Bad Points: None
I opened the HSBC trust fund for my two sons as I have had an account with them for many years.. It was easy to do and the staff were very friendly and helpful. When I opened my younger son's I opened it online which was quick to do. You get regular information from them regarding any changes and a statement each year. It is also easy to pay in extra money
HSBC have a internet banking system that lets me track the progress
We have had a good return on my first son's so far and are hoping this will also be the case with my younger son.
Website: Visit the website for this product
Reviewed on 27 May 2011 by Stephe
Good Points: Easy to use, fast, face to face.
Bad Points: No paying in book
This is a good account that is showing a great return for what we put into it. The risk isn't too high, and you can transfer it to a lower risk when the child reaches 13. This account has shown a better track record than others we loked at, and our branch staff are always very helpful if we have a problem that we need to sort out.
All in all, its a great account to put money away into to save it for a lump sum when the child reaches 18, although I'm looking for a good savings account to work alongside this now as well, so that the kids can have some access to some money for special occasions.
Website: Visit the website for this product
Reviewed on 27 May 2011 by FARZANA NISSA
Good Points: EXCELLENT CUSTOMER SERVICE AND VERY RELIABLE AND QUICK
Bad Points: DIDNT RECEIVE MY DAUGHTERS PAYING IN BOOK AS TOLD I WOULD ONCE ACCOUNT WAS OPENED
I OPENED A HSBC CHILD TRUST FUND ACCOUNT FOR MY DAUGHTER AND I WAS VERY HAPPY WITH THE SERVICE I RECEIVED FROM THEM. I CHOSE THIS ACCOUNT BECAUSE I HAVE AN BANK ACCOUNT WITH THEM AND I HAVE BEEN BANKING WITH THEM FOR THE LAST 15 YEARS AND I WOULD;NT CHANGE MY ACCOUNT WITH A DIFFERENT BANK BECAUSE OF THE GOOD LEVEL OF SERVICE I RECEIVED WITH THEM1 I HAVE NEVER HAD ANY PROBLEM WITH THIS BANK FOR MY OWN ACCOUNT AND MY DAUGHTERS CHILD TRUST FUND ACCOUNT, I OPENED HER ACCOUNT WHEN SHE WAS 2MONTHS OLD AND SHE IS 5 YEARS OLD NOW, I REGULAR RECEIVE BANK STATEMENTS AND UPDATES ON THE TRUST FUND ACCOUNT!
Website: Visit the website for this product
Reviewed on 22 Mar 2011 by Luisa Meco
Good Points: I can see the amount it is worth on my internet banking on a daily basis
Bad Points: No one in the branches knows much about it
My daughter was born in June so she was entitled to the full amount and i thought that rather than let it go to waste i'd open one and after much searching around i decided on HSBC, mainly due to the fact that my accounts are with them.
The actual process was quite straight forward, i filled in the form and sent the voucher off but thats as far as the knowledge of the staff goes for it. Since it has been opened i have tried to talk to someone about it and regardless of whether i call or go into the branch no one is actually able to tell me much about it.
I have been very tempted to move it but am finding it increasingly difficult as there are not many that will accept transfers now.
If i could do it again i would definitely chose a company that has a little more experience with them, not just for ease.
Website: Visit the website for this product
Reviewed on 28 Feb 2011 by Julia
Good Points: It is linked to our accounts so we can pay in deposits if we want to and we can access it via our Internet banking account.
Bad Points: When trying to contact HSBC for advice, both on the High Street and by telephone, none of the staff knew much about the account and were of very little help.
After much deliberation on where to invest my daughter's money I chose HSBC as this is the bank where all mine and my husband's accounts are. She was born just in time to be entitled to the full £250 so we believed it was important to apply for it for her, even if we added no more money into that particular account in the future. (She also has her own savings account, which is much easier to access). It does its job, but, as I mentioned, we won't be adding any more money into the account, rather put it all in her savings account which is much easier to transfer our money into as we were actually able to link it directly to our account. I'm not sure if this is 100% accurate, but I also heard if any were to happen to the child the Government keep any money to themselves in the child trust fund account. I disagree with this (if it is true) and do not want to share anything with the as they take enough as it is!
Website: Visit the website for this product
Reviewed on 21 Feb 2011 by Katie Malone
Good Points: Staff are really friendly and when I received the first statement there was alot of great information attached with it. Very easy to use.
Bad Points: Statements don't seem to come every year and I would like to see where my money is going.
HSBC overall is a great bank but they need to be better with information on where your money is going. My little girl got her first statement in 2006 and I haven't received one since. The staff are very friendly within my local HSBC. I have been with HSBC all my life and have not any problems except with the statements. When I ring up about any queiries they are always willing to help and sort the problem straight away. I am now pregnant with my second child and will be putting my next child's money with HSBC for sure!
Website: Visit the website for this product
Reviewed on 07 Feb 2011 by Charlotte Marler
Good Points: None
Bad Points: None
i opened my childs trust fund savings account almost 7years ago now when the scheme was first brought in. It was very easy to use and setup and the staff were quite helpful. I did have the small problem of providing identification for my child when openeing the account as he was only 2months old and all i had was his NHS card and birth certificate which are not accepted by the bank and obviously at this age he did not yet have a passport or driving licence. Since starting my childs trust fund with HSBC i have also opened a general savings account for him there which i also have had no problems with. Overall good service provided.
Website: Visit the website for this product
Reviewed on 07 Feb 2011 by Silvia Reis
Good Points: I already had a bank account with them. can check the progress online.
Bad Points: Can not easily put money into it. Have to set up a standing order or direct debit. If you have a cheque I think can also pay it in.
My sone is 2 and I have only put in the 250 pounds that were given when he was born plus about 250 from gift and the value is already up to 800 pounds. HSBC have a internet banking system that lets me track the progress. I think they also have the major two types of account that you can open when you have the cheque from the governament (I am not sure if they stop it now) but this had to be into a child trust fund by a specific date. I opened mine as soon as I received it and hopefully I can be adding some more to it soon. They also give you an estimate by the age of 18 if you don't put any more money in and also if you add a fiver or a tenner a month.
Website: Visit the website for this product
Reviewed on 06 Feb 2011 by sandra
Good Points: very easy to access, both to pay and withdraw there is no min balance and can be transfer in to on internet banking
Bad Points: low interest rates but thats just because of current financial climate, was around 5% when opened
the account i opened was a high intrests saving account for children at hsbc , i made the initial application in the bank , and then had to provide my childs birth certificate to one of their branches.there seeme some mistake on the aplication but were unbelievably helpful in sorting this matter and the correct account was finally opened , in not very much time at all. i recived quarterly starements for the account, which is also handy however you can choose whether you want paper statments , or via personal internet banking. overall good option for my self and my daughter .
Website: Visit the website for this product
Reviewed on 05 Feb 2011 by Juliet Dillon
Good Points: Easy to talk to someone, and also easy to fill out forms.
Bad Points: Bad staff
The woman at the desk didn't really seem to know much about the fund. She didn't really help me, and I spent ages on the banks phone. The forms on the other hand were easy to fill in and the website had lots of information. Everything arrived quickly in the post. I opened up this account because my friends recommended it. I have had no problems with the bank since I opened it. If I were to have more children, I would make sure that their savings were from HSBC as well. When I opened mine for my son, the government makes an initial contribution, which is great
Website: Visit the website for this product
Reviewed on 02 Feb 2011 by bency k abraham
Good Points: 5
Bad Points: 0
I have opened a child trust account for my son nathaniel koshy on HSBC last year.
eventhough i applied it very late , when my son was nearly 2 yrs old, the help i got from HSBC to open the account the child trust account was enormous! they had sent us an application pack which explained every bit of things which has to be done for opening up a child trust account for my son.
the information pack was very user friendly and easy to understand so that i myself could do that within couple of days.
the service HSBC provides is excellent and we got the accoun sorted well before 3 weeks as they had mentioned.
i would recommend HSBC to anyone!
Website: Visit the website for this product
Reviewed on 02 Feb 2011 by sham
Good Points: savings account
Bad Points: None
Child Trust fund (CTF) is a savings and investment account for children born on or after 1 September 2002. The account belongs to the child and can't be touched until they turn 18. The Government has proposed significant changes to CTF from 1 August 2010 onwards.Please check here to see if the new rules apply to your child. Information on other pages of this website may not always reflect the new rules. If your child was born on or after 1 September 2002 and you have claimed Child Benefit for that child, you should have already received your child's voucher. If not you should call the CTF Helpline (see contact us button at the top of the page).
Website: Visit the website for this product
Reviewed on 02 Feb 2011 by sham
Good Points: savings account
Bad Points: None
Child Trust fund (CTF) is a savings and investment account for children born on or after 1 September 2002. The account belongs to the child and can't be touched until they turn 18. The Government has proposed significant changes to CTF from 1 August 2010 onwards.Please check here to see if the new rules apply to your child. Information on other pages of this website may not always reflect the new rules. If your child was born on or after 1 September 2002 and you have claimed Child Benefit for that child, you should have already received your child's voucher. If not you should call the CTF Helpline (see contact us button at the top of the page).
Website: Visit the website for this product
Reviewed on 29 Jan 2011 by David Culnane
Good Points: None
Bad Points: None
The overall service offered by HSBC Child Trust Fund is OK. Worth significantly less money than initially put in. Would mind if it at least broke even - we're aware that funds can go down as well as up. This is an investment over the long term. I know you cannot expect it to guarantee a return but I was hoping for better than this, I would question if there are any benefits in saving money for children this way. No return. It is better to put the money elsewhere in my opinion. I will be switching my account immediately.
Website: Visit the website for this product
Reviewed on 25 Jan 2011 by S.Griffiths
Good Points: Easy to set up, Yearly statements and able to access account info from my HSBC internet personal banking.
Bad Points: Has lost quite a lot of money.
We started this when my son was born in 2006, with the government grant of £250. We only put in £10 a month, as we were unsure how good it would be. The statement values are always less than the amount that we put in, although it is a long term investment. Hoping that as the economy picks up, saving may become more rewarding again, and we will invest more as we are able too.
The HSBC option seems as good as any other on the high street, and it was easy for us as we already bank with them.
Website: Visit the website for this product
Reviewed on 25 Jan 2011 by Sam Taylor
Good Points: Application is done online and only takes a couple of minutes to complete
Bad Points: It's an online process and takes about 10 days to set up and you don't get notified when it is set up.
We chose this as all our other accounts are with HSBC. It is easy to set up as it's all done online. Although this does present a problem in that when you go into branch the staff are unable to assist and refer you to the website. If you need assistance you have to call customer service.
You get annual statements, but can check the balance anytime by online banking. The only problem is when you set up the account you can only enter one parents name. As I entered my name this means only I can check on the account.
Also to pay money into the account you have to do it by bank transfer, you can't just pay directly into the account at the counter. So when my dear grandparents wanted to put money into the account they had to go to the bank, pay the money into their account and then set up a bill payment. All a bit complicated for them.
All in all it's not a bad account and it's good to have all accounts with one bank
Website: Visit the website for this product
Reviewed on 24 Jan 2011 by Anthony Trainor
Good Points: Excellent reception from staff
Bad Points: N/A
HSBC is unlike any other current, UK bank at the present moment in time. Staff treat you with respect and although there has been a lot of publicity regarding bankers, I do not feel like the staff (at least at branch level) look down the end of teir noses at you - or take ridiculous sums of money - which is probably owed to the general punlic.
I also think that they offer our children an exclusive and wonderful opportunity to save for their futures - whether this is to be invested in their education or perhaps a car for their 18th birthday.
Website: Visit the website for this product
Reviewed on 24 Jan 2011 by Georgina Bean
Good Points: None
Bad Points: None
I found the trust fund very easy to set up the staff explain every process of the fund and how it works and all in all a very rewarding task to do as its your childs future at stake. the staff are very friendly and helpful throughout the whole process plus you are never short of answers be it in the booklets provided or at the end of a phone call. I would always recommend setting up a trust fund for your children and most definately with HSBC as i believe they are the best provider for this particular use.
Website: Visit the website for this product
Reviewed on 24 Jan 2011 by Anna Southword
Good Points: Percentage rate was good from the start
Bad Points: Staff cold not find printed leaflet and had to download the info for us
My Sister had already opened an account for her first child and told me how impressed she was with HSBC,the staff even gave her little girl a small present to save up in,i decided to look around at the various options and what the interest rates were, one of the best performing was a fund called the Ethical Child Trust Fund which had done well even since the credit crunch and was standing at 30.58% at the time, but i had not opened a child trust fund before and was wary-so i took my Sisters advice and opened one with the HSBC. The Staff were very helpful and the only bad point was that they had run out off the printed leaflet but they did download one and followed this up by sending me more info by post- i am pleased with how the fund has performed standing at 29.48% last i checked in Oct 2010 and nice and easy to view account online.
Website: Visit the website for this product
Reviewed on 18 Jan 2011 by nichole york
Good Points: very easy to set up
Bad Points: didnt send us the account details
Very helpful and friendly staff, and very easy to set up the account. The only draw-back we found was that we were not sent the account details so we couldnt start paying things into the account. When we requested the details the staff were as always very helopful and friendly, but alas the details still never arrived. Eventually after a stern phonecall, someone managed to get it right and the details came thru the door. Now very happy with the account. easy to see online how much is in it, and top up now and then with as much or as little as you like. great for family a friends to give a little present at birthday, xmas etc too!
Website: Visit the website for this product
Reviewed on 14 Jan 2011 by pip
Good Points: very friendly and helpful
Bad Points: n/a
i opened up my child trust fund 4 years ago with hsbc
being a first time mum i didnt really know what i was doing , but the staff were very friendly and helpful and they explained and set everything up for me.
i got a little floder to keep all my paper work in n they also gave me a booklet explaing what happens to veyr help and trust worthy bank
if i recall my child got a little money book where you had to sort out the coins , maybe not so good for babies but as she grown she loved filling up her pennies box ( as we called it ) and sorting the out .
Website: Visit the website for this product
Reviewed on 11 Jan 2011 by hemisha
Good Points: staff friendly at local branch
really easy to pay into
Bad Points: can provide more information on the scheme
more incentinves for recomming friends
I would advise anyone to go for this plan. The staff at my local branch were amazing and even entertained my daughter while I sorted all the bits and bobs out. It's really easy to pay into and I am pleased to say that I have referred at least 10 friends to use HSBC too. I would like them to provide more information on the scheme, I think that would make it a lot better. I look forward to my daughter's pride when she sees how much we have saved for her. I just wish we'd had this for my older children. You can always go into any branch to get information on anyhting you may be unsure about.
Website: Visit the website for this product
Reviewed on 09 Jan 2011 by nicole keeling
Good Points: realy helpful
friendly
Bad Points: abit slow
very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very veyr very very very very very very very very helpful
Website: Visit the website for this product
Reviewed on 09 Jan 2011 by nicole keeling
Good Points: realy helpful
friendly
Bad Points: abit slow
very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very veyr very very very very very very very very helpful
Website: Visit the website for this product
Reviewed on 05 Jan 2011 by Stacey McCall
Good Points: Very quick, and hassle free!
Bad Points: Not very good interest rates
HSBC child trust fund was very easy to open up for our daughter. We did it online, as we already done online banking with HSBC. We Clicked the on screen instructions, and entered in the number on the letter sent from the government. Within about 7 - 10 days we had a confirmation letter giving us the new account details. And then a year on, we have recieved a yearly statement outlining exactly how much oiur daughter had made on the investment. The acocunt then also shows up on the online banking so we can transfer money into it if we wish to at a later date.
Website: Visit the website for this product
Reviewed on 04 Jan 2011 by Deanna Young
Good Points: Always keep me informed
Bad Points: None
This is a great trust fund account that i have been with for 7 years.
They are always prompt at giving me the upto date information and when i visit the branch they are always very quick to help and explain how the account is running.
I opened this account not fully understanding what the account would be used for but luckily it appears to be ok.
They also have a variety of other accounts that could also be useful for other savings and investments that may be needed. This is a populr account according to the internet searches i have ran.
Website: Visit the website for this product
Reviewed on 03 Jan 2011 by t slaws
Good Points: easy to oprn and now cahcek online but before on line satff werntt helpfull on phone
Bad Points: staff can be rude on the phone
sshop around my child is 4 and we have made 10 pounds psrofit in over 4 years which is awfull also banks are not always helpfull or have time to talk about things that arent really profiting them as much. becarfull putiing money in as you may loose it if rates and shares fall as they have drastcally which i have found and beaware that you can shaop and move aroungd although climate so bad at the momment its very hard to recommned any tyape of investment at all.
look at non fiancial comapnys ones you wouldnt norammly look at like boots go omline qand resaerch till you feel safe to amke a descion
Website: Visit the website for this product
Reviewed on 02 Jan 2011 by Naomi Pepperell
Good Points: Easy to set up
Bad Points: In branch staff unhelpful
lost details
I opened the child trust fund with HSBC for my daughter after reviewing a lot of other companies, it seemed the best and I held other accounts with HSBC so I was assured that this would be linked so I could keep a check on it online. This was not the case. The staff in the branch had no access to it either, and the only way I know how it is doing is when I get the yearly account, which seems to invariably get lost and I have to reorder one. The return has not been as good as hoped, and I would take a smaller return in exchange for better customer service!!
The details of my daughters account were lost twice when we moved house, apparently they were updated but someone 'forgot' to save the details.
Website: Visit the website for this product
Reviewed on 02 Jan 2011 by Amanda
Good Points: I was confused how I was suppose to open a trust fund account but I found very easy when I found out that I just had to go online to do so and within few days all the account details was at my door.
Bad Points: I don't really have bad things to say,maybe I wish that we didn't have a limit per year on the trust fund,so you didn't have to worry if you gone over the limit per year.
I think the trust fund is a amazing way if helping parents to save a bit more for their kids n specially now with all this crisis,it will at least help them when they grow up and what is ever better is that they can't touch it until they are 18.And as I mentioned before it would be nice if parents didn't have a limit per year as at the moment is 1,200 per year witch I think makes it harder when friends and family likes to give a present or help for the children to help with their future it is hard to keep track if it's gone over that limit .
Website: Visit the website for this product
Reviewed on 31 Dec 2010 by Rachel Venn
Good Points: None
Bad Points: None
i thought this is a great way to save for a new baby! i didnt have a trust fund when i was younger but after university and other activities ar you get older i can that it would have been very useful in supporting me do what i wanted to do. The hsbc trust fund wasnt the clearest but i know the money is safe and will be very useful in the futue once the baby has grown up. I have been with the HSBC bank for a long time now and i choose the trust fund with them due to trust as in the past other banks have 'messed me' around and made things more complecatedthan they should really be. Cant wait for the trust fund to grow and grow to give my child lots of options in the future.
Website: Visit the website for this product
Reviewed on 31 Dec 2010 by katie
Good Points: None
Bad Points: None
. The website is easy to navigate, and the account REALLY easy to set up - took all of three minutes. You do have to post the CTF voucher directly to them, but they provide the address to do it directly if it is about to run out to save time. The account provides lots of updates, and can be viewed online - the management fee for running the account is 1.5% and the investments are automatically moved to lower risks after the child turns 13. I found them very easy to work with. We set up a direct debit for ourselves, and slips were provided for other family members to set up direct debits for themselves if they wanted to (which saved lots of hassle for us!). All in all - I am very pleased with their service and their trust fund, and if we have any more kids - we'll be using them again. Someone above did mention that you should setup a top up for as much as you can - and I agree! This account makes it easy to change your regular payments, and you do get a free gift which
Website: Visit the website for this product
Reviewed on 31 Dec 2010 by chloe terry
Good Points: staff are really friendly
Bad Points: sometimes you cant get served as quickly as you would like to because there is a lot of messing around
overall the staff are friendly and you get chatting with a lot of the customers as you dont always get served becasue a lot of the time there isnt enough staff there to serve a lot of the people that would like to be served. There should be more staff to serve the customers, because iv seen a few of the customers walk out because its taken so long to be served, some customers are in there for a good half an hour which being in there longer they would look round the place to see the boxes that they have for child trust fund, and if a lot of the mums go in there with children they often put money in to buy them sweets, which is a great idea but there should also be something for the older people
Website: Visit the website for this product
Reviewed on 31 Dec 2010 by Leslie Marvill
Good Points: The ease of opening a small savings account for my grand-children.
The friendliness of the staff.
The help i received on opening seperate accounts.
The fact of knowing my grand-childrens small savings are in good hands.
Bad Points: Not enough information at first (Hence only 4 "eggs" for "quality of information", but this was more than made up for on my second visit where a very knowledgeable advisor took me through each step and simplified the matter.
The friendliness and help i received from the staff at HSBC was awesome. They bent over backwards, particularly on the second visit as i had misheard the information the first time. The advisor i saw took me through all the "Ins-and-Outs" of opening such accounts as i intended to pay money into five seperate accounts (5 grand-children) on a three-monthly basis. This lady simplified the opening of said accounts and explained all the benefits of these and the small nest egg amounts available to my grand-children on the fulfilment of these accounts. the whole interview and setting-up of the accounts was greatly simplified and apart from paying deposits and a couple of signatures i had very little to do as all the hard work had been done for me. The benefits of such accounts were extensively explained in such a manner that even i understood them.
Website: Visit the website for this product
Reviewed on 30 Dec 2010 by Laura Harris
Good Points:
Gaining money, Easy,
Bad Points: Not guarenteed.
Once set up, the Child Trust Fund has been really easy. There were some teething problems to begin with in setting it up - after getting an information pack from my local branch, I was advised to return to set it up. Upon returning to the local branch I was told it can only be done online.
After that initial hiccup, we managed to set it up quickly and easily online. Over the next months, we got periodic updates by post, in which the trust fund was growing steadily. It recently popped up on my internet banking, so I can easily keep an eye on it's progress.
Everythings been really easy right from the start, and hopefully will continue.
Website: Visit the website for this product
Reviewed on 30 Dec 2010 by yasmin
Good Points: Staff in local branch were very friendly.
Bad Points: Though friendly felt a bit pushy. Wanted us to sign up asap.
Staff bent over backwards whilst dealing with us. The children were able to play safely nearby to us so we could keep an eye on them. Was quite easy to set up. The staff walked us through the form. Even when we didn't quite understand parts of it, they were happy to go over it again without appearing to be annoyed. I think this is an excellent way to save money for your child or children. In fact what we decided to do is to use our child benefit to help towards the payment. What a wonderful way to build up a nest egg for your children. Def recommend to my friends.
Website: Visit the website for this product
Reviewed on 30 Dec 2010 by SP Sivabalan
Good Points: Very helpful branch staff explained all options
Bad Points: none so far
It is an ethical account which means that it doesn't invest in companies that deal arms or do things that you perhaps wouldn't want your child being involved in when they grow up!
I receive a yearly breakdown of what's gone in, how much it is currently worth and what might come out!
It has cute Mr Men all over the literature...although Im not sure why it needs to be attractive to my 2 year old!
As it doesn't invest in "nasty" companies that make the most money the return will not be as big as with other accounts. (But it's all 'good' money so you are rich in morals!)
fingers crossed this will be a windfall in 18 years, still not quite comfortable enough to throw more money into it yet, although ethical funds are the way forward.
Website: Visit the website for this product
Reviewed on 30 Dec 2010 by Dominique Kohrs
Good Points: It was really easy to set up, go into a branch or ring ahead to find out what is needed to set up.
Go in set it up and that's it.
Pretty simple and straight forward, did it with my 2 children and am going to do it for my baby as well.
Bad Points: none that i can think of.
The only down side of things is that my other 2 childern have had the benefit of the £250 child trust fund and now my son has the new £50 limit.
But then that is the way things happen.
As a mentioned before
It was really easy to set up, go into a branch or ring ahead to find out what is needed to set up.
Go in set it up and that's it.
Pretty simple and straight forward, did it with my 2 children and am going to do it for my baby as well.
I hope that if anyone has read this that there experenice if a pleasant one.
Website: Visit the website for this product
Reviewed on 30 Dec 2010 by Samantha Barrett
Good Points: None
Bad Points: Only bad point is the trust fund voucher has dropped to just £50 and that it is being stopped
I already bank with HSBC and have 2 other trust funds for 2 of my older daugther's so it made sense to have my youngest at the HSBC as well, I know the staff in my local bank as I have held my account for over 11 years, they are friendly and helpful. to apply for the child trust fund it's done online and was so easy to do and didn't take very long at all, I really think the child trust fund is a great scheme and it is such a shame it's being fazed out but thankfully my youngest is still entitled to something even if it is just a fraction of what 2 of my other's got
Website: Visit the website for this product
Reviewed on 30 Dec 2010 by Sian Bornes
Good Points: It was good that we could set up the account online so was easy and convienat to set up with a new born baby!
The account shows up on our internet banking so can easily and quickly see how it is doing without having to log on as a different user.
Bad Points: Took quiet a long time for any information to be sent to us and then this was only a letter confirming that it was set up - we actually don't know how to put money into this account if we wanted to!
This child trust fund was easy to access information about online and the online application process was easy to understand and the types of acount available were explained in short and simple terms. I liked the fact that I could go into a branch to get some face to face information but they could not let us apply through them. The lack of information about adding to the account is disappointing and makes us slightly less likely to bother finding out by searching online or asking in a branch. A fair service in terms of time it took to set up the account.
Website: Visit the website for this product
Reviewed on 30 Dec 2010 by denise smith
Good Points: easy to set up
Bad Points: had to make an appointment to set the account up which meant two trips to the bank, could not set it up over the internet
staff really friendly and helpful they explained all the options available to us and gave us all the information we required. not sure if all branches are the same but at my branch they could not be more helpful. They went through all the information regarding the child trust fund, explaining all the different options available to us if we wanted to ask questions they were only too happy to go over things for us. All in all we found it really easy to set up, the staff who dealt with us knew exactly what they were talking about and they were extremely friendly and nothing was too much trouble for them.
Website: Visit the website for this product
Reviewed on 21 Dec 2010 by Neil Maguire
Good Points: Very easy to apply for online and once set up easy to pay money into. Automatic overflow account set up for additional money paid in.
Bad Points: Is no longer available to open in branch. Spent time going to a local branch to open account onloy to be told due to government changes can only apply online.
The HSBC child trust fund account is very straightforward to set up and use. It is applied for totally on line and then you will be given an account number for friends and family to pay money into. It also allows a cooling off period of 14 days should you wish to close it. If more funds are paid into the account and it goes above the £1200 limit allowed on Child Trust funds then surplus money will be paid into an overflow account. In terms of performance this is not the best historically but it certainly does perform well. If you are an existing HSBC customer then this may well be the Child Trust fund for you to choose.
Website: Visit the website for this product
Reviewed on 26 Nov 2010 by kerry gresham
Good Points: easy to set up just get a pack in branch and take it in all filled out with your certificate from government.
Bad Points: only get a statement once a year and dosent seem to go up much.
the staff behind the counter in my hsbc bank dont seem to know much about the child trust fund but they brought someone out to talk to me about the pack, they fully explained what i had to fill in and where, what to include etc.
they told me to bring it back in branch as soon as i could and that i would then receive all the relevant documentation through the post. i have 2 out of my 3 children's child trust fund with hsbc and my 3rd babys with another bank. you get a statement every year around your childs birthday and now you can look at the account online too.
Website: Visit the website for this product
Reviewed on 26 Nov 2010 by lauren day
Good Points: None
Bad Points: None
they were of now help. i was told i couldnt open an account for my daughter eve though i had her birth certificate. i was told she coouldnt have her own bank account because she was too young so if i wanted to check the grant money then it would have to go into my savings account which is ridculous. i asked if there was anyway to get her her own bank account and i was told and that they couldnt be of any help. that is the only problem i have had with HSBC as i am with them myself, and i think it is apauling and something should have been done about this or they should have given me more reason as to why she couldnt have her own bank account.
Website: Visit the website for this product
Reviewed on 14 Nov 2010 by robina
Good Points: None
Bad Points: None
i had opened my account in jan 2007 wid hsbc since then i preffered to have a sloutin of all my financial matters with them
because of their good staff
because of their best dealing
their informative broucher
my account with them gave lots of information which i haven't had before
i wish i could manage it and my familly members are contributing in this with me
now a days i am thinking to put all the extra money in this account so it would be a marvallous gift for my daughter when she would be a grown up girl and feel happy
Website: Visit the website for this product
Reviewed on 11 Nov 2010 by nagham yassine
Good Points: very easy to open
Bad Points: cant think of any
when i opened the account i felt very welcomed and the staff were very friendly and helpful.
i am called every once in a while to ensure i am making the most of their service and i am sent statements every so often.
the information pack received when opening the account is very helpful and provides you with clear guidelines of what the child trust fund is about how it works how to pay money in and who can pay money and how much you are allowed to pay in every month/year the interest
received and how your child will benefit from having this service.
Website: Visit the website for this product
Reviewed on 23 Oct 2010 by Yasmine malik
Good Points: As HSBC is my where i have my bank, it was naturally my choice to go with HSBC as their service is excellent. It is very rare that i have to contact the bank with a problem. If there has been an occasion, they have resolved it quicky, efficentely and to my satisfaction. The account was quick and easy to set up.
Bad Points: There are no bad points!!!!!!!!
As HSBC is my bank, it was naturally my choice to go with HSBC as their service is excellent. It is very rare that i have to contact the bank with a problem. If there every has been a problem it is quick resolved to my satisfaction. They send regular statement of their CTF accounts and inform you of any changes well in advance. HSBC are an excellent bank with super customer service. Their staff go beyond their duty to assist you and make sure you are well looked after and your needs are adequetly asessed. Any queries are quickly and easily resolved. What more can i say and excellent bank with super service.
Website: Visit the website for this product
Reviewed on 22 Oct 2010 by chelsea bates
Good Points: none
Bad Points: was told my son had to have a shareholders fund, in the space of 2 weeks he "lost" nearly £100 in the so called shares they brought and sold.
rubbish communication, when i tried to sort my sons trust fund out i was told that it wasnt any of my business what they did with my sons money. even though i am his parent and main holder for my son, i was treated like i didnt matter. i was told that my son who was 6 months at the time would have to write a letter of permission for them to talk to me. would tell anyone who thought of goiong with hsbc, to stay away! worst experience ever when i tried to change the fund to another account.
Website: Visit the website for this product
Reviewed on 22 Oct 2010 by Mrs T Cracknell
Good Points: When I had my son I had to open up a trust fund and HSBC mad eit easy to do and easy to understand
Bad Points: When the statements come through I have a little trouble to understand them as I am not sure on the understanding of shares
My son has a trust fund with HSBC I have found them to be really good every year I get a statement trom the bank on regular occasions. If I am not sure of the statement then I am able to go into the bank and speak to a member of staff who will advise me on the statement. It is easy to place money into the account and you a limit to how much you can place in but you can place money in at anytime from the from my sons birthday to his next birthday. HSBC do everything when it comes to buying shares for my son i have been happy with them.
Website: Visit the website for this product
Reviewed on 20 Oct 2010 by andy nichols
Good Points: very helpful staff
we are enjoying putting a little bit of money into Erin's future each month
we love to know that it is in safe hands
Bad Points: diffiulty getting account details to set up direct debits
very helpful staff and very easy to set up the account. we are enjoying putting a little bit of money into Erin's future each month and love to know that it is in safe hands.Once the account was set up we really wanted to deposit some money stright away and set up regular direct debits, but we never recieved a letter with the account number and sort code for the account. when we requested the information they said they'd send out another letter but they did not. On the next attempt they sent out another and we did reieve it so all good! Perhaps more a problem with the postman than with HSBC??
Website: Visit the website for this product
Reviewed on 06 Oct 2010 by Lucy salkeld
Good Points: Really easy to do fill in forms and post them off it's set up within a few weeks and you get regular updates
Bad Points: Has not really got any to be honest
This is a great service easy to set up and staff where really helpfully and showed me what to do. Once set up got a welcome pack that told ya everything ya need to know like what would happen with ya money and if other people would like to put money in a form to do it. I also get updates lettin me know wats happen with the money and how rates can effect it. I would say this is the easiest thing I ever done with hsbc and have had no trouble with it at all. Over all I would tell people to use this one as it very gd and simple to do 10 out of 10
Website: Visit the website for this product
Reviewed on 29 Sep 2010 by rebecca poole
Good Points: None
Bad Points: None
hsbc was a great choice for my son's child trust fund voucher. I got a pack of detailed information to make the right choice, and its all easy enough to fill out. i made the choice to put the money voucher into shares, you will revieve a statement from hsbc every year. my son is three and has already doubled his money and thats not included the money what i have put into his account for him. so by the time he is old enough to spend the money in his account, he should be able to buy a nice little car for himself and also his driving lessons. hopefully will save me some money :)
Website: Visit the website for this product
Reviewed on 28 Sep 2010 by Leanne Hathaway
Good Points: Excellent return so far and very easy to open - I have banked with HSBC for many years and like the fact that they don't pester me all the time to offer different services.
Bad Points: None to date!
We opened a HSBC child trust fund with our £250 voucher about 12 months ago and have just received a statement saying this is now worth almost £400. This seems to be pretty good in quite a short period - our logic in using the HSBC fund was that the admin fees were low, and it would be invested in UK shares (we received our voucher when the share values were very low - there must be some advantage to having a credit crunch baby!). So far, so good and proving much better than a cash account. Fingers crossed it continues to produce returns.
Website: Visit the website for this product
Reviewed on 23 Sep 2010 by sam davison
Good Points: Simple
easy to open
good rates of interest at the time of opening
Bad Points: nothing specific
we decided to open this account for our first born by post and it couldn't have been easier, just fill out the form, send it off with the cheque and within weeks we had all of the paperwork back and the account was open. We get the statements on an annual basis and they are very clear therefore there is no room for confusion. As this was a high risk account we are currently not doing too well, however that was the risk that we signed up for and the hope is that things will turn around very soon. There could be a problem with this connection
Website: Visit the website for this product
Reviewed on 23 Sep 2010 by ana bosic
Good Points: very usefull if you are thinking about the future. You save without thinking about it. You can also put on a direct debit amount every month.
Bad Points: Unfortunately you can't withdraw until your child turns 18.
Happy with it, it was very easy to set up the account and I received all the information that I needed before hand. Straight forwards really! good investiment if you want to keep saving witthout having to remember to do so every month. You work out how much you want to save each month and it is amazing how much you saved at the end of a period of time. I encourage everybody to do it because you will never know what will happen to you tomorrow and having some savings might help your child for a kick start on something later in life! Good luck!
Website: Visit the website for this product
Reviewed on 23 Sep 2010 by Elaine Jenkins
Good Points: Staff were very child friendly and made my daughter feel like the customer
Bad Points: took some time in the bank to get it up and running, form filling, the usual things
I am really happy with HSBC, the service they provide, the ease of online banking and instore facilities. When setting up my daughters account this was chld friendly (I took my daughter in with me) they treated her like the customer which of course she was, and explained the trust fund to us, how it worked, how the fund matured, when my daughter would be able to access this,, etc.
We recevie an anuual summary about the trust fund which we file away. Everything seems striaght forward and we have been really happy with this trust fund gift from the government and the bank we have chosen
Website: Visit the website for this product
Reviewed on 22 Sep 2010 by lianne ivins
Good Points: none
Bad Points: have spent a few weeks awaiting my application form and still nothing.
I went into the hsbc bank down albany road and gave my details for a ctf application form to be sent to my house and after waiting a few weeks nothing had arrived which delayed the process so instead i went to natwest instead and i am now opening a ctf account with them. I am disapointed in hsbc telling me the relevent information would be sent as now it has taken even longer to open my sons account which could of been opened sooner they took all my details so i dont know why i havent heard anything very misleading and unproffesional i was not very happy with th service i recieved and when i went to the natwest branch they were able to give me the ctf application form over the counter so i dont know why hsbc couldnt of done that in the first place.
Website: Visit the website for this product
Reviewed on 21 Sep 2010 by Mrs Zoe Bannister
Good Points: Very easy to fill in the form on line
Bad Points: Could only be filled in on line
First of all i chose HSBC as the Bank is in walking distance of my house, but then after a few phone calls i found out that i could only open the child trust fund account on line, which was a bit disappointing as i would of liked to speak to someone in person in the Bank first before going ahead with the application, on the upside when i did have a look at the form on line it was very straight forward and easy to fill in. and the letter to clarify the opening of the account didnt take to long to come through in the post.
Website: Visit the website for this product
Reviewed on 17 Sep 2010 by Sherrie Vye
Good Points: The Staff were very patient its not easy trying to talk with the little ones interupting. The staff were very good with the children
Bad Points: I really didnt get enough information, and I would prefer to have statements more often.
I really want to give my child a good start in life, so a trust fund is definitely the right way to start, unfortunately due to the economic climate at the moment all rates are pretty low. The staff as I say were wonderful and made me at ease and entertained the little ones too. I did however find that I left without all the information I wanted due to my youngest needing a feed, Things took longer than I had planned. I did however pay another visit at a later date and was given all the info I needed. I am happy to stay here at the moment but should a better option appear of course I will take it.
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by Rebecca Black
Good Points: Everyone helpful easy to understand
Bad Points: no bad point
really happy with everything with my childs account. when we first got the trust fund money thur we we not sure who to go with but we thought we would go with hsbc as everyone is friendly helpful and kind and whenh we got the information pack thru we were really happy with how fast it came and how easy it was to understand so we decided to go ahead with ths child turst fund account as we are always kept up to date with anything new that may be happining with the child trust fun or how much is in our sons trust fund accont .
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by Jennie Gallacher
Good Points: Very easy to open and set up direct debits
Bad Points: None
To me it was only natural that I would open my CTF's with HSBC as I have always banked with them since leaving school. When I got the voucher to open my son's CTF in 2003 I did do some research with other local banks and to me at the time the one offered by HSBC seemed the best to me. There was no question in my mind where I was going to open my youngest daughter's CTF back in 2007. Really easy to set up / cancel direct debits and a paying-in book for any other payments you may want to make during the year.
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by Carla.
Good Points: Very helpful friendly staff who are always happy to help.
Provides long term savings wich they can acess when there 18.
Bad Points: With Everything, there can be a little confusion at times.
Well, i think it is a very good, friendly atmosphere in the branches.
There are two types of Child Trust Fund: a Stakeholder, and a non-Stakeholder. A Stakeholder must follow cetain rules.
The Government will make an initial payment via a voucher to all eligible child benefit claimants
This money and all future payments are placed into an account for the child which works in the following way:
The Cash Account - all CTF payments are paid into this account.*
The Investment Account - once payments have cleared in the Cash Account the cash is moved into the Investment Account to buy shares in the HSBC UK Growth & Income Fund - CTF Accumulation Share Class. This fund invests in stocks and shares which means the price of shares and any income from them can go down as well as up. It is possible that the value may fall below the original investment. This may also happen as a result of changes in the rate of exchange where overseas securities are held.
The Overflow Account - any payments we receive over £1,200 in a birthday year will be placed in this account. When the child reaches their next birthday this money will be moved to the Cash Account. *
* Interest on the Cash Account and Overflow Account is currently paid at 1% below the Bank of England base rate. Interest is accrued daily and paid annually, normally the day before the Child's next birthday, into the appropriate account. If the Bank of England base rate is 1% or lower, interest will not be accrued.
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Reviewed on 15 Sep 2010 by Holly sewell
Good Points: They are all really friendly there and when you phone up you always get a nice kind response on the phone there are all types of different information to help me chooses to go with them or not they are always helpful and i have trusted them for several years now.
Bad Points: there are not many bad points about them they always are nice and friendly towards me so i have no complaints..
They are brilliant when finding information you need and when you ask for something they do it straight away you always get letters on time for when you want them and when you phone up you always get a nice friendly person who talks to you on the phone you are a great company to go with and i recommend it too all my friends they help with with all different information to help me chooses to go with them or not they are always helpful and i have trusted them for several years now. HSBC are a great company to go with i'm glad i went with them
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by tasha goff
Good Points: already had an account with them and its easy to get yearly updates.
Bad Points: none
found tax fund very good idea wish it was around in 2000 when my other child was born as needed to create and account for her now . found that HSBC was the best place to place her account eventhough most of my friends have their children with ASDA.
would be a shame if the government stops this ars it makes a good start in saving for your child future.
would however i would like to point out that half yearly statement would be more beneical and being able to move it from one bank to another father than locking into one would help for best rate.
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by Roxy
Good Points: Money cannot normally be taken out of a Child Trust Fund until the child reaches the age of 18. However, at that time, the money will be free from income and capital gains tax.
Bad Points: None
I have the experience of opening a HSBC - Child Trust Fund in the UK. The staff there was quite helpful and friendly, guiding my way throughout the whole process with a sufficient amout of information.
Available for all children born on or after 1 September 2002 who live in the UK and are not subject to immigration control.
There are two types of Child Trust Fund: a Stakeholder, and a non-Stakeholder. A Stakeholder Child Trust Fund means that it needs to follow certain rules defined by the Government.
The Government will make an initial payment via a voucher to all eligible child benefit claimants, and this money and all future payments are placed into an account for the child.
I think this is a very good idea. Hope this helps!
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by penny mather
Good Points: easy to follow application
Bad Points: had to be done via post, i was not able to complete at local branch
so far so good we are very happy with our choice of bank to open the account after much careful consideration as there are so many to choose from and all seem so appealing, with free gifts and vouchers. We receive a statement from the bank quite frequently showing the interest the account has gained so far and to date it has received quite a good rate of interest compared to many of the other accounts available. the staff at our local branch were able to offer a lot of advise and assistance although the application had to be manually completed and sent via the post along with the cheque/s which you wanted to open the account with which was my only concern incase they were to get lost in the post.
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by emma barnard
Good Points: lots of services to use within the branch
Bad Points: no parking
i have been with this bank for over 15 years its the best bank.They have a brilliant branch in lincoln town centre which is very modern throughout the branch. the staff are very friendly and helpful i would definatly recommend all my family and friends to the branch. over 15 years i have never had to make a complaint or had any problems the telephone and internet banking is amazing it really helps if you need to know something at home. all my family members are with hsbc and are hoping to stay with them for many more years to come.
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by kirsty-ann hughes
Good Points: it is easy to put money in the fund the staff are friendly
Bad Points: no regular up dates
i would say that it is a average trust fund but there are somee others than can be better
with no regular updates you are unsure about how well the fund is doing. the staff are friendly and help you make the a descion based on different circumstances ie childs age etc.
more information woud be better for example how well the fund oculd do in certain finacal crisises. i would refer freinds to this trust fund.
the interset rates are good.
you can set it up online with ease and have information packs sent out or you can do it in you local branch.
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by Lou Williams
Good Points: Easy to set up and friendly staff
Bad Points: Rate of return!
I have all my banking with HSBC but after a lot of research at the time for my youngest childs Trust Fund it seemed that HSBC was a good one to go with. It was easily set up with my local branch where the rest of my banking is held and it ticks a long. I am not sure if it is the best place for it now and as I am no longer in a position to pay in to it (following my divorce) it is not really growing but that seems to be the case with most investments in these difficult economic times. It's worth shopping around at the time but at the time was due to be set up - 5 years ago - HSBC was a good one and the service was good - but thats why I bank with them anyway!
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by Charles Kelly
Good Points: None
Bad Points: None
I choose halifax bank of scotland because i have a bank account with them which i have had since I was born so i decided it would be better to keep it all together. I went into the bank and ask for the form and it was very quick and simply to get. I went home read throught the information to make sure it was the one i wanted then filled in the form which was very simply and straight forward to do. i sent the form with the voucher away then got confirmation that i had set up the account.
Website: Visit the website for this product
Reviewed on 15 Sep 2010 by oana livadaru
Good Points: 5
Bad Points: 5
this bank child fund trust is very good.i am paying 10 pounds monthly and i am getting a statement to let me know the situation of my child account.i hope it will go bigger and my son will used them .thank u very much to all of them,they are doing a great job.i will recomend this child trust fund to all my friends and to all the peoples i know because they are very good and they know to work with people and for people.trust them and you will win,believe me it worthi it.is good for everybody.u have with who to talk
Website: Visit the website for this product
Reviewed on 07 Sep 2010 by Garima Gupta
Good Points: Good for Child Future
Good Interest rate
Bad Points: None
HSBC Child trust fund is very benefitial for Childrens .This will secure there future time for there education .The overall service offered by HSBC Child Trust Fund is good. Worth significantly less money than initially put in. Would mind if it at least broke even - we're aware that funds can go down as well as up.This is an investment over the long term. You can expect it to guarantee a return.The staff at my local branch were amazing and even entertained my daughter while I sorted all the bits and bobs out. It's really easy to pay into and I think that would make it a lot better.
Website: Visit the website for this product
Reviewed on 07 Sep 2010 by susanne oxford
Good Points: This was a doddle to set up
Bad Points: Fund total has gone down so far - no surprises there!
We get an annual statement telling us of the current fund total which is clear and concise. The statement also tells us how much more we can contribute to the fund in the year which is fine for those who have the available funds to put aside. Quite honestly, I find the whole CTF thing rather depressing. Although I am aware that it is shares based and that the current economic cllimate is no fun it's really annoying that, as someone at the bottom of the money tree we get given an amount of money to provide a future nest egg for our child which we then have to invest and then it looses money. Just give me the cash to bury in the garden!!
Website: Visit the website for this product
Reviewed on 25 Aug 2010 by Kirsty
Good Points: It's very simple to set up - it can be done online.
Bad Points: It's not always the best money making option.
Easy to use and easy to set up. When we opened the account we found the information provided was fantastic.
We have since decided to open a second one with our youngest child.
The 1st has lost a lot of money, and the 2nd has gained money, so it's all a bit hit and miss really, but you need to make the decision that's right for you.
No spam all is great with it, and I would highly recommend. You can put your own funds into there, up to a maximum of £1500 per year which is great for saving.
Website: Visit the website for this product
Reviewed on 24 Aug 2010 by anneliese king
Good Points: Really easy and quick to set up. Can be done by post so there is no need to drag the kids in to a branch.
Bad Points: I opened ours quite quickly and in a year I've only had one statement. IT would be nice to get them quarterly just so you can see whats going on
the information on how the fund works is really good. It explains everything you need to know in a simple manner and doesn't use jargon. Information is sent out very quickly. I likeHSBC in general and find the staff are very helpful and friendly whilst professional. It would be nice if you could access the trust fund on line, again so you can review its progress and decide if you want to add more funds or not. Generally it would be nicer if you could save more than the current limit of £1200 and it would be good to have little cards you could send out to family so they can contribute if they want and have all the details available
Website: Visit the website for this product
Reviewed on 24 Aug 2010 by collette bowen
Good Points: I found the trust fund easy to set up.
good communication from the bank.
easy to set up direct debits.
Bad Points: i dont have any thing bad to say.
I only have good things to say about the trust fund it was easy to set up yearly statements which are easy to read and have all the relivent information. i also found it very easy to set up a direct debit. if i every had any questions or queries i feel like i could approach the bank and have my mind put to rest quickly with friendly staff. if i had another child i would use the bank again and would definitly recomend to friends and family. overall i would rate the servies ten out of ten. i am one very happy customer.
Website: Visit the website for this product
Reviewed on 19 Aug 2010 by shamima islam
Good Points: quick and easy forms
Bad Points: they need to be more clear about stake holders
After all the researching on which account to choose i finally decided to choose HSBC as my second child has an account already with them. I was very confused about stake holders and didnt know what would be the best for my child then on the news i heard they were going to stop giving out child trust fund vouchers so thats what rushed my decision. I popped in to the local HSBC bank and spoke to the lady at the counter she didnt have forms in that day but sent me a pack through the post. I filled out the form and it was easy as that.
Website: Visit the website for this product
Reviewed on 14 Aug 2010 by rehena begum
Good Points: lots of information in the pack
Bad Points: delays in getting forms and also cannot fill out online
well i have been looking for a child trust fund account which meets my needs, and i did not wish to invest in too many risky things. i went into the hsbc bank to ask about the ctf accounts. the staff at hsbc were very friendly but the only problem was that there was not a way to fill it all out on the internet so we had to fill in a form which was annoying. and on top of that there was no forms in the bank so we had to request a form to be sent. we waited for two weeks and no sign of the form even though the lady did assure me i would receive it within 5 days. i then went back to the bank and requested again. once received i filled in the form and it took a while for me to get confirmation back from them. so i think it is alot of hassle but hey its gotta be done
Website: Visit the website for this product
Reviewed on 28 Jul 2010 by Sophia Kapcia
Good Points: Simply and straightforward online application process.
Bad Points: Had to make contact after applying to get account number and other relevant details. Also have to search online for the policy document about the fund.
I decided to start a HSBC CTF because they are my main bank and I have been banking with them for 6 years. I filled in the application on line and then waited for the information to come through the post. The online application process was simply and straightforward, all I had to do was to enter the voucher number I didn't have to take the voucher in to a branch so that was good. However, I didn't receive any confirmation or relevant documents through the post and after three weeks of completing the application online I had to write the bank to find out what was happening. After the letter I sent to them I was promptly sent a confirmation of the account number. I am now watching the fund to see how well it does.
Website: Visit the website for this product
Reviewed on 06 Jul 2010 by tahseen
Good Points: None
Bad Points: None
this hsbc trust fund is the one i would request people or parents to go with because its very trust worhty i am myself with this bank and now i haved regisstered my son he has been with the bank for over a year they were really helpful as im a young mother the staff helped me make a decision and i thought it was the right one all the kids in our family are with this hsbc child trust fund i am pregnant again and m due in npvember i will look forward to starting my new child an account as there is alot of interest aswell
Website: Visit the website for this product
Reviewed on 20 May 2010 by angela neate
Good Points: Quick and easy to set up
Clear information given
Bad Points: Only a yearly statement
Cannot view online
The account is very quick and easy to set up, with staff in the bank being helpful at giving valid information on the account. You recieve a welcome pack that includes all relevent information and confimation in writing that the account is set up. Although im pleased overall with the account i think there are a few points which could be improved upon. You only recieve a yearly statement which can make it hard to keep track of how much you have paid into it. Also you cannot view the account online which means you have to keep a record of all payments yourself. Apart from the two negative points a very good trust fund.
Website: Visit the website for this product
Reviewed on 15 Apr 2010 by sumaiya
Good Points: the good thing is that hsbc is a really good bank over all and is very easy to access.
Bad Points: the bad thing is that not every town has hsbc bank.
When you have an account open with hsbc, on the birth of your child you would recive a £250 voucher,the other good thing is that you can start saving for your child at a young age so when they get older they atleast have something in their account and doesn't have to rely on others for money. The management fee is also excessive as far as i am concerned, but as i dont know what othe banks charge, i cant comment. I think it is a very good way to save for your child at a early age. I think the inerest rates are the best, and whoever you have a son or daughter will be happy to have an account at an early age.
Website: Visit the website for this product
Reviewed on 27 Mar 2010 by Ben Sutton
Good Points: Can phone for a fund update any time.
Anyone can Direct Debit into the fund.
Yearly statements.
Safety of a massive financial institution that has not had to call upon the taxpayer for help!!
Bad Points: None
I chose HSBC CTF for my two children before the financial downturn due to their weighting in the banking markets worldwide- in other words, your money is safer with them than any one else.
Once set up, you/your child receives a statement 1 month before their birthday each year- this shows how much has been invested over the previous 11 months and gives you the opportunity to top up and make the most of the tax efficiency of each fiscal year of the fund. You can (I have done) phone at any time to get a breakdown of the fund.
This fund did not have the largest growth before the downturn, but, safety comes at a price, the fund has grown by 30% over the last few months above most others, showing the credibility of HSBC.
If you want lot's of free goodies and stickers this is not the fund for you, but, if your real interest is in your childs future and safety of their investment- you should go for this and do your best to invest into it as and when you can.
I can transfer from my own account into the fund any time on the internet and any amount over £10.00 also family members have direct debit's going straight into the funds too.
Good luck.
Ben.
Website: Visit the website for this product
Reviewed on 26 Mar 2010 by Sarah Patterson
Good Points: Easy to open, good information
Bad Points: None so far
This account was very easy to open and the staff I dealt with in branch were really helpful. Since we have opened the account the information we have received has been really good without being us being bomabarded with unnecessary mail. So far we haven't added much to the account but that doesn't seem to have meant they've given up on us and they still send us info so if we do want to add to the account we will have all the information we need. We have other accounts here which is why we opened the Child Trust Fund here and so far we've been very happy with our choice.
Website: Visit the website for this product
Reviewed on 22 Mar 2010 by sumaiya
Good Points: The good thing about child trust fund is that you can can start saing money for their future untill they are the age of 18.
The child trust fund is good because all the contribution will be a gift to them, and the goverment makes an additional contribution when the child is seven. after the age of 18 the money becomes freefrom income and capital gain tax.
Bad Points: The bad point is that the money cannot be taken out of the child trust fund untill the child is 18.
the other bad point is that only the people who are on benafit can open an account for child trust fund.
a child trust fund is good for people who are not good at saving, with having a child trust fund you can save for your childs future at an early age and knowing that your contribution of money is safe with the bank till your child reaches the age of 18. Family and freinds can contribute towards the child trust fund.Its good beacuse you can put as much money as you want, and its better for people who are on beafits its a very good help for them for their childs future, also the goverment is making a initial payment of £250 via a voucher to all eligable benifit claiments.
Website: Visit the website for this product
Reviewed on 22 Mar 2010 by iain fleming
Good Points: none -really
Bad Points: where to start, after trying some others i thought i would try HSBC -
having to go around various call centres - India, Phillpines - a total bad joke.
i don't understand why british banks have to use forigen call centres - when we have plenty un employed there, at least English is the chosen- language. Staff didn't have a clue what i was talking about- 1 never heard off the Child Trust - once i had spent 5 minutes explaining myself !!! they read off a script sheet - and even then transfered me -elsewhere - i was slowly losing the will to live - as you guessed i had to get over the language barrier and explianed all over again. this a best is shocking - terrible customer service.
Website: Visit the website for this product
Reviewed on 25 Feb 2010 by hanna
Good Points: intrest rates are good
Bad Points: no coments
i thibk that hsbc is the bank in the world for me.
because it's very easy to use the acounts and the website. and the information that they give you is very clear to under stand,
and the staff is very friendly too, and the staf help you very well.
and the intrest rates are very very good too
and the saveing accounts are realy good too.
and the best thing is when you ask for the statment they will send you it strait away within tow to three days.
and the online banking is very very good too i find it realy easy to use the internet banging.
Website: Visit the website for this product
Reviewed on 24 Feb 2010 by Dom Moody
Good Points: Simple to set up
Clear and accurate statements
Reputable and established bank
Trustworthy
Bad Points: None to date
This child trust fund was simple to set up after my son's trust fund voucher had been received, I just needed to complete some straightforward paperwork and submit it along with his birth certificate which they prompltly returned. The statements he receives are addressed via myself as trustee which is good and there is the option to add extra monies each month to to pup the account, although this isn't compulsory. When the statements arrive they are clearly laid out and easy to read and understand. The staff are helpful and approachable and I would definitely recommend them to others looking for a suitable account to open for their little one.
Website: Visit the website for this product
Reviewed on 21 Feb 2010 by Alice Bendall
Good Points: little paperwork,
quick to set up,
friendly staff,
easy to track.
Bad Points: none really!
I found opening my little boy's trust fund very easy and straight forward,
there was little paperwork to complete and the paper work that there was was sent out in a way that was straight forward and easy to understand. The staff were very helpful and friendly and his trust fund was set up realativley quickly. I also found that i had a good choice of the type of trust fund i wonted for him, depending on level of interest or security so i could choose exactly what i felt comfortable with. It is also set out so that i can track it's progress and i receive regular updates and reminders. all in all i am very happy with the service and would recommend it to anyone.
Website: Visit the website for this product
Reviewed on 29 Jan 2010 by Hayley Spencer
Good Points: Can be done online
Information very clear and easy to understand
Statements sent every year
Bad Points: None so far
Can be done online and the information is very clear and easy to understand. This way I could review the information from home and if I had any questions either visit the branch or phone the number provided online.
The website clearly informs you of the amount you can add yearly, and clearly states the terms of the account. Interest rates are clearly stated etc and there is also an option for a seperate savers account if you wish to deposit more than the allowed amount yearly.
I receive a statement from HSBC every year to let me know how the investment is doing and what its value is annually.
Website: Visit the website for this product
Reviewed on 21 Jan 2010 by kristina
Good Points: None
Bad Points: None
i found it quiet easy to open a child trust fund with hsbc as i already had an account open with them for myself. considering the money has been in the bank for nearly 4 years now and it has not recieved much interest in fact its made 50p interest in the last four years. so i doubt i will be opening the next child trust fund with them when my baby is due later on this year. on the other hands i felt safe at the time and felt it was the right thing to do by opening the account there its swings 50/50.
Website: Visit the website for this product
Reviewed on 18 Jan 2010 by mari jones
Good Points: Variety of places to chose from
Bad Points: Very confusing as a whole
Overall as a family we were very impressed with the service. We had been extremely confused about all the different places we could invest our child trust fund but after a meeting with our local branch of HSBC we decided to invest there, the staff were so helpful explaining everything to us in 'baby' language then let us get back to them after we had had a chance to talk about it all together as a family discussing the best interest of our baby boy. A few of my friends who had children the same time as me invested theirs with other banks/building societies and did not get the same level of information and hep as us. We are looking forward now to building this trust fund up for our baby to use in years to come.
Website: Visit the website for this product
Reviewed on 03 Dec 2009 by lisa hughes
Good Points: statements sent out once or twice a year
Bad Points: not very explanatory as to where the money goes or info about the credits etc
i choose to start my daughters trust fund account with the hsbc because i already banked with them and i was lead to believe that they would provide one of thee best trust fund accounts, however this seems not too be the case, the statements come every 6 months to a year and i have too say that they aren't very easy too understand. the money is shown up a credits instead of pounds which is fair enough but no where does it explain how much the credits are worth!!
as a parent i want too ensure that my daughter will be in a financialy comfortable position in her future, but my concern is that the money left in her trust fund is sufficiently is than when it started, i don't understand how this can be when the bank is the only place that has access to it. ii thnk there hould be a high interest trust funnd account intead of oon where it goes iinto shares, after all the banks make enough profit don't they?
Website: Visit the website for this product
Reviewed on 25 Oct 2009 by Nicola Barnbrock
Good Points: None
Bad Points: My child is almost 4 and he now has less than the £250 he started with. It actually went down by almost one hundred pounds although it is now climbing back towards the £250. I phoned to try and shut the account to put the money in a cash savings account and found staff very unhelpful. In the end the account has remained as it is. I would not recommend the HSBC for anything.
I would advise against this account. I would have been better off having a simple cash acount in the current economic climate. At least the account would not have lost money. The HSBC call centres are a joke. The foreign workers have great difficulty understanding my accent. I find I have to repeat everything twenty times and even then they do not do as I ask. I tried to cancel this account and was fobbed off with the old chestnut that it was different department and that somebody would call me back. I also have my main bank account with HSBC and their charges are ridiculous. I was charged £50 per item that went over my overdraft evn though it was another companies fault for setting up my direct debits on the wrong day of the month. Do not have anything to do with HSBC. Put your money somewhere else.
Website: Visit the website for this product
Reviewed on 25 Oct 2009 by Nicola Barnbrock
Good Points: None
Bad Points: My child is almost 4 and he now has less than the £250 he started with. It actually went down by almost one hundred pounds although it is now climbing back towards the £250. I phoned to try and shut the account to put the money in a cash savings account and found staff very unhelpful. In the end the account has remained as it is. I would not recommend the HSBC for anything.
I would advise against this account.
Website: Visit the website for this product
Reviewed on 19 Oct 2009 by charlie
Good Points: it was quick to set up, staff recomened it
Bad Points: lost money two years running
due to the climate i know we wouldnt make on the trust fund but its still disapointing to loose so much of my childs money. the account was easy to set up all done by post. details arrived quickly and statement is tyearley. it might be nice to have a statement quaRTLY TO SEE HOW the invest,ment is going and if we are mnaking money or loosing money. it would be anice also to recieve info on iother saving accounts that are suitable for childrens tax free savings
Website: Visit the website for this product
Reviewed on 05 Oct 2009 by sally
Good Points: None
Bad Points: None
What a brilliant trust fund to be honest I didnt look very hard as I already have an open account with hsbc, But im glad I didnt look hard they have been brilliant on advice nad I also find they as easy to get hold of as others fail in this positive comment its so reasuring to know my childs money is safe with hsbc.
Website: Visit the website for this product
Reviewed on 28 Sep 2009 by MISS S ROBERTS
Good Points: UPDATED WITH BALANCE 1 A YEAR,
Bad Points: NO BAD POINTS
QUITE EASY TO SET UP, SET UP ACCOUNT SHORTLY AFTER MY DAUGHTER WAS BORN, LOOKED INTO SEVERAL COMPANIES BUT DECIDED TO GO WITH HSBC AS I HAVE HAD A BANK ACCOUNT SINCE BIRTH MYSELF. IT WAS JUST A MATTER OF FILLING OUT A FEW FORMS AND TAKING THEM ALONG TO THE BANK WITH MY CHILD'S £250 BOND AND HER BIRTH CERTIFICATE. I GET YEARLY UPDATES OF MY CHILD'S ACCOUNT SHE EARNS HERSELF INTEREST SO HAS SOMETHING TO LOOK FORWARD TO FOR THE FUTURE AND IT CAN BE EASILY TOPPED UP BY FRIENDS AND FAMILY.
Website: Visit the website for this product
Reviewed on 17 Sep 2009 by SUSAN
Good Points: SOLID INVESTMENT
Bad Points: NO INCENTIVES GIVEN
I FOUND THE FORMS VERY EASY AND QUICK TO FILL IN. HAVING ALREADY FILLED IN TWO HSBC CHILD TRUST FORMS BEFORE I FOUND THIS ONE SIMPLY AND NOT CONFUSING AT ALL. I WOULD HAVE LIKED MORE INFORMATION ON THE INVESTMENT AND MORE FREQUENT STATEMENTS. HAVING USED HSBC FOR MANY MANY YEARS I HAVE ALWAYS LIKED THEIR CUSTOMER SERVICE ADVISERS AND FOUND THEIR HELP USEFUL WITH MY CHILDS FORM ALTHOUGH I AM A LITTLE CONCERNED THEY ARE NO LONGER OPENING ON A SUNDAY AT MY LOCAL BRANCH. THE REPLY CAME BACK VERY QUICKLY AND THE ACCOUNT INFORMATION WAS SENT OUT WITHOUT DELAY WITH THE TERMS AND CONDITIONS BOOKLET WHICH WAS A LITTLE CONFUSING TO READ.
Website: Visit the website for this product
Reviewed on 17 Sep 2009 by GEOFFREY TAYLOR
Good Points: SOLID INVESTMENT
Bad Points: NO INCENTIVES GIVEN
I FOUND THE FORMS VERY EASY AND QUICK TO FILL IN. HAVING ALREADY FILLED IN TWO HSBC CHILD TRUST FORMS BEFORE I FOUND THIS ONE SIMPLY AND NOT CONFUSING AT ALL. I WOULD HAVE LIKED MORE INFORMATION ON THE INVESTMENT AND MORE FREQUENT STATEMENTS. HAVING USED HSBC FOR MANY MANY YEARS I HAVE ALWAYS LIKED THEIR CUSTOMER SERVICE ADVISERS AND FOUND THEIR HELP USEFUL WITH MY CHILDS FORM ALTHOUGH I AM A LITTLE CONCERNED THEY ARE NO LONGER OPENING ON A SUNDAY AT MY LOCAL BRANCH. THE REPLY CAME BACK VERY QUICKLY AND THE ACCOUNT INFORMATION WAS SENT OUT WITHOUT DELAY WITH THE TERMS AND CONDITIONS BOOKLET WHICH WAS A LITTLE CONFUSING TO READ.
Website: Visit the website for this product
Reviewed on 04 Sep 2009 by wendy obrian
Good Points: easy to sort out
Bad Points: couldnt do it in branch
we went with hsbc for a child trust fund, as we had a mortgage and current account with them at the time, we went in the local branch and were given the papers we needed but had to fill them out and send them off to a different address. all of this was straightforward and it did not take long until we had a reply from them. we are pleased to say that we have been pleased with the regular statements we have been getting, but it has gone down a little but i think this is due to the current money situation and not the hsbc account as such, and we wouldnt have faired much better any where else.
Website: Visit the website for this product
Reviewed on 28 Aug 2009 by craig lowe
Good Points: None
Bad Points: None
I found the hsbc child trust fund very easy to use, i the reason why i started using it in the first place was because i got recommend it by my sister who used it for her eldest child. when i phoned hsbc to find out about the trust fund they were friendly and made everything very easy to understand, i also found it helpful that once money was put into it, none could be taken out so if you were low on money it would never be an option. Also when I was finding out about it all i got told to go onto a website to find out about it also and i found out that "the Government will make an additional contribution when your child is seven years old" which i found useful and rewarding.
Website: Visit the website for this product
Reviewed on 27 Aug 2009 by karen lever
Good Points: staff polite and friendly and explained pros and cons of trust fund
Bad Points: Not to sure whether we would have been better opening account else where or investing in a high interset savings account
staff explained the benefits of trust fund and were helpful, however,we may have been better researching all options fully to get maximum benefit first,perhaps for any one thinking of opening a child trust fund really research and look into all options because some of the options you may lose money especially in the current climate, speak to the branch managers or financial advisers at the banks, also dont just go with your own bank because asda and coop also offer some good options which my husband and I discovered after we had gone to hsbc, just consider all of your options and definately get some professional advice and read the reviews of other peoples experiences first
Website: Visit the website for this product
Reviewed on 26 Aug 2009 by melissa lane
Good Points: None
Bad Points: would like to access via the internet
im happy withe this child trust fund just would like to have access via the internet like i do with my own accounts
Website: Visit the website for this product
Reviewed on 25 Aug 2009 by L W Johnson
Good Points: Polite and friendly staff
Straightforward, easy to complete forms
Questions answered without the jargon
Bad Points: Information not clear, needed clarification
When our son was born we opened the Child Trust Fund with the voucher sent to us at HSBC. It was very easy to open at our local HSBC branch. The very friendly and polite staff went through the relevant information however it was not very clear and we had to ask several questions for clarity which we eventually received. The staff were very patient with us. The forms to be filled in were relatively straightforward and the staff member went through each section with us. Proof of identity was the usual run of the mill Passport, Driving Licence, Utility Bill for us and birth certificate for my son. All in all a very easy and convenient experience conducted in an acceptable manner.
Website: Visit the website for this product
Reviewed on 25 Aug 2009 by Kylie Davies
Good Points: It was easy to set up
Bad Points: Not doing to well at the moment
In the long run hopefully it will all pick up.
Website: Visit the website for this product
Reviewed on 25 Aug 2009 by louise brown
Good Points: the good points are that the children will have a little nest egg for them when they are older to spend on whatever they need and also family can put in money for them for there birthdays xmas easter which is a fantastic idea
Bad Points: no bad points at all
Website: Visit the website for this product
Reviewed on 25 Aug 2009 by MISS SONIA ROBERTS
Good Points: EASY TO USE
REGULAR STATEMENTS SENT OUT TO ME
Bad Points: NONE
I TOOK OUT MY DAUGHTER'S CHILD TRUST FUND JUST OVER 5 YEARS AGO NOW. I DECIDED TO USE THE HSBC BANK BECAUSE I'VE BEEN A CUSTOMER FOR ABOUT 35 YEARS MYSELF. I FOUND STARTING UP MY DAUGHTER'S ACCOUNT VERY EASY TO SORT OUT, IT WAS JUST SIMPLY FILLING OUT THE ONE FORM. AND SENDING THEM MY VOUCHER. I NOW GET SENT REGULAR UPDATES ON MY DAUGHTER'S ACCOUNT. THEY ARE SENT OUT TO ME ABOUT TWICE A YEAR. IT IS ALSO VERY EASY TO TOP UP THE TRUST FUND SO MY CHILD HAS MORE TO START HER FUTURE. AND ANY FAMILY MEMBER CAN ALSO ADD TO HER ACCOUNT. IT IS KNOW DIFFERENT TO USING MY NORMAL BANK ACCOUNT.
Website: Visit the website for this product
Reviewed on 20 Jul 2009 by vicotria ramsdale
Good Points: the staff are great and friendly and very helpful
Bad Points: cant really say there was any bad points
the staff are great and friendly they helped me out ,with my form and i had a interview to discuss ,which sort of account would be best for my child, and what i would benifit from it we also discussed ,insurance for my child it was brilliant they was very helpful, and kind ifyou have any questions they are happy to ,help and hsbc has the biggest credit at the moment ,even during the credit crunch they are a brilliant bank, so i would advice to anyone who wishes to set, up a bank account or child trust fund like me, to choose hsbc like i have done and i will ,be recomending them to anyone who cant decided who, to go to as they helped me alot thanx hsbc.
Website: Visit the website for this product
Reviewed on 21 Jun 2009 by janine halliwell
Good Points: Good trust fund for your little one alot of information given to you to help you make the correct decision.
friendly staff at my branch and setting was easy with an advisor.
The only thing i would say is you dont tend you get regular updates on how the money is doing i.e an annual statement but other than that its good.
4/5 eggs!!!!
Bad Points: see above
Website: Visit the website for this product
Reviewed on 05 Jun 2009 by Jacqueline
Good Points: Quickly set up
Annual statement
Bad Points: Did not warn it's customers to think about the value of the fund when the credit crunch hit - my daughter's was worth less than when it started three years ago
No Cash Fund option
I decided to transfer to Nationwide's Cash Child Fund which took the HSBC over a month to make the transfer (blaming it on a large number of customers wanting to transfer their CTF!), after a couple of phone calls and a letter of complaint the HSCB graciously made a payment of £30 into my daughter's new Cash CTF and also £14 for the one month's loss in interest.
Website: Visit the website for this product
Reviewed on 05 Jun 2009 by samantha davis
Good Points: was very helpful and done all what was needed to do for you .
Bad Points: you only get a statement every year
When i recieved my cheque for my son i wasnt to sure what i had to do with it i took it to the bank and they told me what i should do with it and helped me fill out forms over all a good investment for my childs future
Website: Visit the website for this product
Reviewed on 02 Jun 2009 by Emma
Good Points: Really friendly staff, even entertained Eleanor while I sorted it all out!
It's really easy to pay into too.
Bad Points: They didn't give me as much info as I'd have liked but what I did get was awesome.
I would advise anyone to go for this plan. The staff at my local branch were amazing and even entertained my daughter while I sorted all the bits and bobs out. It's really easy to pay into and I am pleased to say that I have referred at least 10 friends to use HSBC too. I would like them to provide more information on the scheme, I think that would make it a lot better. I look forward to my daughter's pride when she sees how much we have saved for her. I just wish we'd had this for my older children.
Website: Visit the website for this product
Reviewed on 30 May 2009 by stacey pickering
Good Points: HsBC have good interest rates andseem like a very secure bank.
Bad Points: The staff are rude, you can only put £5 in at a time into my childs saving as seen as i'm not the richest that's annoying.
HSBC had a lot to say to me before but when it came down to it they wern't that helpful. They were responsive and helpful before but would not answer any queries i had once i'd opened the bank account. I also found the staff to be quite rude.
The interest rates are probably one of the best ones i've come across though which i'm sure my daughter will appreciate. And it does give me a feeling of security having her money in bank that doesn't look like it's in any trouble.
Altogether though i found i would not recommend HSBC for either your childrens savings or your own.
Website: Visit the website for this product
Reviewed on 21 May 2009 by kelly hanson
Good Points: good, efficient information.
would recommend to friends
Bad Points: speed of staff feedback
I would recommend to friends
Website: Visit the website for this product
Reviewed on 17 May 2009 by kathryn Reed
Good Points: None
Bad Points: None
i thought this is a great way to save for a new baby! i didnt have a trust fund when i was younger but after university and other activities ar you get older i can that it would have been very useful in supporting me do what i wanted to do. The hsbc trust fund wasnt the clearest but i know the money is safe and will be very useful in the futue once the baby has grown up. I have been with the HSBC bank for a long time now and i choose the trust fund with them due to trust as in the past other banks have 'messed me' around and made things more complecatedthan they should really be. Cant wait for the trust fund to grow and grow to give my child lots of options in the future.
Website: Visit the website for this product
Reviewed on 14 May 2009 by Elizabeth Hitchcock
Good Points: Website very easy to follow. Information pack sent to us very quickly. Very straight forward to register and set up monthly direct debits into the children's accounts.
Bad Points: A lot of information to digest
.
Website: Visit the website for this product
Reviewed on 12 May 2009 by Linda Page
Good Points: Information given was not too bamboozling and the staff were only too happy to answer many repeated questions on our part.
Bad Points: None
You have to go with who you feel you can trust as well as who are offering the best deal and HSBC fit the bill on all accounts.
Website: Visit the website for this product
Reviewed on 27 Apr 2009 by Gina Wallington
Good Points: None
Bad Points: Negligence and incompetence. Extreme poor management.
I bank with HSBC and therefore thought it would be easiest to place my daughter's account with the same bank. On requesting info they simply supplied me with a folder - had no interest in verbally communicating with me. They managed to lose my initial benefit payment and as I have no access to view the account this error was only picked up 8 months later. To start with I deposited money into the account every month but on the 1 year update statement I discovered that this fund is being so badly managed that the balance is sitting 100 pounds less than I have deposited (and the total value would only have been 400 pounds) this is a 25% loss. My dad is an investment broker and through clever investment he can get a 30% annual return; to get a 25% loss is sheer negligence. If I could get my money out I would and I don't think it is right that one is forced into the trust fund accounts - people should be able to choose exactly how they see how best to invest this money considering it is for their child's future.
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