HSBC Child Trust Fund Reviews

Average Golden EggNest Ratings from 15 reviews  and 2 comments (3 out of 5)

Website: www.hsbc.com
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!!!!statement
Bad Points: see above   
First reviewed on 21 June, 2009 by Janine 
Janine's Golden EggNest Rating (4 out of 5): 

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Website: www.hsbc.com
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  
First reviewed on 5 June, 2009 by Jacqueline
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. 
Jacqueline's Golden EggNest Rating (1 out of 5): 

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Website: www.hsbc.com
Good Points: was very helpful and done all what was needed to do for you .
Bad Points: you only get a statement every year  
First reviewed on 5 June, 2009 by Samantha
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 
Samantha's Golden EggNest Rating (2 out of 5): 

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Website: www.hsbc.com
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.  
First reviewed on 2 June, 2009 by Emma
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. 
Emma's Golden EggNest Rating (3 out of 5): 

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Website: www.hsbc.com
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.  
First reviewed on 30 May, 2009 by Stacey
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. 
Stacey's Golden EggNest Rating (3 out of 5): 

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Website: www.hsbc.com
Good Points: good, efficient information. would recommend to friends.
Bad Points: speed of staff feedback  
First reviewed on 21 May, 2009 by Kelly
I would recommend to friends 
Kelly's Golden EggNest Rating (4 out of 5): 

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Website: www.hsbc.com
Good Points: 
Bad Points:  
First reviewed on 17 May, 2009 by Kathryn
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. 
Kathryn's Golden EggNest Rating (3 out of 5): 

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Website: www.hsbc.com
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 digestd point 
First reviewed on 14 May, 2009 by Elizabeth
Elizabeth's Golden EggNest Rating (4 out of 5): 

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Website: www.hsbc.com
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:  
First reviewed on 12 May, 2009 by Linda
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.  
Linda's Golden EggNest Rating (4 out of 5): 

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Website: www.hsbc.com
Good Points: Very easy to access, both to pay in and withdraw, ther is no min balance, and can transfer in to on internet banking
Bad Points: Low interest rates, but thats just because of current financial climate, was around 5% when opened a couple of years ago. 
First reviewed on 28 April, 2009 by S. Marie
the account i opened was a high interest savings account for children at hsbc, i made the initial application on the phone, and then had to provide my childs birth certificate to one of their branches. there seemed to be some mistake made on phone, like the wrong account had been applied for, however the staff at the branch were unbelievably helpful in sorting this matter, and the correct account was finally opened, in not very much time at all.
I recieve quarterly statements for the account, which is also handy, however you can choose whether you want paper statements, or via personal internet banking.
Overall good option for my self and son. 
S. Marie's Golden EggNest Rating (4 out of 5): 

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Website: www.hsbc.com
Good Points: None
Bad Points: Negligence and incompetence. Extreme poor management. 
First reviewed on 21 April, 2009 by Gina
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. 
Gina's Golden EggNest Rating (2 out of 5): 

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Website: www.hsbc.com
Good Points: See Below.
Bad Points: Only one statement is sent out per year,other then that total silence from HSBC. We tried to pay some birthday money into her account and were told we can only pay in by direct debit or cheque. Money held in the holding account does not accrue interest. Last year we actually lost money, but looking at the financial situation o9f the country this year, maybe i shouldn't be listing it as a bad point!! 
First reviewed on 07 Feb, 2009 by Sarah
My daughters CTF was very easy to set up and we were sent loads of information leaflets and letters advising us of what was happening at each stage of the process. You are able to pay an additional £1200 into the account each year, any amounts over this is held in a holding account for the following year. Share investmants are stopped when she turns 13 and all money gets paid into a high interest savings account. 
Sarah's Golden EggNest Rating (3 out of 5): 

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Website: www.hsbc.com
Good Points: very simple to set up.
Bad Points: no online interaction. 
First reviewed on 17 Aug, 2008 by Louise
As all new parents we had no idea where to open our child trust fund when we received the £250 voucher after the birth of our daughter. We do all of our banking with HSBC so it appeared to be the easiest place to open up the account.  It has been very simple to add this account to all of our others at the bank and it is extremely simple when paying in so whenever our daughter receives a cheque at Birthday/Xmas time it can be paid straight in.  The reason that I could only rate HSBC as 3 star is that judging by the infrequent statements all of the investments are into HSBC managed share based investment funds so as the share prices tumble so does the value of our daughters account. The management fee also appears excessive as far as I’m concerned, but as I don’t know what other banks charge I can’t comment. Hopefully shares will be sky high by the time she can access the funds so her account will be worth a mint. Judging by what I can see so far, I would have preferred to have just opened this child trust fund with the voucher then opened a super saver account along side which we could have had a better control over so that she doesn’t spend it on whatever she likes once she reaches 18. 
Louise's Golden EggNest Rating (4 out of 5): 

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Website: www.hsbc.com
Good Points: See Below.
Bad Points: The bad points are that they could accept maximum of £1200 per year fund from families and friends. I have a lot of relatives but I could not be able to put my child’s gift into his fund account because they are already over £1200 so the money have to be in my bank account under my child’s name as a saving then when he is 18 I will automatically transfer all his saving into his account. 
First reviewed on 04 Aug, 2008 by Neelam
The good points are that they are very easy to setup without any problem, also my child trust fund open as soon as possible within 2 days after I registered without any delay or waiting for 1 week to open my child’s account. I am going to inform my cousins who will be having a child by winter time but I will inform her the bad point about gift and advice her to open a new saving account under her child’s name ready when the child trust is over £1200. 
Neelam's Golden EggNest Rating (3 out of 5): 

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Website: www.hsbc.com
Good Points: Really easy to setup; Online application; Really detailed statements and information.
Bad Points: Not able to see account online;
First reviewed on 27 April, 2008 by Cathy
This Child Trust Fund was opened shortly after the birth of my son. It was really easy to apply, which was done online and then the information was sent through via post.  The UK Growth and Income find appealed due to its approach of investing in companies that are deemed to be high growth for the first 5 years before then switching the investment into blue chip companies to then switch to income and the relative security of these funds.  HSBC are really good to deal with, always happy to help and to solve and problems or issues that you may have. As mentioned above the down side not having online access to the Trust Fund therefore you are unable montitor the Trust Fund.
Cathy 's Golden EggNest Rating (4 out of 5): 

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Website: www.hsbc.com
Good Points: form was straight forward
Bad Points: Non so far
First reviewed on 13 Jan, 2008 by Ravinder
We are first time parents and prior to the birth of our son, were not aware of the Child Trust Fund. When our son arrived we were inundated with correspondence in leaflets from every baby company.  It was becoming confusing, we wanted to invest in the best possible child trust fund, however were busy with our new born. We then decided to go with HSBC as we currently bank with them.  I found it extremely easy to apply on line, and within a week we had received confirmation of the account, and a request for the voucher. Once this was sent, within 2 weeks we had further confirmation of receipt of the voucher and a welcome pack.  We were very pleased with the service, as the account was completed whilst at home with my newborn son.
Ravinder's Golden EggNest Rating (3 out of 5): 

Commented on 17 April, 2008: by Saleem
I have just opened CTF account for my daughter who is 2 months old, I think it is a great idea for the children’s future. I did my research on different companies and was provided with sufficient information and service but I chose HSBC, since me and my husband already bank with them so it is very easy, we are already familiar with their staff and the branch. As we were very busy with our new born, so I found all the relevant information regarding the account on the net and was convinced to go ahead. I am glad I chose HSBC for CTF.
Saleem's Golden EggNest Rating (5 out of 5): 

Commented on 12 May, 2008: Tami
Before giving birth to our son, my husband and I didn't even know about the Child Trust Fund. I moved to the UK just before my son was born and found all the information I was given overwhelming. We were informed of the child trust fund through a pamphlet from the hospital. We don't have anything like this in the US, so my husband (who is from the UK) asked some of his friends what it was all about and what companies they chose to invest their child's trust fund. We got a lot of great feedback from his friends and I did some research online. We found that the information about the CTF and the steps to investing really easy to understand from HSBC. I gave them a call and the representative that I talked to, I think his name was Steve, was very helpful. We also do our banking at HSBC, which also helped us make the decision to go with them. The forms were so easy to fill out! Our information pack arrived in a few short weeks after sending our voucher in. We are extremely satisfied with HSBC and their commitment to their customers. We plan on investing our next child's trust fund with HSBC.
Tami's Golden EggNest Rating (5 out of 5): 

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