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HSBC Premier Head Start

Terms and conditions

The use of the Premier Head Start Account is governed at all times by (i) these Premier Head Start Account Terms and Conditions, (ii) the General Terms and Conditions – Accounts (the “General Terms”),(iii) the General Tariff for Personal Customers, (iv) the Premier Proposition T&Cs, and (v) all other terms and conditions governing the relevant accounts, transactions, dealings, services, products, information, goods, benefits or privileges together hereinafter referred to as the “Terms”.

The terms used in these Premier Head Start Account Terms and Conditions, unless defined herein or the context otherwise requires, shall bear the same meaning assigned to them in the General Terms.

1. Tax Identification Number

Account holders who are resident in Malta must provide a valid Tax Identification Number (TIN).

2. Interest

Interest is calculated on a daily basis and is credited/debited to the account annually towards the end of December. Interest will be allowed/charged at such rates and on such terms and conditions, as listed in the General Terms. The current rates are available on our website, by calling us, by looking at the Bank’s General Tariff or by asking a member of staff at any of our branches. When we change the interest rates on your account, we will update this information on our public website and in all of our Branches within three working days.

3. Deposits of local cheques

We treat other local bank cheques as being cleared for interest calculation purposes two (2) working days after they have been deposited into an account (e.g. on Wednesday if paid in on a Monday). If you withdraw money which is not cleared for interest calculation purposes, you may be charged interest even though your account shows a credit balance.

4. Uncleared Effects

Cheques deposited into the account are sent for payment to the bank/branch on which they are drawn. Until such time that these cheques are honoured, they are treated as “uncleared effects” even if deposited in the branch where the drawer’s account is domiciled. No withdrawals may be made against such “uncleared effects” unless specifically authorised by the branch management. Deposited cheques, which are subsequently returned unpaid, will be debited to the account and returned to the account holder to take the necessary action. We reserve the right to levy a charge when an immediate withdrawal from the account is effected following a deposit of uncleared effects.

5. NIL balances

If account has a nil balance for more than 13 consecutive months, we shall have the option to close the account. However, we will give you two months’ written notice of this before we close the account.

6. Opening of Accounts

Until the minor reaches sixteen (16) years of age, the account will be opened in the name of the minor with the consent of both parents or legal guardians. An account opened by a minor over sixteen (16) years of age will still require both parents’ or the legal guardians’ consent, (unless there is an authority by Court that states otherwise) but may be operated only by the account holder.

7. Online Access

The account holder will have viewing access to his/her account/s. However, transfers from the account/s can only be carried out after the child’s thirteenth (13th) birthday and subject to the parents having granted full withdrawal rights on the account.

8. Withdrawals and other transactions

8.1 Withdrawals of any amount, subject to funds being available on the account, may be undertaken at any of our branches. However, withdrawals from branches other than that at which the account is domiciled are subject to branch management discretion.

8.2 If the child is ten (10) to fifteen (15) years old, he or she may withdraw any limit from any Branch as authorized by parents/ legal guardians in the Premier Head Start Application Form, and following successful customer identification process.

8.3 After the child’s thirteenth (13th) birthday, the parents or legal guardians may choose to authorise the Bank to provide him or her with a Premier Visa International Debit Card which will permit full or limited ATM and EPOS access of the account locally and abroad.

8.4 The parents or legal guardians undertake to keep the Bank fully and effectually indemnified at all times against all actions, claims, damages, proceedings, costs and expenses which the Bank may incur or sustain on account of allowing their minor children to operate the account including the effecting of all withdrawals before they reach majority, that is eighteen (18) years of age.

8.5 The account holder may not withdraw more funds than the amount of cleared funds available in the account. The Bank reserves the right to charge debit interest on the account should, for any reason, the account become overdrawn. This is without prejudice to the Bank’s right, at any time without giving any prior notice, to set off the debit balance against any credit balance held in any account with the Bank whether in the sole name of a customer or jointly with others.

8.6 Certain transactions are subject to specific terms and conditions, copies of which are obtainable upon request.

9. Overrunning

Overrunning refers to the circumstance when you exceed the available credit balance on your account without our express consent. Unless specifically agreed by the branch management you should not withdraw, transfer, make payments for an amount which is not available in the account. We reserve the right to withdraw, at our sole discretion, any debit card if an overrunning position is not corrected when advised to do so by us.

In instances where, at our sole discretion, the account is allowed to be overrun, an administrative fee will be charged per month or part thereof. Debit interest will also be charged on the daily debit balance at the rate shown on the statement of account. Details of the administrative fee applicable can be obtained from the Bank’s General Tariff available in our branches, from our website or by contacting us on 2148 9100. For interest calculation purposes, the daily debit balance is the balance on the account net of “uncleared effects”. Interest will be charged on daily debit balances and will be computed on the basis of a year of 360 days. Any changes to the debit interest rate or administrative fee to be applied in case of overrun accounts will be notified as advised in clause 5 to 7 of Part D of Section 1 of the General Terms.

10. Change of Address

The Bank must be notified immediately of any change of customer’s address.

11. Final Withholding Tax

Unless advised otherwise by the account holder withholding tax, at a rate fixed by the Local Authorities, will be deducted from interest paid on accounts held by account holders who are resident in Malta.

12. Complaints Procedure

The Bank takes customer service very seriously. If we do not deliver the standard of service you expect, or if you think we have made a mistake, please let us know. We will investigate the situation and, if necessary, set about putting matters right as quickly as possible.

We have the following complaint handling procedures: You may submit your complaint

  • by notifying your Branch Manager;
  • by sending a secure message on Online Banking; or
  • by calling our Contact Centre on +356 2148 9100.

If your complaint still has not been addressed to your satisfaction you may also complain to The Arbiter of the Financial Services, at the Office of the Arbiter of Financial Services, First floor, N/S in Regional Road, Msida MSD1920, Malta or via e-mail complaint on, but before you do this we request you contact your Branch Manager/Relationship Manager/Customer Relationship Officer.

13. Language

Unless otherwise agreed, the English language will be used for the purpose of interpreting the Agreement and for all communications in connection with the Agreement.

14. Other Terms and Conditions

14.1 The Bank may reject transactions and/or refuse to carry out instructions/requests for transactions on the account, if it reasonably believes that the transaction is in breach of any financial sanctions (whether OFAC, UN, EU or other sanctions issued Approved and issued by HSBC Bank Malta p.l.c., 116, Archbishop Street, Valletta VLT 1444, Malta 5 by a competent authority in Malta or abroad).

14.2 The Bank reserves the right to lay down further conditions or to amend these terms and conditions (including any fees or charges) for security, legal, regulatory or market reasons or changes in internationally accepted Banking practice or to take into consideration any increase in costs or decrease in the Bank’s return or pursuant to the introduction of new products or technology. The Bank will give reasonable notice to the Customer of any addition and/or changes to these terms and conditions.

14.3 This agreement is governed by Maltese Law and, for the benefit of the Bank, the account holder is hereby submitting to the non-exclusive jurisdiction of the Maltese Courts.

15. Terms and Termination

A Parent or legal guardian who is an Eligible Premier Customer can request the opening of an HSBC Premier Head Start account for any children or dependents up till the age of 25 years provided they are residing in the same household.

Once the Account Holder reaches the age of 26 years, or if the Parent or Legal Guardian is no longer a Premier customer, the Bank reserves the right to switch the existing HSBC Premier Head Start account to another account type and in such case the Account Holder and/or the parent or legal guardian will be provided with a 30-day notice.

Document reference number: 39106 – 04/23

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