HSBC Basic Banking Account with Independence

We know that living with dementia can affect all parts of both your life and that of your family. Even if you have been diagnosed with this and understand that it may gradually become difficult to manage personal finances, it may well be hard to give up all control and rely completely on someone else to manage your bank account. We can help by offering the HSBC Basic Banking Account with Independence service. 

This service enables you to maintain a level of financial independence to go about day-to-day tasks such as food shopping and paying bills, but with the peace of mind of third-party oversight. Your legally appointed third party can have visibility of your financial arrangements with us and provide the comfort that your finances are being overseen by someone you trust.

Our Basic Banking Account with Independence service is an entirely new account for everyday use by those with diminished mental capacity. You can use the account to withdraw cash, make payment by EPS or enjoy other basic banking services.

Meanwhile, the legally appointed third party (known as your attorney(s), guardian(s) or member(s) of the High Court appointed Committee) can manage any other accounts in your name and transfer funds into your Basic Banking Account when needed.

This service is catered for customers who:

• are 18 years of age or over
• have a legally appointed third party, for example an Enduring Power of Attorney (EPOA), a guardian or a High Court Appointed Committee, to support your finances

• The account is a Hong Kong Dollar Statement Savings Account. An ATM Card can be issued for use in places such as supermarkets and shops. The card also enables you to withdraw cash from our ATMs.
• You will have the security of your other accounts with us still being looked after by the trusted legal third party.

• Your legally appointed third party is responsible for ensuring an appropriate level of funds is maintained in your Basic Banking Account with Independence.
• They have access to this newly opened Basic Banking Account with Independence by viewing account balance and transactions through regular monthly statements or by visiting one of our branches.
• They can manage your other accounts and make payments, transfers or other transactions by visiting one of our branches.

Step 1

To enable a third party to help manage your finances requires either an Enduring Power of Attorney, a Guardianship Order or a High Court appointed Committee pursuant to the Mental Health Ordinance. An Enduring Power of Attorney must be signed at a solicitors’ firm in Hong Kong whilst you still have mental capacity. It is intended to help you prepare for the future, as an Enduring Power of Attorney remains effective, even after mental capacity is lost.

Step 2

If you have an Enduring Power of Attorney, your attorney can register it with the High Court upon your loss of mental capacity. This is actually a straightforward process that your solicitor will help with. If you do not have an Enduring Power of Attorney, a family member/carer could help apply for a Guardianship Order or a High Court Order depending on your circumstances. 

Step 3

You and your appointed attorney(s), guardian(s) or member(s) of the Committee can subsequently go to one of the designated branch listed below to open the Basic Banking Account with Independence.  You will need to bring the registered Enduring Power of Attorney, Guardianship Order or High Court Order, and we will need to see some identification and proof of address of your attorney(s), guardian(s) or member(s) of the Committee for registration. Please see Points to Note for Account Application for documents and information you need to prepare for account opening.

Please click here to find the address and business hour of designated branches.

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