Save for the future of a child you love with our children’s savings account.
Key features
The account is in the child’s name, with an adult as the authorised signatory
When the child turns 12, they can make limited withdrawals themselves
Easy access to the money
Our children’s savings accounts
|
Product Name |
Interest Rate |
Min. to Open |
Withdrawals | Account Opening |
apply |
|---|---|---|---|---|---|
|
Children's Young Saver (Issue 5) |
Interest rate 3.65% Gross p.a./AER Variable Gross , p.a./AER VariablePaid Annually |
Min to open £10 £NaN |
Withdrawals Yes, unlimited |
Account opening Branch
Post
|
Useful links
Children's savings - Common questions
A children’s savings account lets you put money away for a child while earning interest on top of your savings.
The account is opened in the child’s name but with you as the authorized signatory. You can make deposits at any time but the amount of money you can withdraw depends on the child’s age.
Our Young Saver is suitable for children aged 17 or under and combines the features of the two age-specific access levels.
- You can open a children’s savings account for a child under 18. When they turn 18, the account will mature.
- The account pays a variable rate of interest. This means it can change at any time.
- It requires a minimum £10 deposit to open. The account must always have a minimum balance of £10 to maintain the offered interest rate.
- It’s opened in the child’s name but needs an adult to act as an authorised signatory.
- Our children’s savings account is protected by the Financial Services Compensation Scheme (FSCS). Under the FSCS, up to £85,000 of your savings is protected in case something happens to us or your money.
- Children’s savings accounts offer a variable rate meaning you’ll earn interest on everything you save.
- You can top up the account as and when you want.
- The account offers different levels of access to suit the child’s age and level of financial independence.
- You can use a children's saving account to help build savings for your child from an early age.
- They’re a great introduction to saving with a building society and teaches the children in your life how to manage their money.
Our Young Saver account is for children up to the age of 17. It has two levels of access depending on age.
For children aged 11 and under:
Unlimited withdrawals of £10 and over, as long as the minimum operating balance of £10 is maintained. All withdrawals need to be signed for by the authorised signatory.
For children aged between 12 and 17:
One withdrawal of £10-£250 can be made a week by the account holder, as long as the minimum operating balance of £10 is maintained. Withdrawals of more than £250, or additional withdrawals in the same week, need to be signed for by both the account holder and the authorised signatory.
Our children’s savings accounts are protected by the Financial Services Compensation Scheme (FSCS) Deposit Guarantee Scheme. Under the FSCS, up to £85,000 of your savings is protected. That means if anything happens to us or your money, you have a safety net in place.
