Children's Savings Accounts
Want to put some money away for your children while teaching them about the value of saving? We’ve put together a selection of children’s savings accounts for a variety of different age ranges, with options available for children up to the age of 18. Start building some future financial support for your loved ones today. And, in partnership with Yorkshire Dales Millennium Trust, we'll restore a patch of hay meadow for every new children's savings account opened - to support a stable financial and environmental future for generations to come.
Our Children's Savings accounts
Here's what we've got for you…
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- Interest rate: High to Low
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Product Name
Interest Rate
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Gross means the rate of interest payable before the deduction of income tax at the rate specified by law.
Tax-free means that interest payable is exempt from income tax.
Min. to Open
Min. to Open
The minimum amount needed to open an account.
Withdrawals
Account
Opening
Opening
DinoSaver
Interest Rate
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Gross means the rate of interest payable before the deduction of income tax at the rate specified by law.
Tax-free means that interest payable is exempt from income tax.
4.25%
Gross
Gross
, p.a./AER Variable
p.a./AER Variable Paid Annually
Min. to Open
Min. to Open
The minimum amount needed to open an account.
£10
£NaN
Withdrawals
Withdrawals
Find out if withdrawals are allowed before maturity and if they mean a loss of interest.
Yes, unlimited
Account Opening
Branch
Online
Post
Vault
Interest Rate
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Gross means the rate of interest payable before the deduction of income tax at the rate specified by law.
Tax-free means that interest payable is exempt from income tax.
4.25%
Gross
Gross
, p.a./AER Variable
p.a./AER Variable Paid Annually
Min. to Open
Min. to Open
The minimum amount needed to open an account.
£10
£NaN
Withdrawals
Withdrawals
Find out if withdrawals are allowed before maturity and if they mean a loss of interest.
Yes, unlimited
Account Opening
Branch
Online
Post
Ronnie The Rhino Youngsaver
Interest Rate
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Gross means the rate of interest payable before the deduction of income tax at the rate specified by law.
Tax-free means that interest payable is exempt from income tax.
4.25%
Gross
Gross
, p.a./AER Variable
p.a./AER Variable Paid Annually
Min. to Open
Min. to Open
The minimum amount needed to open an account.
£10
£NaN
Withdrawals
Withdrawals
Find out if withdrawals are allowed before maturity and if they mean a loss of interest.
Yes, unlimited
Account Opening
Branch
Online
Post
A children’s savings account is a simple account that allows you to put money aside for a child while earning additional interest on top of your savings.
The account is opened in your child’s name but with you as the authorised signatory on the account. From there, you can make deposits and withdraw money, although our children’s accounts offer different levels of access to withdrawals depending on the age of the account holder.
We’ve broken our children’s savings accounts down into two age brackets that they can be opened at – aged 11 and under (DinoSaver) and aged 12-17 (Vault). We also offer an account suitable for all children aged 17 or under (Ronnie the Rhino) that combines the features of the two age-specific accounts to suit your child as they get older.
- You can open a children’s savings account for your child if they’re under the age of 18.
- We offer different accounts tailored to different age ranges. When your child reaches the maximum age for that particular account, it matures.
- Our children's savings accounts pay a variable rate of interest. This means it can change while the account is open.
- Our children’s savings accounts require a minimum £10 deposit to open. A minimum operating balance of £10 must always be kept in the account to maintain the offered interest rate.
- The account is opened in the child’s name but requires an adult to act as an authorised signatory.
- All our children’s savings accounts in the UK are 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.
- They offer a variable rate that means you’ll earn interest on everything you save.
- You can top up the account as and when you want to.
- Different accounts offer different levels of access to your child to suit their 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, teaching your children the basics of money management.
We offer a number of different types of children’s savings accounts, each for a different age range.
DinoSaver
Our DinoSaver account is a simple savings account that can be opened by children aged 11 or under. You can deposit money into the account as regularly as you like and make unlimited withdrawals of £10 and over, subject to the minimum operating balance of £10 being maintained. All withdrawals must be signed for by the authorised signatory.
Vault
Vault is a limited withdrawal account that offers more financial autonomy for children aged between 12 and 17. With Vault, one withdrawal of £10-£250 can be made a week by the account holder, subject to the minimum operating balance of £10 being maintained. Withdrawals of more than £250, or additional withdrawals in the same week, must be signed for by both the account holder and the authorised signatory.
Ronnie the Rhino Youngsaver
Our Ronnie the Rhino Youngsaver account is for children of all ages up to the age of 18 years old. It combines the withdrawal access features of our DinoSaver and Vault accounts.
Unlimited withdrawals signed by the authorised signatory are permitted for account holders under the age of 12. Once the account holder has turned 12, one £10-£250 withdrawal is permitted per week. Larger and additional withdrawals must be co-signed by the account holder and 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.
Our children’s savings accounts are suitable for children aged 17 and under. We’ve broken our children’s savings accounts down into two age brackets that they can be opened at – aged 11 and under (DinoSaver) and aged 12-17 (Vault). We also offer an account suitable for all children aged 17 or under (Ronnie the Rhino) that combines the features of the two age-specific accounts to suit your child as they get older.
Our children’s savings accounts offer unlimited withdrawals but with differing levels of authorisation required. For children aged under 12 on our DinoSaver and Ronnie the Rhino Youngsaver accounts, unlimited withdrawals of £10 or more can be made but only if signed off by the authorised signatory.
Children aged 12-17 using our Vault or Ronnie the Rhino Youngsaver accounts can make one withdrawal of £10-£250 per week. Further withdrawals, or withdrawals over £250, must be signed off by both the account holder and the authorised signatory.