Children's savings accounts
Looking to put some money away for a child while teaching them the value of saving? Our Young Saver children’s account has two different access levels, for children 11 and under and those aged 12-17. Start building future financial support for your loved ones today.
Our Children's Savings accounts
Here's what we've got for you…
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- Interest rate: High to Low
- Min balance: Low to High
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
Young Saver
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.
3.80%
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
Children's savings accounts - 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 authorised 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.
Young Saver
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.
