The Vault

From tiny tots to teens, you can save on their behalf with our range of straightforward and flexible children’s accounts.

Interest rate:


Gross p.a./AER variable

This might be right for you if...

  • You’d prefer to run the account in-branch or by post
  • You’d like to top up savings as you go

Some things to bear in mind...

  • The account holder must be aged 12 to 17
  • At least one authorised signatory is needed to open and run the account for the child

Ready to apply?

Before you apply, please read the Summary Box below.

For more information, take a look at our Product Terms & Conditions (PDF), General Terms & Conditions (PDF) and the FSCS Information Sheet (PDF).

Summary Box

Account Name:  The Vault

What is the interest rate?

Annual Interest
1.75% Gross p.a./AER variable.

If the balance falls below £10, the rate of interest which shall apply is 0.05% Gross p.a./AER variable.

Interest is calculated daily and paid annually on 1 January and on maturity.

Interest can be credited to the account or transferred to another building society/bank account or to another account held with the Society.

Can Leeds Building Society change the interest rate?

The interest rate on this account is variable; this means that we have the ability to change the interest rate. Please see conditions 14 and 15 of the General Conditions for further details of the circumstances in which we can do this and the notice we will provide.

What would the estimated balance be after 12 months based on a £1000 deposit?

Assuming that £1,000 is deposited into the account on 2 January, no deposits or withdrawals are made and interest is paid annually and added to the account, then based on an interest rate of 1.75% you will receive a £17.50 interest payment after 12 months, giving an overall account balance of £1,017.50

This projection is provided for illustrative purposes only and will depend on the individual circumstances of each customer.

How do I open and manage my account?

The account holder must be aged between 12 and 17 to open the account.

The account is not available to corporate bodies, charities, nominees, trustees, executors and non-UK residents.

The authorised signatory and the account holder must be UK residents.

The authorised signatory may only open and operate one account per account holder.

How to open the account:
At least one authorised signatory will need to open and operate the account on behalf of the account holder.

The account must be opened in the sole name of the child and cannot be opened as a joint account.

The account can be opened through any of our branches or by post.

Where the account is operated by post, the Society will aim to deal with all transactions within two working days of receipt of a request. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.

If you currently have an existing Leeds Building Society account it may be possible to transfer your funds, subject to your existing product terms and conditions and the product terms and conditions of this account. Please check with us to see whether this is possible.

Operating the account:
The account can only be operated in branch or by post.

Minimum operating balance: £10. The minimum operating balance is required to open the account.

Maximum balance: £1,000,000 plus accrued interest credited to the account.

If the passbook is lost or stolen a ‘Lost/Stolen Passbook’ declaration must be completed by an authorised signatory.

Any money invested in the account will become the property of the account holder and any withdrawn funds must be used for the sole benefit of the account holder.

Once the account holder becomes 18, the authorised signatories will be removed.

Can I withdraw money?

One withdrawal a week of between £10 and £250 may be made and must be signed for by the account holder, subject to the minimum operating balance of £10 being maintained.

Withdrawals over £250 and additional withdrawals in a week must be signed for by both the account holder and the authorised signatory.

If the balance falls below £10, the rate of interest which shall apply is 0.05% Gross p.a./AER variable.

Withdrawals can be made from the account by:
• cash (up to a maximum of £300 in cash in branch each day). You will need to provide 48 hours’ notice, if you require more than this amount (up to a maximum of £1,000);
• cheque;
• internal transfer to another Society account; or
• electronic payment (as defined in the General Conditions).

Withdrawn cheques may be made payable to the account holder, authorised signatory or a third party but where a cheque is made payable to an authorised signatory or a third party, the withdrawn funds must be used solely for the benefit of the account holder.

The account will mature when the account holder reaches 18 years old. On the day after maturity the Society will automatically transfer your funds (including interest) to an instant access account. We will write to you with full details including terms and conditions nearer the time.

Additional Information

Account closure:
You can close your account at any time without notice or loss of interest. Interest will be paid immediately up to the date of account closure.

The account may be closed for further deposits at any time. This will be done on a minimum of 30 days’ written notice, after which you will not be able to deposit further funds.

Tax treatment:
Interest is paid gross, without the deduction of income tax. Payment of gross interest does not mean that interest you receive is exempt from tax. The tax treatment depends on the individual circumstances of each customer and may be subject to change in the future. It is your responsibility to seek independent tax advice.

Keeping you and your information safe

  • We share the information you provide with fraud prevention agencies
  • They use this information to guard against fraud, money laundering and identity theft
  • If any of these are detected, it may prevent you from applying for selected accounts
  • You can find out more about your data protection rights in our Guide to use of your personal data (PDF)

Continuing with your application lets us know we're okay to use your information this way.

Apply online now

Before you apply, please read the summary box above, our Product Terms & Conditions (PDF), General Terms & Conditions (PDF) and the FSCS Information Sheet (PDF).

You can open this account

By post

Looking for something else?

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Protecting your money

Under the Financial Services Compensation Scheme (FSCS), the first £85,000 of your savings is protected.
Find out more