Young Saver

With our children's account, you can save on behalf of a child and top up the account whenever you like.

Interest rate:


Gross p.a./AER variable.

The maximum balance is £50,000 plus accrued interest.

This might be right for you if...

  • You want access to your money at any time
  • You'd like to top up your savings as you go
  • You'd prefer to run the account in-branch or by post

Some things to bear in mind...

  • Interest rates can go down as well as up
  • You can't open this account online
  • You can deposit up to £50,000
  • At least one authorised signatory is needed to open and run the account for the child
  • The account holder must be aged under 18

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: Young Saver

What is the interest rate?

Annual Interest

4.25% Gross p.a./AER variable.

• If the balance falls below £10, the rate of interest will be 0.05% Gross p.a./AER variable.

• Interest is calculated daily and paid annually on 30 June.

• Interest can be credited to the account or transferred to another building society/bank account or to another account that you have with us.

Gross means the rate of interest payable before income tax has been taken off.

AER stands for Annual Equivalent Rate and this is what the interest rate would be if interest was paid and added each year.

Can Leeds Building Society change the interest rate?

The interest rate on this account is variable. This means that we can change the interest rate. For further information on how we can change the interest rate and how much notice we need to provide you with, please see our General Conditions, condition 14 ‘Our right to change interest rates’ and condition 15 ‘Letting you know about changes to interest rates’.

What would the estimated balance be after 12 months based on a £1,000 deposit?

If you deposit £1,000 in your account at the time it is opened and it earns an interest rate of 4.25%, after 12 months you will receive an interest payment of £42.50. This will be paid at the end of the fixed term and the total estimated balance in your account will be £1,042.50. This assumes that:

• You don’t make any further deposits,

• You don’t make any withdrawals and,

• The interest is paid annually and added to the account.

This projection is only an illustration and will depend on your individual circumstances.

How do I open and manage my account?


• The account holder must be under the age of 18 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 receiving a request. We can’t 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: £50,000 plus any interest earned and 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 in the account will become the property of the account holder and any withdrawn money must only be used for the benefit of the account holder.

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

Can I withdraw money?

Account holders aged under 12:

• Unlimited withdrawals of £10 and over as long as the minimum operating balance of £10 is maintained.

• All withdrawals must be signed for by the authorised signatory.

• If the balance falls below £10, the rate of interest will be 0.05% Gross p.a./AER variable.

Account holders aged 12-17:

• One withdrawal a week of between £10 and £250 may be made and must be signed for by the account holder, as long as the minimum operating balance of £10 is 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 will be 0.05% Gross p.a./AER variable.

Withdrawals can be made from the account by:

• cash up to a maximum of £300 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 Definitions section in our General Conditions;

• A cheque withdrawal may be made payable to the account holder, authorised signatory or a third party. Where a cheque is made payable to an authorised signatory or a third party, the money withdrawn from the account must only be used for the benefit of the account holder.


• The account will mature when the account holder reaches 18 years old. On the day after maturity we will automatically transfer your money including any 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 that your account is closed.


The account may be closed for further deposits at any time. We will give you a minimum of 30 days’ notice in writing and after this you will not be able to deposit any further money.

Tax treatment:

Interest is paid gross, which means before income tax has been taken off. Payment of gross interest does not mean that the interest you receive will be exempt from tax. How the tax is treated will depend on your individual circumstances and may change in the future. It is up to you to take 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.

You can open this account

By post

Looking for something else?

Compare our savings range now.

Protecting your money

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