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LLOYDS BANK SAVINGS ACCOUNTSYoung Saver

Children don’t usually need to learn how to spend money, but with a Young Saver account they can learn how to save it

Features and benefits

  • Earn 2.25% AERCloseAERAER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advert for a savings product will contain an AER you can compare more easily what return you can expect from your savings over time. / 2.23% grossCloseGrossGross rate means we will not deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC). variable on balances up to £20,000. Earn 0.50% AER/gross variable on anything over £20,000.
  • When the child turns 16, the account automatically changes into an Easy Saver account for 12 months, currently paying 0.35% gross/AER variable.
  • You can open an account on behalf of the child today with as little as £1. You’re in control of the account until they turn 16. You can help them save by setting up standing orders to pay into the account.
  • You can withdraw money from the account whenever you like without losing interest, and transfer money from a non-Lloyds Bank account easily with the savings transfers form(PDF, 99kB) opens in a new browser window..
  • Interest on the Young Saver is paid quarterly.

Keep in mind

  • To open this account you need to have a Lloyds Bank current account. You need to be over 18 to open the account and manage it on behalf of the child.
  • There’s a limit of £100 gross interest or income that gifts from a parent, or civil partner of a parent, can earn each year. This limit doesn’t apply if the gift comes from anyone else. For more details, visit HMRCVisit the HM Revenue and Customers website..
  • Before the child's 16th birthday we'll write to you reminding you that the account will convert into an Easy Saver solely in the child's name. If you’d prefer the money to be paid into a different account either for your child to manage themselves or for you to manage on their behalf we'll let you know how to do this.
Balance Interest paid quarterly
AERCloseAERAER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts.
GrossCloseGrossGross rate means we will not deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).CloseNetNet rate is the rate of interest the account pays after basic rate tax has been deducted. If you are unlikely to pay tax on your savings income you can request your interest to be paid gross by completing an HMRC R85 form. As the rate of tax may vary, the net rate is given for illustration only and is rounded to two decimal places.
£1 - £20,000 2.25% 2.23%
Anything over £20,000 0.50% 0.50%

These interest rates are correct as at 06/10/2015. Interest rates are variable.

Post 6th April 2016 your interest will be paid Gross, this means that we will not deduct tax automatically from your interest. Depending on your personal circumstances, you may need to pay tax on the interest you earn and it will be your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).

There are many things you can do to make the most of the Young Saver account:

Register for Save the Change®

Register for Save the Change and make saving easy. When you buy something with your Lloyds Bank Visa debit card (and your account is in credit), the amount can be rounded up to the nearest pound, and the difference transferred to the child's Young Saver account.

Find out more about Save the Change

Set up a standing order

Saving regularly from your current account is the easy way to grow your savings.

Transfer money from a non-Lloyds Bank account

Simply complete a savings transfer form(PDF, 175 kB) Opens in a new browser window and take it to your local branch.

Find a branch near you

Account name Young Saver
Interest rates (AERs)

Variable interest

Interest paid quarterly

Young Saver Account interest rates

Tax status

We will pay your interest gross, which means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs (HMRC).

Conditions for bonus payments Not applicable.
Withdrawal arrangements

No notice payments.

Instant access with no loss of interest.

Access to your account In branch only.

Online

You can apply for a Young Saver if you:

  • Have the child’s UK birth certificate or UK/EU passport
  • Live at the same address as the child (if applying online)
  • Are resident in the UK

Apply nowfor a Young Saver

Please note: if you are unable to upload the identification documents online, you will have 14 days to take these into a branch. If applying in branch you will also need proof of your own identity.

In branch

Make an appointment at your local Lloyds Bank branch and we’ll open the Young Saver account for you. You’ll need to bring proof of your own identity and proof of your child's identity (such as a passport or a birth certificate).

Find your nearest branch

Not the right savings account for you?

With so much choice, take a look at our range of other savings accounts to see which might suit you best.

See all savings accounts

Important legal information

Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.ukVisit the Financial Conduct Authority website. Lloyds Bank plc is a member of the Financial Services Compensation Scheme and the Financial Ombudsman Service. We subscribe to the Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.ukVisit the Lending Standards Board website.

Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.