Children don’t usually need to learn how to spend money, but with a Young Saver account they can learn how to save it
|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 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.
Saving regularly from your current account is the easy way to grow your savings.
Simply complete a savings transfer form(PDF, 175 kB) Opens in a new browser window and take it to your local branch.
|Account name||Young Saver|
|Interest rates (AERs)||
Interest paid quarterly
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.|
No notice payments.
Instant access with no loss of interest.
|Access to your account||In branch only.|
You can apply for a Young Saver if you:
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.
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).