Smart Start

Helping kids to spend and save, with the reassurance of parental oversight. Smart Start can be opened from age 11 to 15 and kept until the child is 18.

Features and benefits

Spending account

Kids can use their contactless debit card online, in shops or at cash machines. And there’s no monthly account fee or overdraft to worry about.

Savings account

On balances up to £1,000, earn 2.25% AER / 2.23% gross variable (paid monthly).

On balances over £1,000, earn 0.75% AER / 0.75% gross variable (paid monthly).

Smart alerts

Get spending notifications and oversight of the account using our mobile app.

Let's break it down

Who it's for

You can open this account if you:

  • are the child’s parent or guardian, aged 18 or over
  • have any of our current accounts and are registered for online banking
  • live in the UK at the same address as your child, who should be between 11 and 15 years old.

How it works

  • Your child must be present during the application.
  • You’ll need to upload your child’s ID - either a passport or a full UK birth certificate.
  • If your child already has a Young Saver or Child Saver, you don't need to give proof of ID. 
Get started with Smart Start Opens in same tab

Open Smart Start

Read the summary box and the terms and conditions (PDF, 51KB) before you start.

 

It's simple in the app

Scan the QR code to get it. 

You must be registered for online banking to apply in the app.

Once you're in, select ‘Apply’, ‘Current accounts' or 'Savings’, then ‘Youth Accounts’.

Or you can register on our website.

Already bank online?

We'll take you to the right place to get started.

Open account opens in same tab

It's simple in the app

You must be registered for online banking to apply in the app.

Once you're in, select ‘Apply’, ‘Current accounts' or 'Savings’, then ‘Youth Accounts’.

Apply in app

Or you can register on our website.

Already bank online?

We'll take you to the right place to get started.

Open account

Summary box for the Savings account

  • 2.25% AER/2.23% gross variable on balances from £1 to £1,000.

    0.75% AER/0.75% gross variable on any money above £1,000.

    Interest is paid monthly.

  • Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF, 358KB) explain when and how we do this. For example, we might review the interest rate if it costs us more to run this account for you.

  • For example, if you put in £1,000 when you open the account, the balance after 12 months will be £1,022.52.

    If you put in £2,000 when you open the account, the balance after 12 months will be £2,029.90.

    This assumes that:

    • you don’t take any money or interest out of the account
    • the interest rate stays the same
    • you put money in the day you open the account and don't add more money after that.

    If you have more than £1,000 in your account, you’ll get 2 different interest rates on your balance, the higher rate applies to everything up to £1,000 and the lower rate to everything over £1,000.

  • This account can only be opened online between a parent or legal guardian and a young adult, as part of applying for Smart Start. This means a spending account and savings account will be opened.

    When the accounts are open, the parent or legal guardian will be able to see them in online banking and our app, helping a young adult to manage their money and transact on the accounts in an emergency. When the young adult is over 13 and decides it's the right time to remove this support, they can do so in branch. If they're under 13 they can also do this at a branch, but they’ll need the consent of their parent or legal guardian.

    The accounts can also be managed through online banking, our app and in a branch.

    Things to consider:

    • to open this account the parent or legal guardian must be 18 or over, resident in the UK and be registered for online banking. The child must be aged 11 to 15
    • the parent or legal guardian must have a qualifying current account – you’ll find more information in the summary box on this page
    • the parent or legal guardian must have an existing Child Saver or Young Saver for the child, or be able to show proof of their child’s identity
    • to open the account, the young adult must be living at the same address as the parent or legal guardian
    • the young adult can only have 1 spending account and 1 savings account
    • we'll remove the parent or legal guardian's ability to view and transact on the account after the young adult's 18th birthday, unless it's already been done.

    The spending account will mature to a Classic account and savings account to an Easy Saver account before the young adult's 19th birthday. To make sure this happens, the young adult must show us more identification such as a current UK/EU/EEA passport, photo driving licence or identity card.

  • Child account holder

    Yes. As long as there is money in the account, you can withdraw it anytime.

    Parent or legal guardian

    Only on behalf of the child, where you believe the circumstances are an emergency.

  • To open this account the parent or guardian must have a Lloyds current accounts and be registered for online banking.

    ‘Gross rate’ means we won't deduct tax from the interest we pay on money in your account. You need to pay any tax you may owe to HM Revenue & Customs (HMRC).

    ‘AER’ stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you’ll see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

    Check out a glossary of other common terms.

Let’s look at the details

  • No. There’s no option for your child to overspend. If there isn’t enough money in the account for them to make a purchase, it won’t go through. If something goes wrong and their account goes overdrawn by mistake, we won’t charge them – we’ll help to put their account right.

  • Your child can only spend money that’s in their spending account. To help them manage their money, we’ve set spending limits. That way you can be sure they don’t overspend.

    Daily spending limits

    Ways to manage your money

    Aged 11-15

    Aged 16-17

    Aged 18

    Ways to manage your money

    Using your debit card to pay online and in shops.

    Aged 11-15

    £200

    Aged 16-17

    £1,000

    Aged 18

    The money you have in your account.

    Ways to manage your money

    Using online banking to transfer money.

    Aged 11-15

    £500. This limit also applies to your savings account.

    Aged 16-17

    £500. This limit also applies to your savings account.

    Aged 18

    £500. This limit also applies to your savings account.

    Ways to manage your money

    Using one of our branches with a counter to take money out.

    Aged 11-15

    £1,000

    Aged 16-17

    £1,000

    Aged 18

    £5,000

    Ways to manage your money

    Using your debit card to take money out of a cash machine.

    Aged 11-15

    £100

    Aged 16-17

    £100

    Aged 18

    £500

    Ways to manage your money

    Using the Post Office to take money out.

    Aged 11-15

    £100

    Aged 16-17

    £100

    Aged 18

    £300

  • Protecting your child’s personal information online matters to us. This is why we want you and your child to understand how we’ll use their information and what rights they have. Find out how we use your child's data (PDF, 64.7KB).

  • Your child's Smart Start accounts will remain open until they turn 18.

  • Their Smart Start accounts will change to a Classic account and Easy Saver. They'll need to confirm their identity before they turn 18 for this to happen. You can complete ID verification by uploading their passport on to the mobile banking app. If they don’t do this, we’ll have to close their Smart Start account.

Protecting your money

fscs logo

Protecting your money

The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of the eligible money you hold with us.

More about the FSCS

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Help and guidance

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Student Current Account

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For adults who want to save for a child aged 15 and under.

Child Saver

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