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Good money habits for your child start here
Smart Start gives 11-15 year olds their own Spending Account and Savings Account in one application, accessible by our Mobile Banking app and Internet Banking.
Want to apply? To open this account the parent or guardian of the account must have one of our current accounts and be registered for Online banking
Account features
Spend
Use their contacless debit card online, in shops and at cash machines.
Smart Start accounts won't come with any monthly fees and no arranged overdraft - they can only spend what's in their account.
Getting started
For more information about how to set up and get the most out of your Smart Start accounts, visit our help page.
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Learn about:
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Learn about:
- Importance of saving and managing money.
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Summary box for the Savings Account
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2.85% AER/2.81% gross variable on balances from £1-£1,000.
1.10% AER/1.09% gross variable on any money above £1,000.
Interest is paid monthly.
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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.
We’re making some changes to our conditions on 02 June 2025. For details, see our guide to changes (PDF, 80KB).
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For example, if you put in £1,000.00 when you open the account, the balance after 12 months will be £1,028.46.
If you put in £2,000.00 when you open the account, the balance after 12 months will be £2,039.19.
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 two 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.
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This account can only be opened online between the parent or legal guardian and a young adult, as part of applying for Smart Start. This means a Spending Account and a Savings Account will be opened.
When the accounts are open, the parent or legal guardian will be able to see them in Internet Banking and on our app, to help the young adult 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, but will need the consent of their parent or legal guardian in branch.
The accounts can also be managed through Internet Banking, on our app and in branch.
Bear in mind:
- To open this account the parent or legal guardian must be 18 or over, resident in the UK and be registered for Internet Banking. The young adult must be aged 11-15.
- The parent or legal guardian must have one of our qualifying current accounts listed in the 'Additional Information' section below.
- The parent or legal guardian must have an existing Child Saver or Young Saver for the child or their proof of 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 hold one Spending Account and one 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 provide us with additional identification such as a current UK/EU/EEA passport, photo driving licence or identity card.
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Young adult:
- Yes. So long as there is money in the account, you can withdraw it anytime.
Parent/legal guardian:
- Only on behalf of the young adult where you believe the circumstances are an emergency.
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To open this account the parent or guardian of the account must have one of our 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 will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be in your interest was paid and compounded once each year.
For more definitions, view our glossary.
Let’s look at the details
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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.
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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
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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).
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Your child's Smart Start accounts will remain open until they turn 18.
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Their Smart Start accounts will change to a Classic Account and Easy Saver. They will need to confirm their identity before they turn 18 for this to happen. ID verification can be provided 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.
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Child Saver
For adults who want to save for a child aged 15 and under.
