This long-term, tax-free savings account is a great way for under 18s to start saving.
Earn 2.50% tax free/AER variable interest on balances of £1 or more.
Interest is paid each year after you open the account on 31st March.
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) explain when and how we do this. For example we might review the interest rate if the Bank of England base rate changes.
For example, if you deposit £1000.00 when you open the account, after 12 months you will have a balance of £1025.00 after interest is paid.
This account can be opened:
Bear in mind:
Opening this account for a child under 16
Opening this account if you are aged 16 or 17
No. You can't withdraw money from the account until the child turns 18. It can only be closed in special circumstances which you can see in the terms and conditions (PDF).
All money paid into the account belongs to the child and can't be returned.
If you change your mind, you can cancel the account free of charge within 14 days of opening.
Tax free means you will not pay income tax on your interest.
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 if your interest was paid and compounded once each year.
For more definitions, view our glossary.
Please read the summary box and the terms and conditions (PDF) before you start.
Take a look at our range of ISAs to see which ticks your boxes.
Make the most of your tax-free savings with our ISA guides.