Children’s account: Island First Account
Help your child learn how a bank account works with our straightforward savings account for children aged 17 or under. Open with as little as £1.
Features and benefits
- Interest added to the account four times a year and paid gross without deducting tax.
- Statements sent at least four times a year.
- Interest rate is variable.
- Withdraw money from your branch.
- The account is opened in your child’s name with you remaining in control of it. This applies until your child is aged 16.
Eligibility
The Island First Account is available for personal customers aged 17 or under who are resident in the Channel Islands or Isle of Man.
Current interest rate
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Interest on credit balances (paid quarterly) |
GrossGross rate:The contractual rate of interest payable before deduction of income tax at the rate specified by law. interest rate % (variable) |
AER %AER:AER 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 - Annual Equivalent Rate - you can compare more easily what return you can expect from your savings over time. |
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Interest on credit balances (paid quarterly)£1 - £20,000 |
GrossGross rate:The contractual rate of interest payable before deduction of income tax at the rate specified by law. interest rate % (variable)2.50 |
AER %AER:AER 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 - Annual Equivalent Rate - you can compare more easily what return you can expect from your savings over time.2.52 |
Interest on credit balances (paid quarterly)£20,000+ |
GrossGross rate:The contractual rate of interest payable before deduction of income tax at the rate specified by law. interest rate % (variable)1.00 |
AER %AER:AER 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 - Annual Equivalent Rate - you can compare more easily what return you can expect from your savings over time.1.00 |
For previous interest rate please contact your local branch.
Interest rate is variable.
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Sending fundsWhen making an International Payment there are two charging methods:Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges. Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank
International moneymover service:When making an International Payment there are two charging methods:Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges.
Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank
Service
Charges
Service
Through Currency Internet Banking
Charges
Free
Service
Through International PhoneBank, in branch, or in writing
Charges
Free
Service
Through Standing Order
Charges
Free
Service
To your other accounts held with Lloyds Banking Group
Charges
Free
Service
Charges
Service
Zone 1 (USA, Canada and Europe)
Charges
£12
Service
Zone 2 (Rest of the world)
Charges
£20
For the purposes of the Correspondent Bank Fee, Europe is defined as all EEA countries plus Jersey, Guernsey, Isle of Man, Monaco, San Marino and Switzerland.
Electronic Funds Transfer (CHAPS payments within the British Isles):
Service
Charges
Service
CHAPS payment
Charges
£30
Cash withdrawals and deposits into the US Dollar Account and/or Euro Account:
Service
Charges
Service
Cash withdrawals and deposits
Charges
2% on the Sterling equivalent of each currency, minimum £3 per currency and £10 administration fee.
These accounts are not designed to be used for receipt of notes or coins. If you need this service, please contact your International Banking Team.
Recalling a payment:
Service
Charges
Service
Recalling a payment
Charges
£20 per payment.
We cannot guarantee the cancellation as funds may already have been paid to the beneficiary. You could receive less than the original amount of the payment, due to adverse exchange rate movements.
Receiving funds
Electronic bank transfer from another financial institution:
Amount
Charges
Amount
Any amount
Charges
Free
Cheque collections:
Amount
Charges
Amount
Cheques up to £100
Charges
£5
Amount
Cheques of £100 and above
Charges
25p per £100 (minimum £15, maximum £80 per cheque)
Cheque negotiation to Sterling account:The correspondent bank may also levy a charge based on the value of the cheque.
Amount
Charges
Amount
Cheques up to £100
Charges
£5
Amount
Cheques of £100 and above
Charges
25p per £100 (minimum £15, maximum £80 per cheque)
Amount
Cheques in a foreign currency drawn in a different country (not UK)
For example : US Dollars drawn in France
Charges
As above, but minimum £10 per cheque.
Cheque negotiation to currency account:The correspondent bank may also levy a charge based on the value of the cheque.
Amount
Charges
Amount
Cheques in the same currency as the account
Charges
£2 per cheque
Amount
Cheques requiring currency conversion
Charges
£4 per cheque
Other standard services
Service
Charges
Service
Supplying copies of previous bank statements
Charges
£5 per request.
An administration charge may be made for excessive requests.
Correspondent bank fee:When making an International Payment there are two charging methods:Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges.Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank
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General terms and conditions (PDF, 384KB)
Account terms and conditions (PDF, 310KB)
This product is designed for customers living in the Channel Islands or the Isle of Man.
Information on our savings accounts for customers in the United Kingdom.
Frequently asked questions
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The Island First Account can be opened with as little as £1.
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That's completely down to you. There's no limit on how much you can hold in your account. So whether your child is simply putting away their weekly pocket money or saving their birthday cash gifts, the Island First Account is a great way to get started.
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The Island First Account is available in Sterling only.
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Interest is paid four times a year on:
- 9 March
- 9 June
- 9 September
- 9 December.
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If you need extra information, please call 03457 449900. Lines are open 8am - 8pm, seven days a week.
Not all Telephone Banking services are available 24 hours a day, seven days a week.Please visit our contact us page for the latest opening hours.
To ensure security for our customers and staff and to help maintain service quality, some calls may be recorded and monitored. Call costs may vary depending on your service provider.