Our agreement with you is made up of general conditions (contained in the Personal Banking Terms and Conditions & Banking Charges (PDF)) and additional conditions which are detailed below. If there is any overlap or conflict between the additional conditions and the general conditions, the additional conditions apply.
It’s an account for children’s savings which pays a variable rate of interest.
This agreement is between us and the adult who opens and runs the account on behalf of the child.
The money belongs to the child, and the account is in the child’s name. An adult will open, run, and close the account on the child’s behalf. The adult must manage the account in the best interests of the child.
The adult must be aged 18 or over, and must have a Lloyds Bank personal current account.
How young does a child have to be for a Young Saver Account to be opened?
In any Lloyds Bank branch.
One. This means it will not be possible, for example, for a parent and a grandparent to help the same child save separately in different Young Saver accounts. An adult can open and manage Young Saver Accounts for more than one child.
Anyone can make payments into the account, and this can be done in a branch, by online banking, mobile banking, telephone banking and standing order.
We may check that any withdrawals from the Account are made on behalf of the child.
The adult will need to go into a Lloyds Bank branch.
We’ll pay interest and add it to any balance in the account once each quarter - on the 10th of March, June, September and December.
You can find out by either asking in branch or by looking online.
No, interest will be paid gross without taking off any income tax. The adult will be responsible for paying any tax due on this interest to HM Revenue & Customs
The account pays a variable rate of interest – this means that we can change the rate of interest we pay on the money held in the account. For further details about how we do this, and how we notify changes, please read the Personal Banking Terms and Conditions.
Before the child turns 16, we’ll write to the adult, and explain the choices that can be made about what to do with the money in the Young Saver Account when the child turns 16.
If we don’t hear from the adult, we’ll put any money in the account into a Lloyds Bank instant access account in the child’s name when they become 16. The child will have complete control of that account and the money in it.
Yes – the adult can close the account at any time. Just come into a Lloyds Bank branch and let us know. We’ll pay any interest earned up to the date of closure and either help the adult to move any balance to another account we offer or return any balance to the adult to deal with on behalf of the child.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.ukVisit the Financial Conduct Authority website.. Lloyds Bank plc is a member of the Financial Services Compensation Scheme and the Financial Ombudsman Service.
Lloyds Bank plc registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.
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