Child Saver

Summary box for the Child Saver

1. What is the interest rate?

Earn 2.00% AER/1.98% gross variable on balances of £1-£5,000.

Earn 0.20% AER/0.20% gross variable on any excess above £5,000.

Interest is paid monthly.

2. Can Lloyds Bank change the interest rate?

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.

3. What might the future balance be?

For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1019.98.

If you deposit £6000.00 when you open the account, the balance after 12 months will be £6101.09.

This assumes:

• the interest rate stays the same for 12 months
• interest is paid monthly
• you make your deposit on the day you open the account and you don't add more money after that
• you don't withdraw any money or interest.

If you have more than £5,000 in your account, you’ll get two different interest rates on your balance. The higher rate applies to everything up to £5,000 and the lower rate to everything over £5,000.

4. How do I open and manage my account?

This account can be opened:

• online
• in branch.

The account can be managed online, on our app, in branch and by phone. To open the account in your local Lloyds Bank branch, you'll need to bring proof of your own identity as well as the child's (such as a passport or birth certificate). Find your nearest branch >

Bear in mind:

• to open and manage the account, you must be aged 18 or over, a UK resident and have a Lloyds Bank current account. The child must be aged 15 or under
• if you aren't the parent or legal guardian of the child, you need permission from the parent or legal guardian to open the account
• once the account is open, we'll send a letter to the child's address informing the parent or legal guardian of this. If the parent or legal guardian of the child tells us they don't want the account open, we'll close it and return the money saved
• you can open the account with between £1 and £9 million
• up to two Child Saver accounts can be opened per child
• we'll contact the child between the ages of 13 and 16 to tell them we hold their personal information. We'll contact you before this happens
• on the child's 16th birthday, the account will change to an adult Easy Saver.

5. Can I withdraw money?

Yes. You can make as many withdrawals as you like and there are no charges for doing so.

6. Additional information

Savings terms explained

Gross rate means we won’t deduct tax from the interest we pay on money in your account. You will 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 if your interest was paid and compounded once each year.

For more definitions, view our glossary.

Apply for a Child Saver

You can open an account if:

• you're aged 18 or over and a UK resident
• you want to save in trust for a child aged 15 or under
• you are the parent or legal guardian of the child, or you have their permission
• you have a Lloyds Bank current account.

Please read the summary box and the terms and conditions (PDF) before you start.