Inside content area, use arrow keys or tab to access content

LLOYDS BANK SAVINGS ACCOUNTSChild Saver

A variable interest account for an adult who wants to save for a child aged 15 or under, with instant access to their money.

Please read the summary box before applying.

At a glance

Interest rate

Features and benefits

Keep in mind

Withdrawals

Access

2.00% AER/1.98% gross variable on balances from £1-£5,000

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

  • Open with just £1.
  • View and manage the account online, in branch and by phone.
  • Your interest is paid monthly.
  • Eligible account for Save the Change® - save a few pennies every time you spend.
  • Two Child Saver accounts can be held for any one child, giving you the flexibility to keep savings separate.
  • To open and manage an account in trust for a child you must be 18 or over, a resident in the UK, and already have a personal current account with us. The child must be 15 or under.
  • If you aren’t a parent or legal guardian of the child you need their permission to open this account.
  • We’ll send a letter to the child’s address confirming the account has been opened.
  • We’ll need to contact the child between the age of 13 and 16 to tell them we hold their personal information. We’ll contact you before this happens.

Unlimited.

  • Online.
  • Branch.
  • Phone.

2.00% AER/1.98% gross variable on balances from £1-£5,000

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

Features and benefits

  • Open with just £1.
  • View and manage the account online, in branch and by phone.
  • Your interest is paid monthly.
  • Eligible account for Save the Change® - save a few pennies every time you spend.
  • Two Child Saver accounts can be held for any one child, giving you the flexibility to keep savings separate.

Keep in mind

  • To open and manage an account in trust for a child you must be 18 or over, a resident in the UK, and already have a personal current account with us. The child must be 15 or under.
  • If you aren’t a parent or legal guardian of the child you need their permission to open this account.
  • We’ll send a letter to the child’s address confirming the account has been opened.
  • We’ll need to contact the child between the age of 13 and 16 to tell them we hold their personal information. We’ll contact you before this happens.

Withdrawals

Unlimited.

Access

  • Online.
  • Branch.
  • Phone.

Summary box for Child Saver

1. What is the interest rate?

It’s a variable rate as shown in the table below.

Your balanceInterest
GrossAER
£1 - £5,000
1.98%
2.00%

Any excess above
£5,000

0.20% 0.20%

Your interest is paid monthly.


2. Can Lloyds Bank change the interest rate?

Yes.
As this account pays a variable rate of interest the rate can change over time. For example we might review the interest rate if the Bank of England bank rate changes. We’ll always let you know of any planned changes to the rate. Our terms and conditions explain when and how we do this.


3. What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid:

Initial depositGross rate Balance after 12 months
£1000.00
1.98%
£1019.98


£6000.00
£1 - £5,000
1.98%
Anything over
£5,000
0.20%


£6101.09

This example assumes that:

  • you don’t withdraw any money and interest isn’t paid out of the account
  • the interest rate stays the same
  • you make your initial deposit payment on the day you open the account
  • you don’t make any further deposits.

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 in branch or online, and managed online, in branch and by phone.

Opening this account

  • To open and manage an account you must be 18 or over, a UK resident, and already have a personal current account with us. The child must be 15 or under.
  • If you aren’t a parent or legal guardian of the child you need the permission of a parent or legal guardian to open this 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 a parent or legal guardian of the child tells us they don’t want this account open, we’ll close it and return the money saved.
  • The minimum opening deposit is £1.
  • Only two Child Saver accounts can be held for any one child.

5. Can I withdraw money?

Yes.

You can make unlimited withdrawals.

Before the child’s 16th birthday we’ll write to you to tell you that the account will change to an Easy Saver account, which currently has an interest rate of 0.20%. You will hold this in trust for the child.
If you want the money to go into another account for the child we’ll let you know how to do this.


6. Additional information

We’ll need to contact the child between the age of 13 and 16 to tell them we hold their personal information. We’ll contact you before this happens.

Gross rate means we won’t deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).

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 advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.


Apply for a Child Saver

Online

Apply nowfor a Child Saver

In branch

Make an appointment at your local Lloyds Bank branch and we’ll open the Child Saver account for you. You’ll need to bring proof of your own identity as well as the child's (such as a passport or a birth certificate).

Find your nearest branch

Make saving easier

Whether you're saving for your child, grandchild, godchild or yourself, make it easier with Save the Change® by saving a few pennies every time you spend.

More about Save the Change

Financial Services Compensation Scheme

FSCS logo