Child Saver

Start saving for their future with a Child Saver account. Open with just £1 and enjoy watching their savings grow.

Read the summary box before applying

Who this account is for

  • This account is for an adult who wants to save in trust for a child aged 15 or under.
  • You need to be 18 or over, a UK resident and already have a Lloyds current account.
  • If you aren't the parent or legal guardian of the child, you need their permission to open the account.

The benefits

  • Earn 2.75% AER/2.72% gross variable on balances of £1 to £5,000.
  • Earn 1.05% AER/1.04% gross variable on any excess over £5,000.
  • Have a current account with us? Activate Save the Change® to save when you use your Lloyds debit card.

How it works

  • Open with just £1. You can save and withdraw money when you like.
  • We pay interest monthly.
  • Open up to two Child Saver accounts per child.
  • On the child's 16th birthday, we'll change the account to an adult Easy Saver.

Summary box for the Child Saver

  • Earn 2.75% AER/2.72% gross variable on balances of £1 to £5,000.

    Earn 1.05% AER/1.04% gross variable on any excess over £5,000.

    We pay interest monthly.

  • 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, 52KB)  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 £1,000.00 when you open the account, the balance after 12 months will be £1,027.54.

    If you deposit £6,000.00 when you open the account, the balance after 12 months will be £6,147.09.

    This assumes:

    • the interest rate stays the same for 12 months
    • 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.

  • You can open this account online and in branch.

    To open the account in your local Lloyds branch, you'll need to bring proof of your own identity and the child's (such as a passport or full birth certificate).

    Find your nearest branch

    You can manage the account online, on our app, in branch and by phone.

    Who can open an account

    To open and manage the account, you must be 18 or over, be a UK resident and have a Lloyds current account. The child must be 15 or under.
    If you aren't the parent or legal guardian of the child, you need their permission to open the account.

    We'll contact the parent or legal guardian and the child

    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.

    We'll contact the child when they’re 16 to tell them we hold their personal information. We'll contact you before this.

    Account limits

    You can open up to two Child Saver accounts per child.

    You can open the account with between £1 and £9 million.

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

    On the child's 16th birthday, we'll change the account to an adult Easy Saver.

  • Savings terms explained

    AER

    AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account that shows an interest rate, you'll 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.

    Gross rate

    This means we won’t remove tax from the interest we pay on money in your account. You’ll need to pay any tax you may owe to HM Revenue & Customers (HMRC).

    For more definitions, view our glossary.

Some useful information to help you open a Child Saver

  • What ID we need to see

    To open a Child Saver you’ll need to show a valid ID document for the child. 

    Usually you’ll only need to show either a UK or EU passport, or a full birth certificate showing both the parent's and the child's details.

    We might need further documents to complete further ID and address verification.

    If you apply online you can upload the documents using a scanner, smart phone, tablet or computer with a camera. We will not be able to accept screenshots of the documents.

    ID requirements

    The documents must:

    • be valid and not expired
    • show the details clearly
    • show the same name you use during the application.

    The full birth certificate must contain both the child’s and parent’s details. The short version of the birth certificate can’t be used to open the account.

    If you are using a Welsh birth certificate for identification, you must upload both sides of the certificate as one document. If you can’t do this, please visit a branch to complete the child’s account opening journey.

    We can't accept screenshots of the documents.

  • You can open this account if you:

    • are 18 or over
    • are a UK resident
    • are the parent or legal guardian of the child, or you have their permission to open the account
    • have a Lloyds current account.

    The child you open the account for must be 15 or under and must not already have two Child Saver accounts.

Open a Child Saver

Please read the summary box and the terms and conditions (PDF, 52KB) before you start.

 

It's simple in the app

Scan the QR code to get it.

You must be registered for online banking to apply in the app.

Once you’re in, select Apply, Savings then Child Saver.

 

Apply online

Whether you're an existing customer or not, you can apply on our website.

Open now

It's simple in the app

You must be registered for online banking to apply in the app.

Once you’re in, select Apply, Savings, then Child Saver.

Get the app

Apply online

Whether you're an existing customer or not, you can apply on our website.

Open now

Looking for a debit card for children?

Good money habits for your child start here with Smart Start. Easily pay pocket money into your child’s account to help them get confident with money.

  • If your child is aged between 11 to 15, they can get their own bank account and savings account.
  • You get full visibility of your child’s account activity through your mobile banking app or online banking.
  • They get a Visa debit card to shop safely with, and there are no monthly fees or charges.
Smart Start Link to Smart Start

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FSCS logo

The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the eligible money you hold with us.

More about the FSCS

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