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Start saving for their future with a Child Saver account. Open with just £1 and enjoy watching their savings grow.
Earn 3.00% AER/2.96% gross variable on balances of £1-£5,000.
Earn 1.30% AER/1.29% gross variable on any excess over £5,000.
Interest is paid 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 £1000.00 when you open the account, the balance after 12 months will be £1030.00.
If you deposit £6000.00 when you open the account, the balance after 12 months will be £6161.85.
This assumes:
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:
To open the account in your local Lloyds Bank branch, you'll need to bring proof of your own identity and the child's (such as a passport or full birth certificate).
You can manage the account online, on our app, in branch and by phone.
To open and manage the account, you must be 18 or over, be a UK resident and have a Lloyds Bank 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.
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.
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, the account will change to an adult Easy Saver.
Gross rate 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 & Customs (HMRC).
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.
For more definitions, view our glossary.
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.
The documents must:
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:
The child you open the account for must be 15 or under and must not already hold two Child Saver accounts.