Child Saver

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

How to apply

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

Features and benefits

Earn up to 2.25% AER

Earn 2.25% AER/2.23% gross variable monthly interest on balances of £1 to £5,000.

Earn up to 0.75% AER

Earn 0.75% AER/0.75% gross variable monthly interest on any excess over £5,000.

Open multiple accounts

You can open two Child Saver accounts for each child.

Let's break it down

Who it's for

  • This account is for an adult who wants to save money in a trust for a child aged 15 or under.
  • You need to be a UK resident aged 18 or over, and already have a personal current account or savings account with us.
  • If you’re not the parent or legal guardian of the child, you’ll need their permission to open the account.

How it works

  • Open with just £1. You can add and withdraw money as needed.
  • We pay interest monthly.
  • On the child's 16th birthday, we'll change the account into an Easy Saver and get in touch with both of you.

Summary box for the Child Saver

  • Earn 2.25% AER/2.23% gross variable on balances of £1 to £5,000.

    Earn 0.75% AER/0.75% 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 £1,022.52.

    If you deposit £6,000.00 when you open the account, the balance after 12 months will be £6,119.40.

    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.

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

    You can open this account if:

    • it's to save for a child aged 15 or under
    • you're 18 or over
    • you're a UK resident
    • you have a personal current account or savings account with us
    • you're a parent or legal guardian of the child, or you have their permission to open this account.

    Keep in mind

    • Open with at least £1.
    • Once the account is open, if you don't live at the same address as the child, we’ll write to the child’s address to inform the parent or legal guardian. If they tell us they don’t want this account open, we’ll close it and return the money saved
    • 2 Child Saver accounts can be held for any child.
    • We'll contact the child at age 16 to tell them we hold their personal information. We'll contact you before this happens.

    Entering the child’s details

    When you open the account, enter the child’s full name and date of birth exactly as they appear on their ID. Don’t use shortened or nickname versions.

    If we need ID to complete the application, we’ll get in touch and ask for a:

    • valid passport, or
      full UK birth certificate showing both the child’s and parent’s details.

    Cheque deposits

    Cheques must be made payable to the adult named on the account. You can pay them in using our app or an in‑branch deposit machine.

  • 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.

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

Protecting your money

FSCS Logo

Protecting your money

The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of the eligible money you hold with us.

More about the FSCS

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