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Child Saver
Start saving for their future with a Child Saver account. Open with just £1 and enjoy watching their savings grow.
Please read the summary box before applying
Summary box for the Child Saver
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Earn 3.15% AER/3.11% gross variable on balances of £1-£5,000.
Earn 1.40% AER/1.39% gross variable on any excess above £5,000.
Interest is paid monthly.
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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.
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For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1031.54.
If you deposit £6000.00 when you open the account, the balance after 12 months will be £6170.48.
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.
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This account can be opened:
- online
- in branch.
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 full birth certificate).
The account can be managed online, on our app, in branch and by phone.
Who can open an account
To open and manage the account, you must be aged 18 or over, be 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 their permission to open the account.We will 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
Up to two Child Saver accounts can be opened per child.
You can open the account with between £1 and £9 million.
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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.
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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.
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What ID we need to see
To open a Child Saver you’ll need to provide a valid ID document for the child.
In most cases you’ll only need to provide either a UK or EU passport, or a full birth certificate showing both the parent's and the child's details.
We might require additional 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 cannot accept screenshots of the documents.
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You can open this account if you:
- are aged 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 Bank current account.
The child you open the account for must be aged 15 or under and must not already hold two Child Saver accounts.
Financial Services Compensation Scheme
Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.
