Children's savings accounts

Put money aside for a child’s future or establish a positive saving habit with the help of a child savings account. Compare options suitable for children and teens, then start saving today.

Why open a savings account for a child?

Whether you're a parent, guardian or grandparent who's looking to put money aside for a child, or a teenager of 16-17 who's looking to start saving, Lloyds Bank can help:

  • Open a child savings account with as little as £1
  • Take your pick from a range of accounts to suit their age and independence level. 
  • Establish a positive saving habit from a young age.
  • Help a child to earn interest on their savings.
  • Add money to a child's savings balance at any  time. 

Compare children's savings accounts

Instead of filling up a piggy bank, open a child’s savings account and put their pennies to work, helping to grow their savings over time.

Lloyds Bank offer both savings accounts and ISAs for children, so check through the rates and all terms to find one to best suit your saving needs.

Account

Interest rate

Minimum deposit

Open

Withdrawals

Account

Smart Start

Designed for 11-15 year olds, providing a current account and savings account.

You need a Club Lloyds current account to open this account for your child.

Interest rate

3.15%

AER/3.11% gross on balances from £1 to £1,000.

1.40%

AER/1.39% gross on any excess above £1,000.

Interest applies to the savings account only. Interest is variable and is paid monthly.

Minimum deposit

£1

Open

Until the child’s 18th birthday. The savings account will then change to an adult Easy Saver. The spending account will change to an adult Classic Account.

 

Withdrawals

Unlimited.

 

Account

Interest rate

3.15%

AER/tax-free variable.

Interest is paid after each year.

Minimum deposit

£1

Open

Until the child's 18th birthday. The account will then change to an adult Cash ISA Saver.

Withdrawals

None until the child's 18th birthday.

Account

Interest rate

3.15%

 AER/3.11% gross on balances from £1-£5,000.

1.40%

AER/1.39% gross on any excess above £5,000.

Interest is variable and paid monthly.

Minimum deposit

£1

Open

Until the child's 16th birthday. The account will then change to an adult Easy Saver.

Withdrawals

Unlimited.

 

Account

Standard Saver

If you have a Club Lloyds Saver, Club Lloyds Monthly Saver, Club Lloyds, Advantage Saver, Easy Saver, Monthly Saver, Fixed Bond, Online Fixed Bond or Lend a Hand Fixed Savings Account with us, it will change into this account at the end of its term.

Interest rate

1.40% 

AER/gross on balances from £1 - £24,999.

1.45% 

AER/gross on balances from £25,000 - £99,999.

1.90% 

AER/gross on balances from £100,000 or more.

The interest rate is variable. The rate applies to the full balance. Your interest frequency will stay the same as it was on your previous account.

Minimum deposit

£1

Open

There's no end date.

Withdrawals

Unlimited

You can't apply direct for a Standard Saver.

Tax treatment depends on individual circumstances and may change in the future. 

Interest on savings

Interest rates are subject to change. You can check current interest rates online at any time.

Useful savings terms

AER, or Annual Equivalent Rate

AER helps you to understand how much interest you would earn from your savings over the course of a year. The percentage figure is also useful when comparing savings accounts. 

This accounts for compound interest. That's interest earned on top of any interest you've already been paid, which forms part of your total savings balance.

More about AER

Gross

This is the percentage of interest you would earn from your savings before tax. 

Tax Free

Interest on child savings account and ISAs is usually exempt from tax.

Adults may be able to earn some interest from their savings each year without paying tax, subject to your personal allowance on earnings, starting rate for savings or personal savings allowance. You also have an annual allowance for ISAs, helping you to save in a tax efficient way. 

Why choose a Lloyds Bank child savings account?

Options to suit you

Whether your child needs easy access to their money, or they’re willing to fix for a longer term to earn more interest.

Keep track with ease

Whatever the savings goal, you can track progress on behalf of your child using Internet Banking or the Mobile Banking app.

Plan your child's savings

Using one of our savings calculators, figure out a monthly savings amount, and how long it’ll take to reach your child’s goal.

Effortless saving

If you have a Lloyds Bank debit card, you can round purchases up to the nearest £1 and Save the Change®. Just be aware this excludes ISAs.

How do children's savings accounts work?

Children’s savings accounts, also known as junior savings accounts, work in a similar way to adult savings accounts. Apply for the account, make a deposit, then just keep on saving when you can.

Some accounts may be managed by the child themselves, while others could be set up and paid into by a parent or guardian until the child beneficiary reaches a certain age.

Practice your sums

Using our savings calculators, figure out how to reach a savings goal on behalf of a child.

View saving calculators

Youth and student accounts

Explore options from Lloyds Bank, helping kids and young adults to manage their money. 

Youth and student options

Frequently asked questions

  • When looking for the best savings account for your child, consider: 

    • The interest rates available.

    • The terms and conditions for each account.

    • Whether the child should have access now, or lock funds away for them until they’re older.

    This can help you decide which savings account may suit a child best.

  • Grandparents may be able to set up a savings account for their grandchild, so long as they have parental responsibility. If this is not the case, you may be able to set one up with permission from the child’s legal guardian. Before you begin, check the terms and conditions for the child savings account you’d like to open.

  • Yes. If you’re 16 years old, you can open a Junior Cash ISA with Lloyds Bank.

    Other accounts can only be opened by an adult aged 18 or over, on behalf of a child.

    • Child Saver is designed for children under 15 years of age.

    • Smart Start is for children aged 11-15 years of age.

  • There isn’t usually any tax to pay on children’s saving accounts.

    If a child earns more than £100 in interest in a single tax year from money given to them by a parent, that should be declared to HM Revenue and Customs. The parent may need to pay tax on any interest above their Personal Savings Allowance

    The £100 limit doesn’t apply to money held in a Junior ISA, or gifted by grandparents, friends, or relatives.

  • Yes, with Lloyds Bank you can open a savings account for a newborn. Choose either a Child Saver account, designed for children under 15 years of age, or a Junior Cash ISA, locking money away until the child turns 18 years of age.

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.

FSCS logo