LLOYDS BANK SAVINGS ACCOUNTSYoung Saver

A variable interest account for children 15 or under, with instant access to their money


Please read the summary box before applying

At a glance

Interest rate

Features and benefits

Keep in mind

Withdrawals

Access

1.99% gross/ 2.00% AER  variable on balances from £1-£20,000

0.25% gross/AER variable on any excess above £20,000

  • Open with just £1
  • Deposits can be made online and in branch
  • Your interest is paid quarterly on 10 March, June, September and December
  • To open and manage an account on behalf of the child you must be 18 or over, resident in the UK, and already have a current account with us. The child must be 15 or under
  • Only one Young Saver account can be held for any one child.
  • If you wish to apply online for more than one children’s account, please allow up to 3 working days between each application.
  • This account can be opened in branch or online. It can only be managed in branch and not online
  • Unlimited.
  • You can make unlimited withdrawals in branch at any time but we’ll ask to see photo identification the first time you ask to withdraw money from the account.
  • Branch

1.99% gross/ 2.00% AER  variable on balances from £1-£20,000

0.25% gross/AER variable on any excess above £20,000

Features and benefits

  • Open with just £1
  • Deposits can be made online and in branch
  • Your interest is paid quarterly on 10 March, June, September and December

Keep in mind

  • To open and manage an account on behalf of the child you must be 18 or over, resident in the UK, and already have a current account with us. The child must be 15 or under
  • Only one Young Saver account can be held for any one child.
  • If you wish to apply online for more than one children’s account, please allow up to 3 working days between each application.
  • This account can be opened in branch or online. It can only be managed in branch and not online

Withdrawals

  • Unlimited.
  • You can make unlimited withdrawals in branch at any time but we’ll ask to see photo identification the first time you ask to withdraw money from the account.

Access

  • Branch

Summary box for Young Saver

1. What is the interest rate?

It’s a variable rate as shown in the table below

Your balanceInterest
GrossAER
£1-£20,000
1.99%
2.00%

Any excess above
£20,000

0.25% 0.25%

  • Your interest is paid quarterly on 10 March, June, September and December.

2. Can Lloyds Bank change the interest rate?

Yes.
As this account pays a variable rate of interest the rate can change over time. For example we might review the interest rate if the Bank of England bank rate changes. We’ll always let you know of any planned changes to the rate. Our terms and conditions explain when and how we do this.


3. What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid:

Initial depositGross rate Balance after 12 months
£1000.00
1.99%
£1020.04


£21000.00
£1-£20,000

1.99%
Anything over
£20,000
0.25%


£21400.87

This example assumes that:

  • You don’t withdraw any money and interest isn’t paid out of the account
  • You make your initial deposit payment on the day you open the account
  • The interest rate stays the same
  • You don’t make any further deposits

If you have more than £20,000 in your account, you’ll get two different interest rates on your balance: the higher rate applies to everything under £20,000 and the lower rate to everything over £20,000.


4. How do I open and manage my account?

This account can be opened in branch or online. It can only be managed in branch and not online.

Opening this account

  • To open and manage an account on behalf of the child you must be 18 or over, resident in the UK, and already have a current account with us. The child must be 15 or under.
  • If opening an account for the child online, you must be living at the same address as them. If you don’t, you can apply in branch.
  • Accounts can be opened in the child’s sole name only, with you acting as a representative
  • The minimum opening deposit is £1
  • Only one Young Saver account can be held for any one child.
  • If you wish to apply online for more than one children’s account, please allow up to 3 working days between each application.

5. Can I withdraw money from this account?

Yes.
You can make unlimited withdrawals in branch at any time but we’ll ask to see photo identification the first time you ask to withdraw money from the account.

Only the adult representative on the account can request a withdrawal.

When the child turns 16 we’ll move the funds into an instant access account in their name. We’ll contact you before we do this.


6. Additional information

We’ll write to you shortly before the child’s 16th birthday to remind you that the account is due to convert into an instant access account solely in the child’s name. If you’d prefer the money to be paid into a different account either for your child to manage themselves or for you to manage on their behalf we'll let you know how to do this.

Gross rate means we won’t deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.

Apply for a Young Saver

Online

Apply nowfor a Young Saver

To apply online, you must live at the same address as the child you are opening the account for and have proof of their identification (e.g. birth certificate or passport) to upload.

Please note: if you are unable to upload the identification documents online, you will have 14 days to take these into a branch. If applying in branch you will also need proof of your own identity.

In branch

Make an appointment at your local Lloyds Bank branch and we’ll open the Young Saver account for you. You’ll need to bring proof of your own identity and proof of your child's identity (such as a passport or a birth certificate).

Find your nearest branch

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