Young Saver

It’s never too early to learn how to save money.

You can give a child or young person a great start in life with our Young Saver account. The account is opened and managed by an adult, who is 18 or over.

Earn 2.23% gross/2.25% AER on balances from £1 up to £20,000.


Key features

  • Make deposits as and when you like in branch, or set up regular payments into the account from any designated current account
  • Annual statements to help you keep track of your balance
  • Instant access in any of our branches


Summary box

Account name
Young Saver
Interest rates (AERs)

Balance £1 - £20,000
2.23% gross/2.25% AER


Balance £20,000+
0.50% gross/AER


Variable Interest. Calculated daily. Paid quarterly on the 10th of the month in March, June, September and December.

Tax Status
We will pay your interest gross, which means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs (HMRC). Find out more about how we pay your interest.
Conditions for bonus payment
Not applicable
Withdrawal arrangements
Unlimited withdrawals in branch only
Access
The Young Saver account may be opened in branch, or online. Once opened the account can only be managed in branch, and can’t be viewed or accessed online.

Additional information about the Young Saver

Account interest

  • Variable rate interest, which means the rate you earn can go up or down.
  • Interest is paid on the 10th of the month in March, June, September and December. We will pay your interest gross, which means that we will not deduct tax automatically from your interest. Depending on your personal circumstances, you may need to pay tax on the interest you earn and it will be your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).

Deposits and withdrawals

You can fund your account online or in branch, however you can only withdraw funds in branch. The first time you withdraw money in branch you will be asked to present photo identification, e.g. A driving license, or UK/EU passport.

Account maturity

Once the child turns 16, the account becomes an Access Saver.

Eligibility

Opening adult must be 18 or over and the child must be under 16 and a UK resident. Only one account allowed per child. Your own identification and your child's will need to be presented within 14 days of the account opening. It will need be either a UK/EU passport or UK birth certificate. If you are unable to upload or present it within that time, you will have a further 14 days to provide it in branch before your application is closed.

If you are a non-UK resident and wish to find out about the savings products that may be available to you, please call the International Banking team on 0800 876 6555 (or +44 207 451 6212 if calling from abroad). Lines are open Mon to Fri 8am-6pm and Sat 9.30am-1.30pm, UK local time.

Open 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.

To apply in branch, you’ll need proof of your own identification as well as the child’s.

 Open a Young Saver online

Please note, from 2 September 2016, we are making some important changes to our account conditions and information.

We recommend that you download and read the account conditions (PDF) carefully as they form a legal contract with us. If there is anything you do not understand, please contact us before you agree to them (as part of the application).

Please note:
Rates of interest are subject to change. Rates effective from 0.00am on 12/01/2016.
To check effective dates for all our Savings products please see our interest rates section.

For a definition of AER, Gross and other terms please view our savings glossary.

Open a Young Saver

 Open a Young Saver online

  1. Apply in branch

Please note:
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.

To apply in branch, you’ll need proof of your own identification as well as the child’s.

Save the Change

Save in a Young Saver without noticing by signing up for Save the Change.

 Find out more

Your money is protected by the FSCS

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