Young Saver

Its 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.

Current rates & key features

Interest rates (gross/AER variable) effective from 0.00am on 23/04/2013

2.97% gross/3.00% AER on balances from £1 up to £20,000

0.50% gross/AER on anything over £20,000
  • Variable rate of interest of 2.97% gross/3.00% AER
  • Make deposits as and when you like
  • Set up regular payments into the account from any designated current account and watch their savings grow.
  • Interest paid quarterly
  • Annual statements to help you keep track of your balance
  • Instant access in any of our branches
  • Once your child turns 16, the account becomes an Access Saver
  • Save without noticing with Save the Change

Summary box

Account name Young Saver
Interest rates (AERs) Variable interest.  Calculated daily.  Paid quarterly on the 10th of the month in March, June, September and December.  View current rate
Tax status Interest paid is net of income tax (currently 20%) unless a parent or guardian registers the account with us, on behalf of the child, to receive gross interest
Conditions for bonus payment No bonus is applicable
Withdrawal arrangements Unlimited withdrawals
Access Branch

Additional information

  • Variable rate interest - this means the rate you earn can go up or down.
  • Interest paid - on the 10th of the month in March, June, September and December. Interest will be paid net of income tax (currently 20%) unless you register your account with us to receive gross interest. You’ll need to register each account you hold separately which you can do by visiting your local branch or by ringing us on 0845 602 0304 (lines are open 8am to 8pm Monday to Friday, 8am to 6pm on Saturday and 9am to 5pm on Sunday). If you're calling from abroad or would prefer not to use the 0845 number, you can call us on +44 (0) 1313 37 76 86.
  • Eligibility - Opening adult must be 18 or over and the child must be under 16 and a UK resident. Child's birth certificate or passport required at account opening. 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-Fri 8am - 6pm and Sat 9:30am - 1.30pm UK local time.
  • Account conditions. (opens as PDF)
  • We are a member of the Financial Services Compensation Scheme so our customers' savings are protected (up to £85,000).

Please note: Rates of interest are subject to change, 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.

Apply for a Young Saver at your local branch

  1. Find your nearest branch

You will need to make an appointment and bring along your own identification and the child's birth certificate or passport.

Save the Change

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

Find out more

Financial Services Compensation Scheme

Find out more
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