Smart Start
Where good money habits for children begin.

Where good money habits for children begin.

Now you can give your child a great start to managing their money with their own Spending Account and Savings Account. They’ll learn how to look after their own money, and you'll get full visibility - for peace of mind. 

Read the video transcript

Benefits for your child

  • They get their own Spending Account and Savings Account.
  • They can use their contactless Visa debit card online, in shops and at cash machines.
  • If they have a smartphone, they can add their debit card to Apple Pay or Google Pay (age restrictions apply).
  • When they’re on the go, they can check their spending and balance with our Mobile Banking app* or Internet Banking.
  • Their savings account will earn 1.00% AER/gross variable interest on balances of £1 to £1,000. And 0.01% AER/gross variable interest on any money above £1,000.
  • Resources and tips on the Smart Start hub.

Benefits for you

  • No monthly fees or charges.
  • Full visibility of your child’s account activity.
  • View their account alongside yours using our Mobile Banking app or Internet Banking.
  • Pay pocket money into your child’s Spending Account.
  • No arranged overdraft - they can only spend what's in their account.
  • Easily freeze or cancel their debit card if it gets lost or stolen.
  • Their debit card won't work in over-18 outlets (for example, in off-licenses).

How Smart Start works

In one application, we’ll open two accounts for your child:

  1. Spending Account – a bank account they can use for their pocket money and to pay for things in shops and online.
  2. Savings Account – an instant-access savings account to help them save for the things they want.

Plus, they'll have access to the resources, tools and tips on the Smart Start help hub

You'll need to apply with your child, but the accounts will be in their name. Once your child is set up with Internet Banking, they can manage their accounts online via our Mobile Banking app, on a computer or tablet. And, you can keep an eye on their account activity through our Mobile Banking app or Internet Banking.

Who can apply

You can apply for Smart Start for your child if you:

  • have a Bank of Scotland current account with Vantage and an existing Children's Saver account for the child
  • are 18 or over and your child is between 11 and 15 years old
  • are registered for Internet Banking
  • live at the same address as your child. If you or the child live outside the UK, you won’t be able to open an account.

Please read the summary box below and the account conditions (PDF, 261KB) before you start.

 

If you're applying on a mobile

You can't apply on our Mobile Banking app yet. Please use your internet browser rather than switching to the app. When you have signed in, click on the 'Our products and services' menu and then select Smart Start in the savings or current accounts section to continue with your application.

Apply now

Summary box for the Smart Savings Account

  • 1.00% AER/gross variable on balances from £1-£1,000.

    0.01% AER/gross variable on any money above £1,000.

    Interest is paid monthly.

     

  • 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, 261KB) explain when and how we do this. For example, we might review the interest rate if it costs us more to run this account for you.

     

  • For example, if you put in £1,000.00 when you open the account, the balance after 12 months will be £1,010.00.

    If you put in £2,000.00 when you open the account, the balance after 12 months will be £2,010.10.

    This assumes that:

    • you don’t take any money or interest out of the account
    • the interest rate stays the same
    • you put money in the day you open the account and don't add more money after that.

    If you have more than £1,000 in your account, you’ll get two different interest rates on your balance, the higher rate applies to everything up to £1,000 and the lower rate to everything over £1,000.

     

  • This account can only be opened online between the parent or legal guardian and a young adult, as part of applying for Smart Start. This means a Spending Account and a Savings Account will be opened. 

    When the accounts are open, the parent or legal guardian will be able to see them in Internet Banking and on our app, to help the young adult manage their money and transact on the accounts in an emergency. When the young adult is over 13 and decides it's the right time to remove this support they can do so in branch. If they're under 13, they can also do this, but will need the consent of their parent or legal guardian in branch. 

    The accounts can also be managed through Internet Banking, on our app and in branch. When the young adult is over 16, they can also manage the accounts by phone. Until then if the parent or legal guardian still has oversight, they can make calls on behalf of the young adult. 

    Bear in mind:

    • To open this account the parent or legal guardian must be 18 or over, resident in the UK and be registered for Internet Banking. The young adult must be aged 11-15.
    • The parent or legal guardian must have one of our qualifying current accounts listed in the 'Additional Information' section below.
    • To open the account, the young adult must be living at the same address as the parent or legal guardian.
    • The young adult can only hold one Spending Account and one Savings Account.
    • We'll remove the parent or legal guardian's ability to view and transact on the account after the young adult's 18th birthday, unless it's already been done.
    • The Spending Account will mature to a Classic Account and Savings Account to an Instant Access Savings Account before the young adult's 19th birthday. To make sure this happens, the young adult must provide us with additional identification such as a current UK/EU/EEA passport, photo driving licence or identity card.

     

  • Young adult:

    • Yes. So long as there is money in the account, you can withdraw it anytime. 

    Parent/legal guardian:

    • Only on behalf of the young adult where you believe the circumstances are an emergency.

     

  • Gross rate means we won't deduct tax from the interest we pay on money in your account. You 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 in your interest was paid and compounded once each year. 

    For more definitions, view our savings glossary.

    To open a Bank of Scotland Smart Start as parent or legal guardian, you must have one of our qualifying current accounts listed below:

    • Bank of Scotland Classic Account with Vantage
    • Bank of Scotland Silver Account with Vantage
    • Bank of Scotland Gold Account with Vantage
    • Bank of Scotland Platinum Account with Vantage
    • Bank of Scotland Premier Account with Vantage

     

Apply for Smart Start

Please read the summary box and the account conditions (PDF, 261KB) before you start.

 

If you're applying on a mobile

You can't apply on our Mobile Banking app yet. Please use your internet browser rather than switching to the app. When you have signed in, click on the 'Our products and services' menu and then select Smart Start in the savings or current accounts section to continue with your application.

Apply now

Your questions about Smart Start

  • No. There’s no overdraft with Smart Start. If there isn’t enough money in the account for them to make a purchase, it won’t go through. Don’t worry, if something goes wrong and their account goes overdrawn by mistake, we won’t charge them and we’ll help to put their account right. 

     

  • No, Smart Start is free to use and doesn’t come with any monthly fees.

     

  • Your child will only be able to spend the money that is in their Spending Account. To help them manage their account, we’ve set some spending limits.

     

    Ways to manage their money

    Aged 11-15

    Aged 16-17

    Aged 18

    Ways to manage their money

    Using their debit card to pay online and in shops.

    Aged 11-15

    £200

    Aged 16-17

    £1,000

    Aged 18

    The money they have in the account.

    Ways to manage their money

    Using Internet Banking to transfer money.

    Aged 11-15

    £500. This limit also applies to their Savings Account.

    Aged 16-17

    £500. This limit also applies to their Savings Account.

    Aged 18

    £500. This limit also applies to their Savings Account.

    Ways to manage their money

    Using one of our branches with a counter to take money out.

    Aged 11-15

    £1,000

    Aged 16-17

    £1,000

    Aged 18

    £5,000

    Ways to manage their money

    Using their debit card to take money out of a cash machine.

    Aged 11-15

    £100

    Aged 16-17

    £100

    Aged 18

    £500

    Ways to manage their money

    Using the Post Office to take money out.

    Aged 11-15

    £100

    Aged 16-17

    £100

    Aged 18

    £300

  • Protecting your child’s personal information online matters to us. This is why we want you and your child to understand how we’ll use their information and what rights they have. Find out about how we use your child's personal information.

     

Smart Start help hub

Discover the resources, hints and money tips to help your child get started with their accounts. The help hub can help them with: Saving, Spending, Earning and Learning.

Get started with your accounts

  • What to do next after applying for Smart Start.
  • Set up Internet Banking.
  • A-Z of banking terms.
Get started

Spend

  • Tips on budgeting.
  • Ways to make payments.
  • Using their contactless Visa debit card.
See our spending tips

Earn

  • Information about part-time jobs.
  • Types of jobs for teens.
  • Tips on applying for a job.
Find out about earning

Learn

  • Tips for staying safe on social media.
  • Debit card safety.
  • Card Freeze.
Learn more about money

Google Pay is a trademark of Google LLC. Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries.

*For children under the age of 13, a parent or legal guardian will need to use ‘Family Sharing’ for Apple devices or ‘Family Link’ for Android devices, to approve the app download.

For more information about the fees associated for Payment Services with this account please see the Fee Information Document (PDF, 171KB).

Your money is protected

The Financial Services Compensation Scheme (FSCS) protects your money.