Children’s Saver

At a glance

This example assumes that:

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

If you have more than £5,000 in your account, you’ll get two different interest rates on your balance: the higher rate applies to everything up to £5,000 and the lower rate to everything over £5,000.

4. How do I open and manage my account?

This account can be opened in branch or online, and managed online, in branch and by phone.

Opening this account

• To open and manage an account you must be 18 or over, a UK resident , and already have a personal current account with us. The child must be 15 or under.
• If you aren’t a parent or legal guardian of the child you need the permission of a  parent or legal guardian to open this account.
• Once the account is open we’ll send a letter to the child’s address informing the parent or legal guardian of this. If a parent or legal guardian of the child tells us they don’t want this account open, we’ll close it and return the money saved.
• The minimum opening deposit is £1. The maximum opening deposit is £9 million.
• Only two Children’s Saver accounts can be held for any one child.

5. Can I withdraw money?

Yes.
You can make unlimited withdrawals.

Before the child’s 16th birthday we’ll write to you to tell you that the account will change to an Access Saver, which currently has an interest rate of 0.20%. You will hold this in trust for the child.

If you want the money to go into another account for the child we’ll let you know how to do this.

6. Additional information

We’ll need to contact the child between the age of 13 and 16 to tell them we hold their personal information. We’ll contact you before this happens.

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. 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 if your interest was paid and compounded once each year.

For more definitions, view our savings glossary.

Please note, rates of interest are subject to change.

Rates effective from 0.00am on 04/09/2018 . To check the rates for all our savings products, see our interest rates section.

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