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Children's Saver

Children's Saver

A savings account for an adult who wants to save for a child aged 15 or under. You have instant access to the savings when it's needed.

Who this account is for

This account is for adults who want to save in trust for a child aged 15 or under.
You can open the account if you're 18 or over and a UK resident. You need to have a personal current account with us.
You need to be the child's parent or legal guardian or have their permission to open the account. We'll write to them once it's opened.

The benefits

Earn 1.45% AER/1.44% gross interest on balances of £1-£5,000. If you save more than this, those rates will apply to the first £5,000 then 0.01% AER/0.01% gross will apply to the rest. Rates are variable.
Two Children's Saver accounts can be held for any child. So you can keep savings separate.
Turn on Save the Change® to save pennies when you spend using your Bank of Scotland debit card.

How it works

Open with just £1, then save as you like. You can instantly access the money when it's needed.
This account will be held in trust for the child until they turn 16. Before their 16th birthday we'll ask you if you want the money transferring to another account, or if you want it to change to an Access Saver.
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 first.

Summary box for the Children's Saver

1. What is the interest rate?

Earn 1.45% AER/1.44% gross interest on balances of £1-£5,000. If you save more than this, those rates will apply to the first £5,000 then 0.01% AER/0.01% gross will apply to the rest. Rates are variable.

The interest is paid monthly.

2. Can Bank of Scotland change the interest rate?

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) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.

3. What might the future balance be?

For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1014.49.

Or if you deposit £6000.00 when you open the account, the balance after 12 months will be £6072.10. This is because you will get 1.45% AER/1.44% gross interest on the first £5,000, then 0.01% AER/0.01% gross on the rest of the balance.

These examples assume:

You make the deposit on the day you open the account.
You don’t pay more money into the account.
You don’t withdraw any money.
You keep your interest in this account.
The interest rate stays the same.

4. How do I open and manage my account?

This account can be opened and managed:

online
in branch.

You can manage the account online, on our app, in branch and by phone. To apply in branch, you’ll need proof of your own identification as well as the child’s (such as a passport or full birth certificate). Find your nearest branch.

You can open this account if:

it's to save for a child aged 15 or under
you're 18 or over
you're a UK resident
you have a personal current account with us
you're a parent or legal guardian of the child, or you have their permission to open this account.

Bear in mind:

Open with at least £1.
Once the account is open we’ll write to the child’s address to tell the parent or legal guardian. If they tell us they don’t want this account open, we’ll close it and return the money saved.
Two Children's Saver accounts can be held for any child.

5. Can I withdraw money?

Yes. You can make as many withdrawals as you like from this account when the money is needed. There are no charges for withdrawals.

This account can stay open until the child turns 16. Before their 16th birthday we will contact you to discuss your options. You’ll be able to transfer the money into a new account in the child’s name if you wish, or keep control of the savings if you prefer. If you decide to keep control of the money, on the child’s 16th birthday the account will change to an Access Saver account.

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. You will 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 if the interest was paid and compounded once each year.

For more definitions, view our savings glossary.

Open a Children's Saver today

You should read the summary box and the terms and conditions (PDF) before you apply.

Open a Children's Saver

Other ways to apply:

You can book an appointment at your local branch at a time to suit you. Please note: To apply in branch, you’ll need proof of your own identification as well as the child’s (such as a passport or full birth certificate).

Save the Change®

Save the Change® makes saving so easy, you’ll forget you’re doing it.

More about Save the Change®

Your money is protected by the FSCS

More about the FSCS

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