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.

How to apply

Read the summary box and the account conditions (PDF, 622KB) before you apply.

Earn up to 2.25% AER

Earn up to 2.25% AER/2.23% gross variable interest on balances of £1-£5,000. See summary box for details.

Monthly interest

Your interest will be paid monthly, on the same date you opened the account.

Save the Change®

Save your pennies when you spend with Save the Change®. It makes saving so easy, you’ll forget you’re doing it.

Let's break it down

Who it's for

  • This account is for an adult who wants to save in trust for a child aged 15 or under.
  • You need to be a UK resident aged 18 or over and already have a personal bank account or savings account. 
  • If you aren't the parent or legal guardian of the child, you’ll need their permission to open the account.

How it works

  • Open with just £1, then save as you like. You can save and withdraw money when needed.
  • We pay interest monthly.
  • On the child's 16th birthday we'll change the account into 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 and get in contact with both of you.

Summary box for the Children's Saver

  • Earn 2.25% AER/2.23% gross interest on balances of £1-£5,000. If you save more than this, those rates will apply to the first £5,000 then 0.75% AER/0.75% gross will apply to the rest. Rates are variable.

    The 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, 182KB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.

  • For example, if you deposit £1,000 when you open the account, the balance after 12 months will be £1,022.52.

    Or if you deposit £6,000 when you open the account, the balance after 12 months will be £6,119.40. This is because you will get 2.25% AER/2.23% gross interest on the first £5,000, then 0.75% AER/0.75% 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.

  • Open this account online and manage it in the app, in branch or by phone.

    You can open this account if you:

    • are saving for a child aged 15 or under
    • are 18 or over
    • are a UK resident
    • hold a personal current account or savings account with us
    • are the child's parent or legal guardian, or you have their permission.

    Things to keep in mind

    • You can open the account with a minimum of £1.
    • If you don’t live at the same address as the child, we’ll write to the child’s address to notify their parent or legal guardian.
    • If they ask us not to keep the account open, we’ll close it and return any money paid in.
    • A child can have up to 2 Children’s Saver accounts with us.
    • We’ll contact the child when they turn 16 to let them know we hold their personal information, and we’ll contact you before this happens.

    Entering the child’s details

    When you open the account, enter the child’s full name and date of birth exactly as they appear on their ID. Don’t use shortened or nickname versions.

    If we need ID to complete the application, we’ll get in touch and ask for a:

    • valid passport, or
    • full UK birth certificate showing both the child’s and parent’s details.

    Cheque deposits

    Cheques must be made payable to the adult named on the account. You can pay them in using our app or an in‑branch deposit machine.

  • 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.

  • Savings terms explained

    AER

    AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account that shows an interest rate, you'll 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.

    Gross rate

    This means we won’t remove tax from the interest we pay on money in your account. You’ll need to pay any tax you may owe to HM Revenue & Customers (HMRC).

    For more definitions, view our glossary

Open a Children's Saver

You should read the summary box and the account conditions (PDF, 622KB) before you apply.

 

It's simple in the app

Scan the QR code to get it.

You must be registered for online banking to apply in the app.

Once you’re in, select Apply, Savings then Children's Saver.

Apply online

Whether you're an existing customer or not, you can apply on our website.

Open account

It's simple in the app

You must be registered for online banking to apply in the app.

Once you’re in, select Apply, Savings, then Children's Saver.

Get the app

Apply online

Whether you're an existing customer or not, you can apply on our website.

Open account

Explore your options

We want to make sure you know about our other children’s account options. Here’s one that might suit you.

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Good money habits for your child start here with Smart Start. Easily pay pocket money into your child’s account to help them get money confident.

Learn about Smart Start

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Protecting your money

FSCS logo


The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of the eligible money you hold with us.

More about the FSCS

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