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. Read the summary box before applying.

Open account

Features and benefits

Earn up to 2.50% AER

Earn up to 2.50% AER/2.47% 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

You can open a Children’s Saver if you:

  • are an adult who wants to save in trust for a child aged 15 or under
  • are 18 or over and a UK resident and
  • 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.

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

  • Earn 2.50% AER/2.47% gross interest on balances of £1-£5,000. If you save more than this, those rates will apply to the first £5,000 then 1.00% AER/1.00% 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 £1,024.98.

    Or if you deposit £6,000 when you open the account, the balance after 12 months will be £6,134.11. This is because you will get 2.50% AER/2.47% gross interest on the first £5,000, then 1.00% AER/1.00% 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.

  • 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.

  • 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.

  • 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.

Some useful information to help you open a Children's Saver

  • In order to open a Children's Saver you’ll need to provide a valid ID document for the child. In most cases you’ll only need to provide one of the followings: 

    • UK or EU passport. 
    • Full Birth Certificate. The full birth certificate will contain both the child’s and parent’s details. The short version of the birth certificate can’t be used to open the account. 

    Bear in mind: 

    • The ID documents need to be valid. 
    • We might require additional documents to complete further ID and address verification. 
    • The documents must show the same name you used during the application. 

    • Make sure the ID documents you provide are not expired and the details are clear. 
    • If you provide a birth certificate to open the account it must show both the child’s and the parent’s details. 
    • If you are using a Welsh birth certificate for identification, you must upload both sides of the certificate as one document. If you can’t do this, please visit a branch to complete the child’s account opening journey.
    • The child you open the account for is aged 15 or under and doesn't already hold two Children's Savers. 
    • If you apply online you can upload the documents using a scanner, smart phone, tablet or computer with a camera. We’ll not be able to accept screenshots of the documents. 
    • You need to have a personal current account with us to open this account.

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

  • Do you want to apply offline?

    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).

Explore your options

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

Smart start

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

Protecting your money

FSCS logo


The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the eligible money you hold with us.

More about the FSCS



Protecting your money

FSCS logo

The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the eligible money you hold with us.

More about the FSCS

Savings accounts and ISAs

Whatever you’re saving for, Bank of Scotland are here by your side.

View our savings accounts

Savings accounts and ISAs

Whatever you’re saving for, Bank of Scotland are here by your side.

View our savings accounts