Children’s Saver

A variable interest account for an adult who wants to save for a child aged 15 or under, with easy access to their money.

At a glance

Interest rate

Features and benefits

Keep in mind

Withdrawals

Access

2.00%

AER/1.98% gross variable on balances from £1- £5,000.

0.20%

AER/0.20% gross variable on any excess above £5,000.

  • Open with just £1.
  • View and manage the account online, in branch and by phone.
  • Your interest is paid monthly.
  • Two Children's Saver accounts can be held for any one child, giving you the flexibility to keep savings separate.
  • Eligible account for Save the Change® - save your pennies when you spend.
  • To open and manage an account in trust for a child you must be 18 or over, a resident in the UK, 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 their permission to open this account.
  • We’ll send a letter to the child’s address confirming the account has been opened.
  • 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.

Unlimited

  • Online.
  • Branch.
  • Phone.

2.00%

AER/1.98% gross variable on balances from £1- £5,000.

0.20%

AER/0.20% gross variable on any excess above £5,000.

Features and benefits

  • Open with just £1.
  • View and manage the account online, in branch and by phone.
  • Your interest is paid monthly.
  • Two Children's Saver accounts can be held for any one child, giving you the flexibility to keep savings separate.
  • Eligible account for Save the Change® - save your pennies when you spend.

Keep in mind

  • To open and manage an account in trust for a child you must be 18 or over, a resident in the UK, 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 their permission to open this account.
  • We’ll send a letter to the child’s address confirming the account has been opened.
  • 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.

Withdrawals

Unlimited

Access

  • Online.
  • Branch.
  • Phone.

Summary Box for Children's Saver

1. What is the interest rate?

It's a variable rate as shown in the table below.

Your balanceInterest
GrossAER
£1 - £5,000 1.98% 2.00%
Any excess above £5,000 0.20% 0.20%

Your interest is paid monthly.

2. Can Bank of Scotland change the interest rate?

Yes.
As this account pays a variable rate of interest the rate can change over time. For example we might review the interest rate if the Bank of England bank rate changes. We’ll always let you know of any planned changes to the rate. Our account conditions explain when and how we do this.

3. What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid:

Initial depositGross rateBalance after 12 months
£1000.00 1.98% £1019.98
£6000.00 £1- £5,000
1.98%
Anything over £5,000
0.20%
£6101.09

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.
  • 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 and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.

Save the Change®


Saving doesn’t have to be complicated. That’s why we’ve come up with Save the Change®, a simple everyday way to save for the things you want.

Your money is protected


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

Open a Children's Saver

Apply online now

Or, you can apply in branch. Remember to bring proof of your own identification as well as the child's.

We recommend that you download and read the account conditions (PDF) carefully as they form a legal contract with us. If there is anything you do not understand, please contact us before you agree to them (as part of the application).