Young Saver

An easy access variable interest account to save for children 15 or under

You can give a child or young person a great start in life with our Young Saver account. The account is opened and managed by an adult, who is 18 or over.

Please read the summary box before applying

At a glance

Interest rate

Features and benefits

Keep in mind

Withdrawals

Access

1.99% gross/2.00% AER variable on balances from £1- £20,000.

  • Make deposits as and when you like in branch, or set up regular payments into the account from any designated current account
  • Annual statements to help you keep track of your balance
  • Instant access in any of our branches
  • To open and manage an account in trust for a child you must be 18 or over and resident in the UK. The child must be 15 or under.
  • Only one Young Saver account can be held for any one child.
  • If you wish to apply online for more than one children’s account, please allow up to 3 working days between each application.
  • This account can be opened in branch or online. It can only be managed in branch and not online
  • Unlimited.
  • You can make unlimited withdrawals in branch at any time but we’ll ask to see photo identification the first time you ask to withdraw money from the account.
  • Branch

1.99% gross/2.00% AER variable on balances from £1- £20,000.

Features and benefits

  • Make deposits as and when you like in branch, or set up regular payments into the account from any designated current account
  • Annual statements to help you keep track of your balance
  • Instant access in any of our branches

Keep in mind

  • To open and manage an account in trust for a child you must be 18 or over and resident in the UK. The child must be 15 or under.
  • Only one Young Saver account can be held for any one child.
  • If you wish to apply online for more than one children’s account, please allow up to 3 working days between each application.
  • This account can be opened in branch or online. It can only be managed in branch and not online

Withdrawals

  • Unlimited.
  • You can make unlimited withdrawals in branch at any time but we’ll ask to see photo identification the first time you ask to withdraw money from the account.

Access

  • Branch

Summary Box - Young Saver

1. What is the interest rate?

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

Your balanceInterest
GrossAER
£1 - £20,000 1.99% 2.00%
Any excess above £20,000 0.25% 0.25%
  • Your interest is paid quarterly on 10 March, June, September and December.

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 1.99% £1020.04
£21000.00 £1-£20,000 1.99% Anything over £20,000
0.25%
£21400.87

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 £20,000 in your account, you’ll get two different interest rates on your balance: the higher rate applies to everything under £20,000 and the lower rate to everything over £20,000.

4. How do I open and manage my account?

This account can be opened in branch or online. It can only be managed in branch and not online.

Opening this account

  • To open and manage an account in trust for a child you must be 18 or over, resident in the UK. The child must be 15 or under.
  • If opening an account online, you must be living at the same address as the child. If you don’t, you can apply in branch.
  • The minimum opening deposit is £1.
  • Only one Young Saver account can be held for any one child.
  • If you wish to apply online for more than one children’s account, please allow up to 3 working days between each application.

5. Can I withdraw money?

Yes.

You can make unlimited withdrawals in branch at any time but we’ll ask to see photo identification the first time you ask to withdraw money from the account.

6. Additional information

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


Save in a Young Saver without noticing by signing up for Save the Change.

Your money is protected by the FSCS


FSCS logo

Open a Young Saver

To apply online, you must live at the same address as the child you are opening the account for and have proof of their identification (e.g. birth certificate or passport) to upload.

If you wish to apply online for more than one children’s account, please allow up to 3 working days between each application.

To apply in branch, you’ll need proof of your own identification as well as the child’s.

Open a Young Saver Online 

Apply in branch

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).