Children's savings accounts.

Kid's Regular Saver

If you’re saving up for something special for your child, this account is a winner. You can save as little as £10 a month. And because it’s a fixed rate, you’ll know how much your savings will grow by in a year.

Interest Rate insertAsset6.00% gross/AER
Fixed/Variable Fixed
Benefits
  • Open from between £10 - £100.
  • Pay in any amount from £10 to £100 each month by standing order
  • After 12 months, any money you have saved into your Kid’s Regular Saver along with interest accrued will be automatically transferred into your nominated account. This will be a Young Saver account opened as part of the Kid’s Regular Saver application if you do not already hold a Young Saver or Save4it account with us
Bear in mind
  • For children aged 0-15 years
  • The person opening the account must be over 18
  • No withdrawals
  • Only 1 account per child
  • Interest paid on maturity after 12 months
  • Interest rates are fixed upon opening the account - check in branch for the current rate
  • Fixed rate of interest – the rate we pay is fixed and will not change throughout the 12 month term
Manage your money Branch
Features
  • Manage account in branch
  • Account stays open if a payment is missed, but it limits the amount that can be saved in the 12 months
Apply To apply, make an appointment at your local branch.

 

In addition to your own identification, you'll need the child's birth certificate or passport.

Kids' Regular Saver example - If you save £50 each month, you'll earn £18.97 gross (£15.18 net) interest after 12 months.

The interest is calculated on the balance of the account each month, so using the example above, the first month's balance would be £50, the second month £100 etc. and therefore the amount of interest paid will increase over the year in line with the balance of the account.

After 12 months, the money saved in your Kid’s Regular Saver, along with the interest accrued will be transferred into your nominated account and your Kid’s Regular Saver will continue for another 12 months at the interest rate applicable at the time. We will write to you before the 12 months are up to remind you.

If you don’t already hold a suitable easy access account to nominate we’ll also open a Young Saver account at the same time as your Kid’s Regular Saver application. The Young Saver currently pays insertAsset3.00% gross/AER variable on balances from £1 up to £20,000 and insertAsset0.50% gross/AER variable on anything over £20,000.

If your child is a UK resident and unlikely to pay tax on their savings income the parent or guardian can register the child's account to receive interest paid gross in branch. A separate registration is required for each account. You can download the R85 form from www.gov.uk. To prevent a parent or civil partner from using their children’s account to earn interest on their money, HMRC limits the amount of gross income/interest that the parent's or civil partner’s gifts can earn to £100 a year for each parent or civil partner. This limit doesn’t apply if the gift comes from anyone but the parent or civil partner. Please note that it is the parent’s or civil partner’s responsibility to declare this to HMRC if required to do so. For more details, please visit HM Revenue and Customs at www.hmrc.gov.uk


Young Saver

This variable interest account is ideal to show children how to manage their money. There's no limit to the amount that can be saved, or withdrawn. A cash card can be issued if the child is aged seven or older.

Interest Rate insertAsset3.00% gross/AER on balances from £1 up to £20,000
insertAsset0.50% gross/AER on anything over £20,000
Fixed/Variable Variable
Benefits
  • A cash card is available for children over seven
  • Open from just £1
  • Unlimited withdrawals
Bear in mind
  • For children aged 0-15 years
  • The person opening the account must be over 18
  • Only 1 account per child
  • Interest paid annually on the anniversary of the account opening
Manage your money Branch
Apply To apply, make an appointment at your local branch.
In addition to your own identification, you'll need the child's birth certificate or passport.

If your child is a UK resident and unlikely to pay tax on their savings income the parent or guardian can register the child's account to receive interest paid gross in branch. A separate registration is required for each account. You can download the R85 form from www.gov.uk. To prevent a parent or civil partner from using their children’s account to earn interest on their money, HMRC limits the amount of gross income/interest that the parent's or civil partner’s gifts can earn to £100 a year for each parent or civil partner. This limit doesn’t apply if the gift comes from anyone but the parent or civil partner. Please note that it is the parent’s or civil partner’s responsibility to declare this to HMRC if required to do so. For more details, please visit HM Revenue and Customs at www.hmrc.gov.uk

For a definition of AER, Gross and other terms please view our savings glossary.


Savings accounts

View all our savings accounts to help you choose the right one.


Halifax Savers Prize Draw 2 top prizes of £500,000

You’ve a chance of winning one of two top prizes of £500,000 in the June 2015 Superdraw, if you register and hold £5,000 In a qualifying account during the whole previous calendar month.


You're protected

Your eligible deposits with Halifax are protected up to a total of £85,000 by the Financial Services Compensation Scheme.

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