Kids' Monthly Saver.

A monthly savings account for an adult to save regularly for a child aged 15 or under.

After 12 months any money you’ve saved plus interest transfers into your Kids’ Saver account which will be opened as part of this application.

Please read the summary box below before applying

At a glance.

Interest rate

Features and benefits

Bear in mind

Withdrawals

Access

4.50% gross/AER fixed for 12 months from account opening.

  • You can save from £10 to £100 a month by standing order (this must reach your account by the 25th of the month).
  • View the account online, in branch and by phone.
  • Fixed interest rate gives peace of mind.
  • To open and manage an account in trust for a child you must be 18 or over and a UK resident. The child must be 15 or under.
  • Only one Kids’ Monthly Saver account can be held for any one child.
  • After 12 months any money you’ve saved plus interest will transfer into your Kids’ Saver account, which will be opened as part of this application.
  • 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.

None, by closure only.

  • Online.
  • In branch.
  • By phone.

4.50% gross/AER fixed for 12 months from account opening.


Features and benefits

  • You can save from £10 to £100 a month by standing order (this must reach your account by the 25th of the month).
  • View the account online, in branch and by phone.
  • Fixed interest rate gives peace of mind.

Bear in mind

  • To open and manage an account in trust for a child you must be 18 or over and a UK resident. The child must be 15 or under.
  • Only one Kids’ Monthly Saver account can be held for any one child.
  • After 12 months any money you’ve saved plus interest will transfer into your Kids’ Saver account, which will be opened as part of this application.
  • 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

None, by closure only.

Access

  • Online.
  • In branch.
  • By phone.

Summary box for Kids' Monthly Saver

1. What is the interest rate?

It’s a fixed rate, as shown in the table below

Your balance
Annual interest
Gross AER
£1+ 4.50% 4.50%

Your interest is paid annually on the anniversary of the account opening.


2. Can Halifax change the interest rate?

No.
This account has a fixed rate of interest so the rate won’t change during the term.


3. What might the future balance be?

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

Regular deposit Gross rate Balance at 12 months
£100.00 4.50% £1227.00

This example assumes that:

  • you don’t withdraw any money and interest isn’t paid out of the account
  • you make regular monthly deposits in the middle of the month.

4. How do I open and manage my account?

Opening this account

  • To open and manage an account in trust for a child you must be 18 or over and a resident in the UK.
  • You can open this account in branch or online.
  • When opening this account, we’ll open a Kids’ Saver account for you at the same time. Any money you’ve saved plus interest will be paid into this at the end of the term.
  • 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.

Managing this account

  • You can save from £10 to £100 a month by standing order (this must reach your account by the 25th of the month).
  • Only one Kids’ Monthly Saver account can be held for any one child.
  • The Kids’ Monthly Saver account can be viewed online, in branch or by phone.
  • You can only close this account in branch.
  • If you close the account early, you won’t be able to open another one before the first anniversary of opening the first account.

5. Can I withdraw money?

No.
Withdrawals aren’t allowed unless you’re closing the account.

After 12 months any money you’ve saved plus interest transfers into your Kids’ Saver account. If your child is under 16 your monthly payments into your Kids’ Monthly Saver will continue, and will earn interest at the Kids’ Monthly Saver rate that applies at the time.

If you’ve closed your Kids’ Saver and don’t have an account for us to transfer your savings and interest into your account will change to a new Kids’ Saver account. Your regular savings will continue.


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


After 12 months any money you’ve saved plus interest transfers into your Kids’ Saver account which will be opened as part of this application. Therefore, please read the Kids' Saver summary box below.

Summary box for Kids' Saver

1. What is the interest rate?

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

Your balance
Interest
Gross AER
£1 - £5,000 1.98% 2.00%
Any excess above £5,000 0.20% 0.20%

Your interest is paid monthly.


2. Can Halifax 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 deposit Gross rate Balance 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 in trust for a child you must be 18 or over and a resident in the UK. 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 Kids’ 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 Everyday Saver account, 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.


Open a Kids' Monthly Saver.

Open online now

Or apply at your nearest branch.

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


Your money is protected

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

More about the FSCS


Interest rates subject to change.

We recommend you 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).

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