Young Saver.

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

Please read the summary box below before applying

At a glance

Interest rate

Features and benefits

Bear in mind

Withdrawals

Access

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

0.25% gross/AER variable on any excess above £20,000.

  • Open with just £1
  • Deposits can be made online and in branch
  • Your interest is paid annually on the anniversary of the account opening
  • 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

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

0.25% gross/AER variable on any excess above £20,000.


Features and benefits

  • Open with just £1
  • Deposits can be made online and in branch
  • Your interest is paid annually on the anniversary of the account opening

Bear 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 for Young Saver

1. What is the interest rate?

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

Your balance
Interest
Gross/AER
£1 - £20,000 2.00%
Any excess above £20,000 0.25%
  • Your interest is paid annually on the anniversary of the account opening.

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 2.00% £1020.00


£21000.00

£1 - £20,000

2.00%

Anything over £20,000

0.25%

£21402.50

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.
  • If the child is over seven, a cash card can be requested in branch.
  • It can be managed in branch and not online.

5. Can I withdraw money?

Yes.
You can make unlimited withdrawals in branch only. Bring photo identification with you, eg a driving license or UK/EU passport, as you will be asked to show this in the branch.


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.


Open a Young Saver.

Open online now

Or apply at your nearest branch.

Please note:
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.

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



Open a Young Saver.

Open online now

Or apply at your nearest branch


Please note:
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.


Your money is protected by the FSCS

FSCS Logo

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.