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Kids' Monthly Saver
Start saving for a little one with a Kids' Monthly Saver and see how their savings grow.
Who this account is for
- Ideal for an adult who wants to put away money for a child aged 15 or under.
- You need to be 18 or over and a UK resident.
- If you aren’t a parent or legal guardian of the child, you need their permission to open this account.
The benefits
- Earn 5.50% AER/gross fixed for 12 months from account opening.
- You can change the amount you save at any time. You can top up your savings by bank transfer as long as you don’t exceed the £100 monthly limit.
- You don't have to pay in every month.
How it works
- Save £10-£100 a month by a standing order. This must reach your account by the 25th of the month.
- You can only take out money if you close the account.
- We'll open a Kids' Saver account as part of this application. After 12 months, any money you’ve saved plus interest will transfer into your Kids’ Saver account.
Summary box for the Kids' Monthly Saver
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5.50% AER/gross on balances of £1 or more.
Your interest is paid 12 months after you open the account.
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No. This account has a fixed rate of interest so the rate won’t change during the term.
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For example, if you deposit £100.00 every month from account opening, the balance after 12 months will be £1233.00.
This assumes:
- 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.
- Interest is calculated each day. As your balance is lower at the start of the term and grows after each monthly deposit, your daily interest calculation also slowly increases. At the end of the term, your interest is added into your savings account.
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You can open this account:
- online
- in branch.
You can manage the account online, on our app, in branch or by phone.
Bear in mind:
- 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.
- We'll open a Kids' Saver account as part of this application. You will need to keep the Kids’ Saver open, so we can transfer your savings and interest into it when your Kids’ Monthly Saver comes to the end of its term. When this happens, your Kids’ Monthly Saver will renew for another 12 months. If we cannot transfer your savings to the Kids’ Saver because you closed it, your savings will stay in your Kids’ Monthly Saver and we’ll change that to a Kids’ Saver.
- 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 £10 - £100 every month by one standing order. This needs to reach your account before the 25th of the month. You can also make a bank transfer to top up your savings as long as the total amount of your deposits does not exceed the monthly limit of £100. The amount that you save each month can vary but needs to stay between the £10 to £100 monthly limit.
- Only one Kids’ Monthly Saver account can be held for any one child.
- 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.
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No. You can't make withdrawals 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.
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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. You'll need to pay any tax you may owe to HM Revenue & Customs (HMRC).
AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account that shows an interest rate, you'll see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.
For more definitions, view our savings glossary.
After 12 months any money you’ve saved plus interest transfers into your Kids’ Saver account that will be opened as part of this application. Therefore, please read the Kids' Saver summary box below.
Summary box for the Kids' Saver
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2.75% AER / 2.72% gross variable on balances from £1 - £5,000.
1.05% AER / 1.04% gross variable on any excess above £5,000.
Your interest is paid monthly.
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Yes. As this account pays a variable rate of interest, it can change over time. We’ll always let you know of any planned changes to the rate. Our account conditions (PDF, 210KB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.
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For example, if you deposit £1,000.00 when you open the account, the balance after 12 months will be £1,027.54.
If you deposit £6,000.00 when you open the account, the balance after 12 months will be £6,147.09.
This assumes:
- 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.
- You don’t withdraw any money and interest isn’t paid out of the account.
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You can open this account:
- online
- in branch.
You can manage the account online, on our app, in branch and by phone. To apply in branch, you’ll need proof of your own identification and the child’s. This can be a document such as a passport or full birth certificate. Find your nearest branch.
Bear in mind:
- 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.
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Yes. You can make as many withdrawals as you like from this account.
Before the child’s 16th birthday, we’ll write to you to tell you that the account will change to an Everyday Saver. You will hold this account 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.
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We’ll need to contact the child at the age of 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. You will need to pay any tax you may owe to HM Revenue & Customs (HMRC).
AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account that shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.
For more definitions, view our savings glossary.
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To open a Kids’ Monthly Saver, you’ll need to provide a valid ID document for the child. Usually you’ll only need to provide one of the following:
- UK or EU passport.
- Full birth certificate. The full birth certificate will contain both the child’s and parent’s details. The short version of the birth certificate can’t be used to open the account.
Bear in mind:
- The ID documents need to be valid.
- We might require more documents to complete further ID and address verification.
- The documents must show the same name you used during the application.
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- Make sure the ID documents you provide are not expired and the details are clear.
- If you provide a birth certificate to open the account, it must show both the child’s and the parent’s details.
- If you are using a Welsh birth certificate for identification, you must upload both sides of the certificate as one document. If you can’t do this, please visit a branch to complete the child’s account opening journey.
- The child you open the account for must be aged 15 or under and doesn't already hold this account.
- If you apply online, you can upload the documents using a scanner, smart phone, tablet or computer with a camera. We’ll not be able to accept screenshots of the documents.
Open a Kids' Monthly Saver
You should read the summary box and the account conditions (PDF, 210KB) before you apply.
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Do you want to apply offline?
If you’d prefer to speak to someone, give us a call or visit your nearest branch.
Looking for a debit card for kids?
Good money habits for your child start here with Money Smart. Easily pay pocket money into your child’s account to help them get money confident.
- If your child is aged 11 to 15, they can get their own bank account and savings account
- You get full visibility of your child’s account activity through your Mobile Banking app or Online Banking
- They get a VISA debit card to shop safely with, and there are no monthly fees or charges
