Kids' Monthly Saver

3.50% gross/AER on balances of £1 or more.

Your interest is paid 12 months after you open the account.

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

For example, if you deposit £100.00 every month from account opening, the balance after 12 months will be £1221.00.

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.

This account can be opened:

• 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 will 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.

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.

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 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 which 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.

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.

1.45% AER / 1.44% gross variable on balances from £1 - £5,000.

0.01% AER / 0.01% gross variable on any excess above £5,000.

Your interest is paid monthly.

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) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.

For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1014.49.

If you deposit £6000.00 when you open the account, the balance after 12 months will be £6072.10.

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.

This account can be opened:

• 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 as well as the child’s (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.

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 account, which currently has an interest rate of 0.01%. 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.

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 which 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.

In order to open a Kids’ Monthly Saver you’ll need to provide a valid ID document for the child. In most cases you’ll only need to provide one of the followings: 

• 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. 
• UK or EU passport.

Bear in mind: 

• The ID documents need to be valid. 
• We might require additional documents to complete further ID and address verification. 
• The documents must show the same name you used during the application. 

• Make sure the ID documents you provide are not expired and the details are clear. 
• If you provide birth certificate to open the account it must show both the child’s and the parent’s details. 
• If you provide Welsh birth certificate to open the account we’ll need to see both the English and Welsh sides of the document. 
• The child you open the account for is 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.