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 money away 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 4.50% gross/AER fixed for 12 months from account opening.
  • You can change the amount you save at any time.
  • 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 will 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

1. What is the interest rate?

4.50% gross/AER on balances of £1 or more.

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


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?

For example, if you deposit £100.00 every month from account opening, the balance after 12 months will be £1227.00.

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.

4. How do I open and manage my 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.
  • 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.
  • 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. 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.

Summary box for the Kids' Saver

1. What is the interest rate?

2.00% AER / 1.98% gross variable on balances from £1 - £5,000.

0.20% AER / 0.20% gross variable on any excess above £5,000.

Your interest is paid monthly.


2. Can Halifax change the interest rate?

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.


3. What might the future balance be?

For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1019.98.

If you deposit £6000.00 when you open the account, the balance after 12 months will be £6101.09.

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.


4. How do I open and manage my account?

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. 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.

5. Can I withdraw money?

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 0.20%. 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 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.


Open a Kids' Monthly Saver.

Please read the summary box and the account conditions (PDF) before you start.

Open now

Other ways to apply

You can 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