Put away for a little one's future in a Kids' Saver account.
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.
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.
- 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:
- 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.
- 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 contact the child at 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.
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 (such as a passport or full birth certificate).