- Home
- > Savings
- > Compare accounts
- > Young Saver
Young Saver
Its never too early to learn how to save money.
You can give a child or young person a great start in life with our Young Saver account.
The account is opened and managed by an adult, who is 18 or over.
Current rates & key features
| Balance | Interest rates (gross/AER variable) effective from 0.00am on 12 September 2011 |
|---|---|
| £1+ |
1.99% gross |
- Variable rate of interest of 1.99% gross/2.00% AER
- Make deposits as and when you like
- Set up regular payments into the account from any designated current account and watch their savings grow.
- Interest paid quarterly
- Annual statements to help you keep track of your balance
- Instant access in any of our branches
- Once your child turns 16, the account becomes an Access Saver
- Save without noticing with Save the Change
Summary box
| Account name | Young Saver |
|---|---|
| Interest rates (AERs) | Variable interest. Calculated daily. Paid quarterly on the 10th of the month in March, June, September and December. View current rate |
| Tax status | Interest paid is net of income tax (currently 20%) unless a parent or guardian registers the account with us, on behalf of the child, to receive gross interest |
| Conditions for bonus payment | No bonus is applicable |
| Withdrawal arrangements | Unlimited withdrawals |
| Access | Branch |
Additional information
- Variable rate interest - this means the rate you earn can go up or down.
- Interest paid - on the 10th of the month in March, June, September and December.
- Eligibility - Opening adult must be 18 or over and the child must be under 16 and a UK resident. Child's birth certificate or passport required at account opening. If you are a non-UK resident and wish to find out about the savings products that may be available to you, please call the International Banking team on 0800 876 6555 (or +44 207 451 6212 if calling from abroad). Lines are open Mon-Fri 8am - 6pm and Sat 9:30am - 1.30pm UK local time.
- Account conditions. (opens as PDF)
- We are a member of the Financial Services Compensation Scheme so our customers' savings are protected (up to £85,000).
Please note: Rates of interest are subject to change, to check effective dates for all our Savings products please see our Interest Rates section.
For a definition of AER, Gross and other terms please view our savings glossary.
