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Children's Saver
A savings account for an adult who wants to save for a child aged 15 or under. You have instant access to the savings when it's needed.
Summary box for the Children's Saver
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Earn 2.85% AER/2.81% gross interest on balances of £1-£5,000. If you save more than this, those rates will apply to the first £5,000 then 1.10% AER/1.09% gross will apply to the rest. Rates are variable.
The 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 terms and conditions (PDF, 182KB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.
We’re making some changes to our conditions on 02 June 2025. For details, please see our guide to changes (PDF, 72KB).
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For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1,028.46.
Or if you deposit £6000.00 when you open the account, the balance after 12 months will be £6,152.15. This is because you will get 2.85% AER/2.81% gross interest on the first £5,000, then 1.10% AER/1.09% gross on the rest of the balance.
These examples assume:
- You make the deposit on the day you open the account.
- You don’t pay more money into the account.
- You don’t withdraw any money.
- You keep your interest in this account.
- The interest rate stays the same.
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This account can be opened and managed:
- 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.
You can open this account if:
- it's to save for a child aged 15 or under
- you're 18 or over
- you're a UK resident
- you have a personal current account with us
- you're a parent or legal guardian of the child, or you have their permission to open this account.
Bear in mind:
- Open with at least £1.
- Once the account is open we’ll write to the child’s address to tell the parent or legal guardian. If they tell us they don’t want this account open, we’ll close it and return the money saved.
- Two Children's Saver accounts can be held for any child.
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Yes. You can make as many withdrawals as you like from this account when the money is needed. There are no charges for withdrawals.
This account can stay open until the child turns 16. Before their 16th birthday we will contact you to discuss your options. You’ll be able to transfer the money into a new account in the child’s name if you wish, or keep control of the savings if you prefer. If you decide to keep control of the money, on the child’s 16th birthday the account will change to an Access Saver account.
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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 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 the interest was paid and compounded once each year.
For more definitions, view our savings glossary.
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In order to open a Children's 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:
- 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 additional 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 is aged 15 or under and doesn't already hold two Children's Savers.
- 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.
- You need to have a personal current account with us to open this account.
- Make sure the ID documents you provide are not expired and the details are clear.
