Young Savers

Account

A great way to start saving with instant access to your money whenever you need it.

£1+

-You can apply for a Young Savers Account on behalf of your child if you are aged 18 or over and a UK resident
-Accounts will be held in the name of an adult (parents, guardians or grandparents) on behalf of a child
-When the child reaches age 11, you can ask us to convert the account to a Young Savers Account in their own name
-You can withdraw up to any amount as long as you give us one banking weekday's notice if the amount is more than £1,000
-If, as a parent, you give your child a gift of money that produces more than £100 of gross interest in a tax year, the income will normally be taxed as yours
-Interest will be paid after the deduction of basic rate income tax (current 20%). Most children can get the interest paid tax-free on a Young Savers Account if registered to receive interest on a gross basis - contact us for more information on how to register