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Start saving for a little one with a Kids' Monthly Saver and see how their savings grow.
5.50% AER/gross on balances of £1 or more.
Your interest is paid 12 months after you open the account.
No. This account has a fixed rate of interest so the rate won’t change during the term.
For example, if you deposit £100.00 every month from account opening, the balance after 12 months will be £1233.00.
This assumes:
You can open this account:
You can manage the account online, on our app, in branch or by phone.
Bear in mind:
Managing this account
No. You can't make withdrawals 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.
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'll 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 that shows an interest rate, you'll 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 that will be opened as part of this application. Therefore, please read the Kids' Saver summary box below.
3.10% AER / 3.06% gross variable on balances from £1 - £5,000.
1.15% AER / 1.14% gross variable on any excess above £5,000.
Your 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, 210KB) 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 £1031.03.
If you deposit £6000.00 when you open the account, the balance after 12 months will be £6165.26.
This assumes:
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.
You can open this account:
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 and the child’s. This can be a document such as a passport or full birth certificate. Find your nearest branch.
Bear in mind:
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. You will hold this account 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 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 that 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.
To open a Kids’ Monthly Saver, you’ll need to provide a valid ID document for the child. Usually you’ll only need to provide one of the following:
Bear in mind:
You can apply at your nearest branch.
Please note: To apply in branch, you’ll need proof of your own identification and the child’s . This can be a document such as a passport or full birth certificate.
Good money habits for your child start here with Money Smart. Easily pay pocket money into your child’s account to help them get money confident.