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Flexible Saver for Kids

Earn a rate of 0.50% AER/Gross (variable).

You can save from £1 to £2 million.

If the Flexible Saver for Kids account is held in trust or the child is 7-10 years old
You’ll have a passbook and will manage the account in branch.

Children aged 11+
Can use Online Banking, have a card for use in cash machines, and manage their account in branch as long as the account is held in their name and not in trust.

 

Please read the full product details and terms & conditions before applying.
Other accounts are available; see our savings account range to find out more.

 

Interest rates and payments
The interest rate is 0.50% AER/Gross (variable). Interest is calculated daily and paid annually after the close of business on 1 September each year.

From 6 April 2016, interest will be paid gross, with no income tax deducted. Take a look at our information pages to learn more.

Parents: the £100 tax-free interest limit explained
Please note: If the child receives more than £100 in interest per tax year from money given to them by a parent, that interest would normally be taxed as the parent's income. Until 6 April 2016, any accounts that meet this rule will not be eligible to register for gross interest and the account holder cannot claim back tax on that income. The limit of £100 only applies to each given parent and does not apply to grandparents, relatives or friends. Additional questions should be referred to HMRC via their helpline number 0300 200 3300.

What happens to the account when the child turns 16?
This children's savings account will turn into an Instant Saver with a variable rate of interest following the child's 16th birthday. The account will continue to be held in Trust until the Trustee authorises the ending of the Trust.

The Flexible Saver for Kids account and its interest rates are subject to availability. Rates are variable and effective from 3 June 2013.

Branch
You can visit our extensive branch network to speak to us.

If the Flexible Saver for Kids account is held in trust or the child is 7-10 years old
You’ll have a passbook and will manage the account in branch.

Children aged 11+
Can use Online Banking, have a card for use in cash machines, and manage their account in branch as long as the account is held in their name and not in trust.
 

Everything you need to know before you apply

We recommend reading the information in the documents below before you apply. You may like to save or print them so you can refer to them in the future.

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Please read full product details and terms & conditions before applying.

You can apply for the Flexible Saver for Kids if you:

  • are a child age 7 or above, or a parent or guardian over the age of 18 wanting to open the account in trust

  • are a UK resident

  • have at least £1 to deposit when you open the account

Apply in branch
Book an appointment at a branch convenient to you. Find your nearest branch or call us on 0800 085 1553 to make an appointment.

Lines are open 8am to 9pm Monday-Friday and 8am to 4pm Saturday.

Rates and information correct as at 3 June 2013.