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Flexible Saver for Kids

Earn a rate of 0.50% gross/AER (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.


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

Register for tax-free interest on your children's savings account
Children can save up to £10,000 tax free in the 2014-2015 tax year. Interest is paid net of basic rate income tax unless you register to receive interest gross. For children under 16 the R85 must be signed by the parent or guardian. The R85 will remain valid until the end of the tax year in which the account holder turns 16.

Parents: the £100 tax free interest limit explained
Please note that savings made from a parent to a child that produces more than £100 of gross income per year is normally taxed as the parent's income. Any accounts that meet this rule will not be eligible to register for gross interest and the child cannot claim back any tax on that income. The £100 rule applies to each parent separately and it does not apply to gifts given by grandparents, other relatives or friends.

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.

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

Children 11+ may receive a cash card allowing access via cash machine and online banking, if the account is held in their name and not in trust.

If you are applying for a Flexible Saver for Kids we recommend you save and/or print the documents below. You'll need Adobe Acrobat to view them.

We will always notify you in writing if your Terms and Conditions change. The documents below are the current versions.

General Terms and Conditions
Savings User Guide
Terms of Business
Flexible Saver for Kids Fact Sheet

The account will continue to be held in Trust until the Trustee authorises the ending of the Trust

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
Find your nearest branch or call us on 0845 604 8039 to make an appointment.
Lines are open 8am to 9pm Monday-Friday and 8am to 9pm Saturday.