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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.

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 request must be made by the parent or guardian. The tax status will remain valid until the end of the tax year in which the account holder turns 16.

To register, simply speak to a member of staff by visiting your nearest branch or call us on 0845 609 0014.

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.

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 0845 604 8039 to make an appointment.

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

Rates and information correct as at 3 June 2013.