A Young Savers account, also known as a children's savings account or a junior savings account, is specifically designed to encourage saving habits and teach young people financial literacy. It's a great way to instil good financial habits early on.

Here are some key features of a Young Savers account:

• Age Limit: Young savers accounts are typically available for children and teens under 18. 
• Parental/Guardian Involvement: A parent or guardian must open and manage the account until the child reaches a specific age.
• Lower Minimum Balance: Young Savers accounts often have lower or no minimum balance requirements.
• Rewards: Some children’s savings accounts, like our Pocket Money Saver, reward children for reaching savings goals.
• Limited Withdrawals: To encourage saving, some Young Savers accounts may limit the number of withdrawals allowed within a certain time period.

These young savers accounts are ideal for parents who would like to put savings away for their child, or even teens looking to open a savings account of their own. Our child savings accounts are suitable for young people up to age 18.

All our Young Savers accounts are ideal for children and teens, up to age 18. Finding the best fit for your child depends on your savings plan and whether you’ll need easy access to the account. For example, if you’re looking to open a kid’s savings account where the savings can’t be accessed until the child turns 18, then a Junior ISA (JISA) could be the one.

However, if you’d like a child saver account that your little one can help manage, and be rewarded for their savings habits, then a Pocket Money Saver could be a great fit.

Finally, our Young Savers account is an excellent teen savings account, as it allows easy access to their savings whilst also earning interest on any money saved.

Yes! You can open a savings account for a baby, or toddler, and keep putting money into the account until the child reaches 18. Opening a baby savings account comes with several benefits, to name a few:

• Financial Security: Start saving early for their future financial independence. 
• Interest: The earlier the savings start, the more interest you’ll earn.
• Financial Responsibility: Teach them about money management as they grow older.
• Gift Contributions: Relatives and friends can contribute to the child's savings account on special occasions.

Read more on the benefits of opening a children’s savings account. 

Yes, a grandparent can open a savings account for their grandchild in the child’s name. They'll need to provide documentation for the child, such as a birth certificate.

Just like adults, children are liable to pay tax on their savings. However, as they aren’t working, they’re unlikely to go over the threshold, therefore, making them exempt from tax.

Please ensure you’ve read all of the information before opening an account, or speak to a team member on 0808 239 1272 if you’re unsure.

If you’re specifically looking for a tax-free children’s account, then consider opening a Junior ISA (JISA).

The requirements to open one of our Young Savers accounts vary depending on the account you choose. Note that with all our children’s savings accounts, the child must be under 18. 

• Best for tax-free savings: Junior ISA (JISA)
• Best for teaching money management: Pocket Money Saver
• Best for easy access: Young Savers Account

A parent or guardian can apply to open any of our children’s savings accounts by post or in a branch. You can find your nearest branch here.