CHIldren's savings accountS
Helping kids save for their future
What is a Children's Saver account?
It's a savings account designed for a child from 0-17 years old. It's a safe place to keep their money - for example, pocket money and birthday gifts. The account earns interest so they can watch their savings grow and start learning how to manage their money.
It could be a good way to save for when they're older. For example, for driving lessons, university fees or moving out.
The child gets a passbook record card to take home. It shows them how much money is in the account and how much interest they have earned. They can bring it into a branch or agency to get it updated
Who can open a Children's Saver account?
To open this account in your own name, you must be:
a UK resident
16 or 17 years old.
To open this account for a child, you must be:
a UK resident
at least 18 years old.
The child must be a UK resident and 0-17 years old.
When you open the account for a child, you will be known as the trustee and the child is known as the beneficiary. You will manage the account on behalf of the child and the money must be used for their benefit. You will be automatically removed when the child turns 18.
Can I take money out of this account?
You can take money out as often as you want. If you are a trustee, we may ask you to prove it's for the child s benefit. To keep the account open, you need at least £1 in the account.
What happens when the child turns 18?
We'll transfer the Children's Saver to an easy access savings account. We'll let you know 14 days before this happens. If the account is in trust, we will write to both the beneficiary and the trustee. The trustee will be automatically removed.
Do children pay tax on their savings?
They could, as children are taxed in the same way as adults. However, most children do not earn enough to pay income tax on their savings.
A parent, or step-parent, may need to pay tax if the money they give to their child earns more than £100 interest in a tax year. The interest will count towards the parent or step-parent's Personal Savings Allowance.
This is not the case for money given by a grandparent, other relatives or friends. Visit gov.co.uk for more information.
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Your eligible deposits with Yorkshire Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.