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The interest rate on this account will go down to 3.85% gross per year/AER variable on 19 June 2025.

Childrens Saver

Add money or take it out whenever you want.
4.05%
gross per year/AER variable

Summary Box

Account name: Childrens Saver

What is the interest rate?

Gross interest rate per year
We do not take off income tax.
Annual Equivalent Rate (AER)
4.05%4.05%
The interest rate on this account will go down to 3.85% gross per year/AER variable on 19 June 2025.

AER helps you compare between accounts. It's the rate of interest if it was paid and added each year.

The interest rate is variable and can go up or down.

We work out your interest daily. It is paid on 31 March each year.

Can Yorkshire Building Society change the interest rate?

Yes, we can change the interest rate up or down. We will let you know if this happens.

The reasons why we could do this and how we will let you know, are in the General terms and conditions. You can find them in the "Interest, charges and changes" section.

What would the estimated balance be after 12 months based on a £1,000 deposit?

£1,040.50

We have based this on:

  • the deposit added the day you opened the account
  • the interest rate staying at 4.05% gross per year/AER variable
  • no money being taken out
  • no extra money added in.
The interest rate on this account will go down to 3.85% gross per year/AER variable on 19 June 2025.

How do I open and manage my account?

To open this account in your 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.

We can share information about the account with the child at any time. We will write to the child when they turn 16 to let them know how we use their personal information.

How much can I save?

You can save from £1 to £100,000.

Can it be a joint account?

No.

How do I open this account?

You can open this account by:

  • visiting your nearest branch or agency
  • downloading an application form and posting it to us
  • calling us and we'll send you an application form in the post.

Can I open more than one?

Yes.

How can I manage my account?

You can manage your account in a branch or agency, or by post. If the account is in trust, only the trustee can manage the account.

You can also register to view your account online. You cannot make withdrawals online.

Can I withdraw money?

Yes, you can withdraw money as often as you want. If you are a trustee, we may ask you to prove it's for the child's benefit. Check our daily withdrawal limits.

If you make a withdrawal using CHAPS, there will be a fee.

To keep your account open, you need at least £1 in your account.

You can close your account at any time.

What happens when you turn 18?

The Childrens Saver will be transferred to an easy access savings account. We'll write to you with full details at least 14 days before the Childrens Saver ends.

If the account is in trust, we will write to both the beneficiary and trustee. The trustee will be automatically removed. Before the beneficiary can manage the account or take money out, they need to complete an application form and provide ID.

Additional information

You'll get a passbook record card when you open this account. It is a physical card that a branch or agency can update with your transactions.

Whether you need to pay tax depends on your personal circumstances so could change in the future.

Ready to apply?

Please read the following documents.

When you apply for this account, you may need to verify your identity.

Apply in a branch or agency

Visit us to open your account. You may want to book an appointment.

Find your nearest branch

Apply by post

Complete an application form and post it to us.

Download application form
FSCS logo

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.

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