Young Savers account

• A variable interest rate of 0.50% AER, which can be paid tax-free. View Young Savers account interest rates.
• Interest paid quarterly.
• Instant access to the account through branches.
• Statements at least once a year to keep track of savings.
• Set up regular payments into the account from any designated current account to help grow their savings.
• When your child turns 16 the account is theirs to manage.

How the account works.

 At your local branch
Visit your local branch with proof of identity for both you and the child, and we'll open the child’s account.

What proof of Identity can I use?
In addition to your own identification, the child’s birth certificate or passport is also required to open the account.

Young Savers account important information.

View Young Savers Summary box.

Alternatively, If your child was born after the 1st September 2002 and you receive Child Benefit for them, you can open a tax free Child Trust Fund account.

Interest rates are variable. View previous rates.

Explanation of terms

AER means Annual Equivalent Rate. AER illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different offers.

Net rate is the rate payable after the deduction of lower rate tax (which may be reclaimed by non-taxpayers on completion of an Inland Revenue R85 form). As the rate of tax may vary, the net rate is given for illustration only and is rounded to two decimal places.

Gross rate means that credit interest is paid without income tax being deducted. You can receive your interest paid gross if you are a non-tax payer and have completed an Inland Revenue R85 form.

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• You manage the account for your child up to the age of 11.
• At age 11, you and your child can apply for a Under 19s Current Account to further learn about managing money.
• At the age of 16 the account converts into an Easy Saver account and is theirs to manage how they wish.
• You can help your child even more by registering the account for Save the Change® and putting away your pennies from your everyday debit card transactions when we round them up to the nearest pound.
• Parents, grandparents or other family members can set up a standing order - saving regularly is the easy way to grow your savings.
• Transfer money from a non Lloyds TSB account with our savings transfers form, simply complete and take into your nearest  branch.
• Watch your child enjoy seeing those pennies grow. Register your child’s account to get interest paid on it tax-free, giving your child even more incentive to save.

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 At your local branch
Visit your local branch with proof of identity for both you and the child, and we'll open the child’s account.

What proof of Identity can I use?
In addition to your own identification, the child’s birth certificate or passport is also required to open the account.

Young Savers account important information.

View Young Savers Summary box.

Alternatively, If your child was born after the 1st September 2002 and you receive Child Benefit for them, you can open a tax free Child Trust Fund account.