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Young Savers account

Young saver

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Children's Ebook
Children's Story book
Teach your little nippers about savings with our online book.

Children need no lessons in how to spend money, but with a Young Savers account they can learn how to save too.

The Young Savers account comes with a free "for the journey" moneybox. You can open an account for your child then manage it for them until they turn 16. A great gift for the youngster in your life, with an interest rate of  0.50% AER.

Features & Benefits

You’ll enjoy:

  • Attractive 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,
  • a free "for the journey" moneybox.
  • 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 do I apply?

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.

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.

 

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.