Get into good habits

*AER stands for annual equivalent rate. It shows how much the interest rate would be if the interest was worked out once a year. You can use it to compare different financial products.

Eligibility

To have a Young Savers account, you need:

• To be aged 21 and under
• To be resident in the UK. You’ll also need to provide proof of your identity and address. If you’re not a UK, EU, EEA or Swiss national you’ll need a valid visa/residence permit. Here’s a list of what you need

Parents, guardians or grandparents can open a Young Savers account for children aged 10 or under. The account will be held in their name on the child’s behalf. Once the child is 11, you can ask us to put the account in their name.

You can apply for an account yourself if you’re aged 11 to 21, but if you’re under 16 you’ll need a parent or guardian to help you.

Our Savings Promise

We promise to give you our best available rate - always. If we launch a new account with the same features but a better rate, we’ll automatically upgrade you to it.

Our Magic Money Machines and 5 for 5 Club

To protect our customers and colleagues, we have temporarily closed our Magic Money Machines – we’ll let you know when they’re back up and running.

If you have a Young Savers Account and are under 15, you can earn a £5 bonus with our Magic Money 5 for 5 Club. You just need to add money to your account in five separate months.

While our Magic Money Machines are closed, deposits can be made by:

• visiting us in store and speaking to a colleague
• calling us on 0345 08 08 500 (a parent or guardian will need to call for account holders who are under 11)
• transferring money from another bank account

You’ll then need to let us know when the fifth deposit has been made, and we’ll add the bonus to your account.

Withdrawals and notice periods

Unlimited access to your money. 1 day's notice may be required to withdraw money from your account.

Your savings and tax

Since 6 April 2016, you can earn up to £1,000 a year on your savings tax-free if you pay the basic rate of tax, and up to £500 a year if you pay the higher rate of tax. This is called your Personal Savings Allowance.

Interest on your savings is now paid without tax being taken off. The interest from ISAs doesn’t count towards your Personal Savings Allowance.

Get all the details to read at your leisure

Download our PDF to read when you like - it contains all the ins and outs of our Young Savers.

Young Savers Account Details (PDF)(896KB)

Our Service Relationship with Personal Customers (PDF)(1.2MB)