Account details
1.75%
Gross rate p.a. / AER*
Why Young Savers' Club?
- A special account for those aged 16 and under – no minimum age
- Open an account with just £1
- Instant access withdrawals
- Great for getting your kids into the savings habit
See how much interest you could earn
Use our calculator to see how much interest you can earn per year with this account.
Summary of key account details
| Account name |
Young Savers' Club |
Interest rates
(AERs) |
Interest rates are variable. Click here to see our current rates of interest. |
| Tax status |
Interest will be paid net of tax unless you have registered to receive gross interest |
| Conditions for bonus payments |
Not applicable |
| Withdrawal arrangements |
Instant access |
| Access |
Branch |
Interest
Your interest will be paid each year on 30 November. We’ll send you a statement telling you how much interest you’ve earned, the rates that have applied to the account over the last year and the current rate of interest.
Most of our young savers don’t have to pay tax on their interest. If this applies to you, just fill in an Inland Revenue R85 form when you open your account and we can pay you your interest tax-free.
Paying money in
You can pay money in at any branch. Every time you put money into the account we will print this in your savings book so that you can see exactly how much you have saved up.
Taking money out
If you want to make a withdrawal, a parent or guardian will need to accompany you if you're:
- aged under 7
- aged 7 – 10 and want to take out more than £5
- aged 11 – 16 and want to take out more than £250
How to open a Young Savers’ Club account
Young Savers’ Club is available to UK residents aged 16 or under.
To open an account, just call in to your local branch. You will need just £1 to open an account.
If you’re aged between 7 and 16, you can open an account yourself. If you’re younger than 7, you will need to bring a parent or guardian with you.
Current interest rates from 1 April 2009
| Balance |
Gross rate / AER* |
Net rate+ |
| £1 - £250,000 |
1.75 |
1.40 |
Previous interest rates from 1 March 2009
| Balance |
Gross rate / AER* |
Net rate+ |
| £1 - £250,000 |
2.00 |
1.60 |
*We will pay your interest with tax taken off at the lower rate of 20% (net interest). If you do not pay tax and have filled in an HM Revenue & Customs R85 form, we will not take tax off your interest (gross interest). AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year.
+The net rate(s) shown assume(s) income tax at the lower rate of 20% has been taken off.