Who can open an Under 16s savings account?
To open an Under 16s savings account, you’ll need to have an Under 16s account first. You can’t open an Under 16s savings account on its own.
You need to be the child’s parent or legal guardian to create an Under 16s account. You can’t set up an account as an extended family member, younger sibling or friend.
How is interest earned?
Under 16s earn 3.00% AER (variable) interest on their savings. It’s calculated daily (and paid monthly), so they’ll see even small savings add up over time.
Can my child take money out of their savings?
The account is an Instant Access Savings account, so both you and your child can withdraw from their savings at any time. If you have notifications turned on, we’ll notify you whenever your child adds or withdraws money.
You can lock their savings account if the money’s for something important, like a school trip or holiday. They won’t be able to withdraw any money from the account until a set date.
How do I see my child’s savings?
Your child’s savings accounts live in their Under 16s account. Just tap their card in the app to head to their account and see their savings.
If you have notifications turned on, we’ll notify you whenever your child adds or withdraws money.
Are their savings tax free?
Any interest earned on savings belongs to the main parent or guardian responsible for the account. This means the interest will normally count towards your taxable income. Not everyone pays tax on interest, for example if you have Personal Savings Allowance remaining. We can’t give tax advice, but you can consult the government website or a tax professional if you're unsure.
Can they have multiple savings accounts for different savings goals?
Yes. Children can have up to 20 savings accounts and Pots in total. You can have a maximum of £10,000 in savings per child.
What’s the difference between a JISA and a kids’ savings account?
Children can’t access the money in a JISA until they turn 18. They’re ideal for long-term saving, as the interest earned is tax-free. We don’t currently offer a JISA.
Savings accounts like ours help children build the habit of saving while they’re young. The interest earned on kids’ savings accounts is taxable, but children can access the money when they’re younger. Our Under 16s account (and savings account) can be used by children as young as age 6.
