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Children's Instant Saver Issue 1

Childrens saving
  • An instant access account to save on behalf of a child
  • Open with as little as £1 and save as much as you like, whenever you can
  • Gross interest rate pa will never fall below 1.50% gross pa (1.51% AER) 4
  • An instant access account that an adult can open to save for the benefit of a child under 18 (you will operate the account as a trustee for the child)
  • Earn an interest rate of 1.51% AER/1.50% gross pa 1, variable
  • Interest rate will never fall below 1.50% gross pa (1.51% AER) 4
  • Open with as little as £1
  • No limit on the amount you can save
  • Interest is paid monthly
  • Manage your account in branch. Telephone and online access is only available for Barclays current account holders who are registered for Barclays Online and Telephone Banking 4

To apply for a Children’s Instant Saver Issue 1 you must be 18 or over and a UK resident.

Key product information for our savings accounts – children's savings

Account name Children’s Instant Saver Issue 1
Interest rates (AERs) Children's Instant Saver Issue 1
Tax status Interest will be paid net of basic rate tax. UK resident children under 16 may be able to receive interest gross. Registration must be made by a parent or guardian 2.
Conditions for bonus payment N/A
Withdrawal arrangements Instant access
Access In branch. Additionally if you are a Barclays current account holder you can access your account by phone or online 3.

Additional conditions

These additional terms and conditions relate to the Children's Instant Saver Issue 1 account and supplement and amend the general conditions of your Customer Agreement with us (Barclays Bank PLC). In the event of any inconsistency between these additional conditions and the general conditions of the Customer Agreement, these terms will apply in relation to the Children's Instant Saver Issue 1.

1. Availability

1.1 To hold this account you must be at least 18 and resident in the UK for tax purposes. You can only hold a Children's Instant Saver Issue 1 account in your sole name. You will operate the account as trustee for one child under 18 (the 'child').

1.2 A trustee of an existing trust already established for the benefit of the child may apply to open a Children's Instant Saver account to save for the benefit of that child.

1.3 This account cannot form part of any Openplan or offset mortgage arrangement.

2. Children's Instant Saver terms


2.1 The Children's Instant Saver Issue 1 terms set out in this condition apply to the account until we convert it to an instant access account after the child turns 18.

Payments into and out of the account

2.2 You must make an initial deposit of £1 when you open the account after which you can make deposits of any amount at any time.

2.3 There is no maximum account balance.

2.4 Unless money paid into the account is already held in an existing trust, you will hold this money on bare trust for the child, who shall be beneficially entitled to it. This would usually require you to transfer the money to the child once the child reaches 18. This bare trust is governed by the Laws of England & Wales.

2.5 Where a Children’s Instant Saver Issue 1 account has been converted from another type of Children’s account and the money in the original account was held on bare trust for the child, the money in this account will continue to be held on the same bare trust.

2.6 Where money which is already held in trust is transferred to the account, the terms of that trust will apply and you are responsible for ensuring that the account is a suitable account to use in view of the terms of that trust and does not conflict with them.

2.7 As trustee of a trust, whether an existing or a bare trust, you will have obligations to the child as trustee and it is your responsibility to administer the trust in accordance with those obligations.

2.8 Only you are allowed to make withdrawals from the account and you can do this without notice.


2.9 Interest can only be paid into the account.

2.10 Current interest rates and tiers are set out in our interest rate leaflet and on our website.

3. Terms that apply after the Children's Instant Saver Issue 1 terms

3.1 After the child reaches 18 we will convert the account to an adult instant access account. Before doing so we will contact you to tell you the terms that will apply to the instant access account unless you advise us otherwise.

3.2 It is your responsibility to continue to operate the account in accordance with the terms of the trust.

3.3 Until you give instructions for the funds in the account to be transferred to the child, the account will remain in your name and the trust will continue. It is your responsibility to determine when the funds in the account should be transferred to the child under the terms of the trust and give us the necessary instructions shortly before that date. As soon as the funds in the account are transferred to the child, any bare trust will terminate and your obligations as trustee will come to an end.


This could suit you if:

  • You'd like to save on behalf of a child
  • You want a children's savings account that has instant access

See our alternative accounts if:

Apply for a Children's Instant Saver Issue 1

  • You can apply in your nearest branch
  • Remember to take your ID as well as the child's birth certificate
Important information
1. ‘Gross’ is the rate payable without tax taken off. If you’re eligible to receive savings interest without tax taken off, please provide us with the HMRC form (R85). For more information and the R85 eligibility visit HM Revenue & Customs (HMRC). AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year.
2. Parents or guardians can register a form R85 for the child to receive interest gross subject to eligibility. Unless cancelled, this is applicable until the end of the tax year in which the child turns 16. If this is the case for you, ask for HM Revenue & Customs R85 and Helpsheet to complete when the account is opened in branch. Once we receive a valid completed form, we’ll pay interest without deducting tax. Additional information and help can be found on the HM Revenue & Customs website.

If a parent gifts money to a child that produces more than £100 gross interest in a tax year, the income is normally taxed as belonging to the adult.

On the 6th April following the child's 16th birthday the account will revert to net interest. To continue to receive gross interest this account will need to be closed and the balance transferred to an adult savings account in the child's own name. Subject to eligibility a new R85 can be registered by the account holder.
3. You will need a Barclays current account and your debit card to register for Barclays Online Banking.
4. The interest rate on Children’s Instant Saver Issue 1 will never fall below 1.50% gross pa (1.51% AER).