Children's Savings
- A children's savings account that helps you save on behalf of a child
- Gives you instant access when you need it
- The more you save, the more interest you earn
- An instant access child savings account that any adult can open for a child aged up to 18
- You look after their savings so they're not tempted to spend the lot in one go
- Tiered interest rates from 0.25% AER / 0.25% gross pa 1
- Open your Children's Savings Account from as little as £1
- No limit on the amount you can save in our children's savings accounts
- Earn tax-free 2 interest on the child's savings
Key product information for our savings accounts - Children's Savings
| Account name | Children's Savings |
| Interest rates (AERs) | Children's Savings |
| Tax status | Interest will be paid net of basic rate income tax. UK resident non- taxpayers can register with us to receive gross interest. For children who are under 16, registration can be made by a parent or guardian. |
| 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. |
Additional conditions
These additional terms and conditions relate to the Barclays Children's Savings 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 Barclays Children's Savings account.
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 Barclays Children's Savings 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 fund may apply to open a Barclays Children's Savings account to save for the benefit of a child.
1.3 This account cannot form part of any Openplan or offset mortgage arrangement.
2. Barclays Children's Savings Terms
Duration
2.1 The Barclays Children's Savings 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 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 reaches18. This trust is governed by the Laws of England & Wales.
2.5 Where money is transferred to the account which is already held in trust, 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.
2.6 Only you are allowed to make withdrawals from the account and you can do this without notice.
Interest
2.7 Interest can only be paid into the account.
2.8 Current interest rates and tiers are set out in our interest rate leaflet and on our website.
3. Terms that apply after the Barclays Children's Savings Terms
3.1 After the child reaches 18 we will contact you to tell you the terms that will apply to the account unless you advise us otherwise.
3.2 It is your responsibility to operate the account in accordance with the terms of the trust.
3.3 Until you give instructions for the account to be transferred to the child, it will remain in your name. It is your responsibility to decide when the account should be transferred to the child under the terms of the trust and give us the necessary instructions shortly before that date.
4. Former Woolwich For Kids accounts held in the child's name
4.1 Where you are the child and the account is held in your name, the terms above that apply to account holders who are trustees for a child, do not apply to you. After you reach 18 we will contact you to tell you the terms that will apply to the account unless you advise us otherwise.
Cooling Off
If you are not happy with your account, you have a 14 day period in which to contact us to cancel your account or switch to another account. This period begins on the date your account is opened or the date you receive your terms and conditions and other account information, whichever is the later. If you contact us within this period to cancel or switch your account, we will refund any account fees you may have paid. However, if you cancel or switch your account at a later date, you will not be refunded the account fees that you have paid. If you wish to cancel or switch your account, you should tell us by writing to Barclays Bank PLC, Leicester Servicing Centre, Leicester LE87 2BB.
Your Feedback
We want to hear from you if you feel unhappy with the service you have received from us. Letting us know your concerns gives us the opportunity to put matters right for you and improve our service to all our customers. You can complain in person at your branch, in writing, by email or by telephone. A leaflet detailing how we deal with complaints is available on request in any of our branches, from the Barclays Information Line on 0800 400 100 3 or at www.barclays.co.uk Alternatively you can write to Barclays, Leicester LE87 2BB.
If we do not resolve your complaint internally to your satisfaction, you may be able to refer it to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel: 08000 234 567 3 ). The Financial Ombudsman Service is an organisation set up by law to give consumers a free and independent service for resolving disputes with financial firms. Details of those who are eligible complainants can be obtained from the Financial Ombudsman Service.
This could suit you if:
- You'd like to save on behalf of a child
- You want a child savings account that has instant access
See our alternative accounts if:
- You're 11 to 19 years old and want to manage your own money
- You'd like to set up a child trust fund
Apply for a Children's Savings account
Alternative accounts
BarclayPlus - A children's bank account for 11 to 15 year olds
Young Person's Account - A teen bank account for 16 to 19 year olds