Current accounts

Overdrafts are subject to status and application so the amount offered may be different to that shown on the example. All borrowing is repayable on demand. The fees shown here are variable, which means we can change them – although we will let you know before we do this.

Interest is paid gross. Children are entitled to income tax allowances and the Personal Savings Allowance (PSA) in the same way as adults. If a child is liable to pay tax, any tax due on interest earned will need to be paid to the appropriate tax authority. For more information, see the HMRC website.

Please note: 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. For more information, see the FSCS website.

To be eligible for this account at 18 years of age and older, you should either be in further education or taking a gap year before starting a full-time higher education course.