Children's Regular Saver rates

Interest rates for our Children’s Regular Saver account

Here you’ll find account information, plus current and previous interest rates for our Children's Regular Saver - Issue 1.

Current interest rates

The following higher rate is paid where no withdrawals have been made out of the Children's Regular Saver since interest was last paid into the account. 

Rates effective from

Balance

Gross rate per year %

AER%

19 November 2012 - present

£1-£1,200

3.45

3.50

The following lower rate is paid where one or more withdrawals have been made out of the account since interest was last paid into the account.

Balance

Gross rate per year %

AER%

£1-£1,200

1.50

1.51

Previous interest rates

The following higher rates were paid where no withdrawals were made out of the account since interest was last paid into the account.

The lower rates are paid where one or more withdrawals have been made out of the account since interest was last paid in.

Rates effective from

Balance

Gross rate per year %

Net rate per year %

AER%

19 November 2012 - present

Higher rates

£1+

3.45

2.76

3.50

Lower rates

£1+

1.50

1.20

1.51

Further information

Mortgage offset:

No

Interest rate:

Rates are fixed for the 12-month term. Interest is calculated daily using your statement balance and is paid on the first working day of each month. No interest will be paid on any excess amount deposited.

Gross:

The rate of interest payable without tax taken off.

Tax:

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 further information & guidance, please refer to HMRC’s website.

Please note that 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.

AER:

Annual Equivalent Rate. This illustrates what the interest rate would be if interest was paid and compounded once each year.

Download our Children’s Regular Saver - Issue 1 additional terms and conditions.

These additional terms and conditions supplement and amend the general conditions of your Customer Agreement with us.

Read important information about our interest rates, the Financial Services Compensation Scheme and your cancellation rights.