Childrens Saver

Account Name

Childrens Saver

Can Skipton Building Society change the interest rate?

• Yes, the interest rate is variable, so it can go up or down.
• Section 8 of our Savings Account Terms and Conditions [PDF] explains why we may change the interest rate.
• If you have at least £100 in your account, we'll notify you in advance if we intend to reduce your interest rate.

What would the estimated balance be after 12 months based on a £1,000 deposit?

The estimated balance after 12 months would be £1,030, assuming that:

• the account is opened with £1,000 and starts earning interest straight away.
• no further deposits or withdrawals are made
• the interest is paid annually.
• the interest is added to this account.
• there is no change to the interest rates stated.

Estimated balances are for illustrative purposes only. They may be less for accounts opened by debit card or cheque, because interest won’t be earned until your account receives the deposit.

How do I open and manage my account?

• The account is available to UK residents only and can be opened and managed in branch or by post.
• The child is the account holder and the owner of the money held in the account. Any payments into the account will be treated as a gift to them.
• This account is only available for children up to the age of 18.
• If you’re under 8, an adult must open and manage the account for you, and they’ll be the account operator.
• If you’re aged 8-17:
  • you can open and manage the account yourself, or
  • an adult can open and manage the account for you, and they’ll be the account operator.
• The minimum opening and operating balance for this account is £1. You must keep at least this amount in the account at all times.
• Subsequent payments in can be made from £1.
• The maximum balance for this account is £50,000.
• Joint accounts aren’t allowed – only one child can hold the account.
• Only one Children’s Saver can be held in the child’s name at any one time.

Can I withdraw money?

• Yes, you can withdraw in branch or by post, subject to the £1 minimum operating balance. The minimum withdrawal amount is £1.
• Withdrawals should be for the benefit of the child named on the account and any withdrawals not in the child’s name will be subject to our discretion.
• You don’t need to give us notice before you withdraw and there are no penalties.
• When the child turns 18, we’ll add any interest due to the account and then automatically transfer the money into an easy access account. Any operator remaining on the account will be removed. This process is known as ‘maturity’. We’ll write to the child in advance with full details of the new account.

Additional information

• The Annual Equivalent Rate (AER) shows what the interest rate would be if interest was paid and added each year.
• We pay all savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future.
• Accounts can be withdrawn from sale at any time and without notice.