Cymraeg

Gift Saver

Our Gift Saver could be a great way to build up a sum of money for a child. It offers the flexibility of saving regularly or just when you want, and will allow you take money out for the child up to three times a year.

4.60% Gross* each year / AER† (Variable) Book an appointment
  Interest rate Balance Gross* each year AER†
Variable £1 - £20,000 4.60% 4.60%
  • Open in branch or agency  
  • The maximum age for a child opening this account is 17 years
  • The account can be opened on a trust basis or by the child if they are 14 or over  
  • Pay in from £1 to £150 each month. You do not have to pay in money each month. 

  • Maximum balance £20,000

  • Interest is paid each year on January 1

  • Up to three withdrawals can be made each year

  • Closing the account counts as a withdrawal

     

Summary Box
  Interest rates Balance Gross* each year AER†
Can I withdraw money?
  • Yes, you can make up to three withdrawals from a Gift Saver account every calendar year.
  • Closing the account counts as a withdrawal
Annual interest £500 - £2,000,000 3.80% 3.80%
Additional information
  • Service charges and costs may apply to the account. These are set out in our Tariff of Charges.
  • In certain circumstances we may refuse an instruction for using an account. These circumstances are set out in our Savings Terms and Conditions.
  • Children are not exempt from paying tax. If the total amount of interest earned is more than the tax-free Personal Savings Allowance, tax may have to be paid directly to HM Revenue & Customs (HMRC). If a child earns more than £100 in interest from money given by a parent, the parent may also have to pay tax. For more information, visit gov.uk and search ‘interest on savings for children’. The interest rates quoted above were correct on 10/08/2023.
Monthly interest £500 - £2,000,000 3.74% 3.80%
Can I withdraw money?
  • Yes, you can make up to three withdrawals from a Gift Saver account every calendar year.
  • Closing the account counts as a withdrawal
Annual interest £500 - £2,000,000 3.80% 3.80%
Additional information
  • Service charges and costs may apply to the account. These are set out in our Tariff of Charges.
  • In certain circumstances we may refuse an instruction for using an account. These circumstances are set out in our Savings Terms and Conditions.
  • Children are not exempt from paying tax. If the total amount of interest earned is more than the tax-free Personal Savings Allowance, tax may have to be paid directly to HM Revenue & Customs (HMRC). If a child earns more than £100 in interest from money given by a parent, the parent may also have to pay tax. For more information, visit gov.uk and search ‘interest on savings for children’. The interest rates quoted above were correct on 10/08/2023.
Monthly interest £500 - £2,000,000 3.74% 3.80%
Calculate your savings

Savings calculator

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Amount must be less than 25000

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Amount must be less than 25000

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  1. The results displayed were dependent on the information you provided and are for illustrative purposes only and are by no means an indication of being suitable for your individual circumstances.
  2. The calculations assume interest is paid gross* of income tax on the entire balance on an annual basis
  3. It has been assumed that no withdrawals or additional deposits would be made from the account during the saving duration, and that the interest rate also remains the same during this time (note that interest rates on variable rate savings account are subject to change, and when fixed rate deals end, there is no guarantee that the same rate will be available in the future). 

Help & guidance
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Guides Read more for top tips on saving and answers to your savings and ISA questions.

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Contact us If you would like to speak someone for help give us a quick call. 

Before you apply, please read the Gift Saver Terms & Conditions

As the child, signatory, or trustee will be bound by the Account Terms of the account and their information is held in accordance with our privacy policy, you should read, print and save the below documents for your records. 

We recommend that you print and keep a copy of these terms and conditions for your records.

Please also read the following:

 

^ Tax-free means UK Income Tax and Capital Gains Tax is not deducted from the interest you earn. This depends on your individual circumstances, and may change in future.

* Gross interest is the rate of interest before income tax is deducted at the rate set by law.

† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid once each year on the whole balance, including previous interest payments.

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Putting money into your savings account Once you've opened your savings account, for most accounts you should pay money in within 5 business days. Click here for information on how you can do that.

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