Children's Account

A good way to start saving for your child's future, making saving both enjoyable and rewarding.

  • Save in branch or by post
  • Save from £1 to £25,000
  • Interest is calculated on the daily balance and paid annually
  • Unlimited withdrawals and closure permitted
  • A free Dylan the Dragon money box


Product detail

Account name - Children's Account

  Interest rate Balance Gross* p.a. AER†
Variable £1 - £25,000 0.90% 0.90%
You choose how often and how much you save, start with just £1

You can open an account for your child, grandchild, niece or nephew and you can manage the account on their behalf as a signatory. Alternatively, if the person you are opening the account for is over 14, they can open it on their own. Either way, the child will be the account holder, so any money saved belongs to them.

It only takes £1 to open a Children's Account and you can save up to £25,000. 

A free Dylan the Dragon money box when you open an account

To help your child save their pennies, we will give you a free Dylan the Dragon money box when you open an account.

Interest is calculated daily and paid on 1 January every year

Interest is calculated on the daily balance and paid annually into this account.

Open the account in branch or by post

You can apply by visiting one of of our branches, or we can send you an application form. The account must be applied for in the name of the child and you will need to complete a Child Introduction Form and provide identification for the child.  If the child is aged 14 or over, they can apply for the account themselves, though they will need proof of their identity. If you are opening an account on behalf of the child, and you are not an existing Principality account holder (for a year or more), we will need proof of your identity.

You don't have to give us notice to withdraw money

You can withdraw from £1 to £500 in cash from any of our branches or up to the maximum account balance by cheque. These withdrawals need to be in the name of the child or be shown to be for the benefit of the child.

If the child is under 14, only the signatory can make withdrawals.  From the child's 14th birthday onwards, the person or people managing the account can decide to pass control of the account to the child. After this, the child can make withdrawals.

The Children's Account will mature on the child's 18th birthday

When the child reaches 18 years old the account will mature and the balance will be transferred to our Instant Access Account or it's nearest equivalent available.

Service Charges and Cost Related Charges may apply to your account, these are outlined in our Tariff of Charges.

Variable account rates could increase or decrease. Customers will be given personal notification of any material reduction in interest rates a reasonable time before the change takes effect or, if the Account is a payment services account, 60 days before the change takes effect. To understand why rates may be reduced please refer to page 12 of the Savings Terms and Conditions.

In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined on page 5 of the Savings Terms and Conditions.

Summary information

Summary Box - key product information for our savings account(s)

Account name - Children's Account

  Interest rate Balance Gross* p.a. AER†
Variable £1 - £25,000 0.90% 0.90%

Tax status
Interest will be paid gross, which means interest is paid to you without tax being deducted from it. If the total amount of interest you earn exceeds your Personal Savings Allowance then you may have to pay tax directly to HM Revenue and Customs. For more information please refer to our handy guide to the Government’s new changes to tax-free savings or visit www.gov.uk and search ‘Personal Savings Allowance’.

Conditions for bonus payments
Not applicable.

Withdrawal arrangements
You do not have to give notice. You can withdraw from £1 to £500 from any branch per day, or up to your maximum account balance by cheque per day, as long as you don't fall below the minimum balance of £1. Withdrawals need to be made in the name of your child or shown to benefit your child.

Access
You can open and operate your account in branch or by post.

Service Charges and Cost Related Charges may apply to your account, these are outlined in our Tariff of Charges.

Variable account rates could increase or decrease. Customers will be given personal notification of any material reduction in interest rates a reasonable time before the change takes effect or, if the Account is a payment services account, 60 days before the change takes effect. To understand why rates may be reduced please refer to page 12 of the Savings Terms and Conditions.

In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined on page 5 of the Savings Terms and Conditions.

Help & guidance

Watch our video guide to savings (04:04)

Get more from your savings with our top 10 tips for saving. Read guide

Interactive Savings Calculator
Use our calculator to help you choose an account that suits your needs

Terms & conditions

Children's Account Terms & Conditions

As the child will be bound by the Account Terms of the account, you must read them on their behalf. If you do not understand any of the terms and conditions please contact us for further information.

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

Please also read the following:

  • 6th largest UK building society
  • A mutual building society, owned by and run for the benefit of our 500,000 members
  • Over 150 years experience
  • Taking care of over £8 billion of our customers' assets

* Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year.


savings

Children's Account