Dylan Young Saver

Our Dylan Young Saver may be a good way to introduce your child to the idea of saving their money, helping them to see it as both enjoyable and rewarding. If they want to save when it suits them and take money out whenever they need to, this account may be right for them.

  Interest rate Gross* each year AER†
Variable 4.00% 4.00%
  • Open in branch or agency
  • The maximum age for a child opening this account is 15 years
  • The account can be opened on a guardian basis or by the child if they are 14 or over
  • Pay in from £1 to £150 each month
  • Maximum balance £20,000
  • Interest is paid each year on January 1
  • The child can make withdrawals or close the account at any time

Summary Box
  Summary Box
What is the interest rate? 4.00% Gross* each year/AER† (Variable)

(See the meanings of ‘Gross’ and ‘AER’ at the bottom of this page).

Interest is calculated each day on the money in the account and paid into the account on 1 January every year.
Can Principality Building Society change the interest rates?
  • Yes, variable interest rates can go up or down.
  • If you have £100 or more in the account, we will give notice of any reduction in interest rates at least 14 days before the change takes effect.
  • For more information, see the section Changes to interest rates in our Savings Terms and Conditions.
What would the estimated balance be after 12 months based on depositing £150 every calendar month? £1,839.00

This is based on you paying in £150 a month for 12 months, making the first payment on the day the account was opened, no money being taken out of the account and no change to the interest rate.
How do I open and manage my account?
  • This account is for people aged under 16 (referred to as 'the child' in this summary box) If the child is aged 14 or 15, they can open the account or it can be opened as a guardian account.
    If the child is under 14, the account must be opened as a guardian account (see the Savings Terms and Conditions).
  • When the child reaches 16, we will move the money to an Instant Access Account or the nearest equivalent we offer at the time. When this happens, the guardian can no longer withdraw from or close the account and the child will manage the account themselves. To do this, the child will need to provide proof of their identity and address.
  • The child and the guardian (if appropriate) must be UK residents (see your Dylan Young Saver account terms).
  • The account can have up to two adult guardians. Only someone with parental responsibility can be a guardian on the account (for example a parent, guardian or foster parent).
  • The account can be opened and managed in branch or at an agency,
  • You must keep at least £1 (the minimum balance) in the account.
  • The most you can pay into the account each month is £150, in one or more payments.
  • You don't have to pay money in every month.
  • If we do not receive the first payment within five business days of the account opening, we may close it.
  • If your account reaches £20,000, you cannot pay any more money into it.
  • The account can be managed in branch, at an agency or by post.
Can I withdraw money?
  • Yes, you can make a withdrawal or close the account at any time.
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 by a child is more than their tax-free Personal Savings Allowance, they may have to pay tax directly to HM Revenue & Customs (HMRC). If a child earns more than £100 in interest during the tax year 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 06/06/2024.

Before you apply, please read the Dylan Young Saver Terms & Conditions

As the child or guardian you 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.