Children's Account

Our children's account may be a good way to introduce your child to the idea of saving, helping them to see it as both enjoyable and rewarding. If they want to save when it suits them, and would like the comfort of knowing they can take their money out whenever they need to, this account may be right for them.

1.00% Gross* each year / AER† (Variable) Book an appointment

	Interest rate	Balance	Gross* each year	AER†
	Variable	£1 - £25,000	1.00%	1.00%

Open in branch, agency or by post
The maximum age for a child opening this account is 17 years.
The account can be opened as a signatory or trust account. For more information click here.
Pay in from £1 to £25,000.
Interest is paid each year on 1 January.
Take money out whenever your child needs it.
You can close this account at any time.
We can stop accepting applications at any time.

Summary Box
Calculate your savings
Help & guidance

Summary Box

	Summary Box
What is the interest rate?	1.00% Gross* each year / AER† (Variable) (See the meaning of 'Gross' and 'AER' at the bottom of this page.) Interest is calculated each day on the money in the account and paid on 1st January every year.
Can Principality 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 on changes to interest rates, see the section Changes to interest rates in our Savings Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?	£1,010.00 This is based on no further money being put in or 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 under 18 (referred to as ‘the child’ in this summary box). - If the child is aged 14 to 17, they can open the account or it can be opened as a trust or a signatory account. - If the child is under 14, the account must be opened as a trust or signatory account (see the Savings Terms and Conditions). If the account is opened as a signatory account, the child will be the named account holder. If the account is opened as a trust account, the trustee will be the named account holder. The child and the signatory or trustee (if appropriate) must be UK residents (see your Children’s Account account terms). The account can be opened and managed in branch, at an agency or by post. You must keep at least £1 (the minimum balance) in the account. If the account reaches £25,000, you cannot pay any more money in. When the child reaches 18, we will move the money to an Instant Access Account or the nearest equivalent we offer at the time.
Can I withdraw money?	Yes, you can make a withdrawal or close the account at any time. If the Trustee or Signatory has control of the account they can make withdrawals. From the child’s 14th birthday onwards, if control has passed to the child only the child can make withdrawals.
Additional information	Service charges and costs may apply to the account. These are set out in our Tariff of Charges. 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). For more information, visit www.gov.uk and search ‘interest on savings for children’. In certain circumstances we may refuse an instruction for using an account. These circumstances are set out in our Savings Terms and Conditions. The interest rates quoted above were correct on 01/06/2022.

Calculate your savings

Savings calculator

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Amount must be less than 25000

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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.
The calculations assume interest is paid gross* of income tax on the entire balance on an annual basis
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

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

Before you apply, please read the Children's Account 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.

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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