You can save from £10 to £100 a month by standing order. Withdrawals within the 12 month term are not allowed unless you’re closing the account. After the first 12 months, the account reverts to the Kids' Saver account, currently paying 1.59% gross / 1.60% AER. Interest is paid annually.
Access on closure only. On maturity, account transferred to Junior Easy Saver Instant Access account 2 paying 1.75% gross/AER. Account has a 12 month term. Interest is paid annually.
A lower interest rate of 1.50% gross is paid when one or more withdrawals have been made out of the account in a calendar month - the lower rate is paid until the following month. After 12 months, the account is transferred to a 'Children's Instant Saver' account, currently paying 1.85%. Interest is paid on the first working day of each month.
Easy access. Account pays 1% gross/AER on balances above £100, 1.98% gross / 2.00% AER on balances above £200 and 2.96% gross / 3.00% AER on balances above £300. Balances below £100 and above £2,000 earn 0.00% gross/AER. On child's 18th birthday, the account reverts to an adult bank account. The account can be opened in trust for children under the age of 11 and managed by an adult (trustee). Interest is paid monthly.
Easy access. Balances above £3,000 earn 0.75% gross/AER. Interest paid monthly.
Please note, the rate will reduce to 2.50% AER from 17 June 2020.