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Children's Saver Issue 2

    Our Children's Saver account could be right for you if:

    • You're a child under 18 opening the account for yourself.
    • You're an adult opening an account in trust for a child, so that they can't access the money until they're 18 and/or you want to keep the account as a surprise.
    • You're happy with a variable interest rate that can go up or down, rather than a fixed rate that's guaranteed for a set amount of time.

    Summary Box

    Account name Children's Saver Issue 2
    What is the interest rate?
    Annual Interest 1.75% gross pa/AER
    Interest is earned daily and added to your account at midnight on the anniversary of the date your account was opened.
    Monthly Interest: There is no monthly interest option available.
    Can Skipton Building Society change the interest rate?
    • Yes, the interest rate is variable, so it can go up or down.
    • You'll find full details of this and the reasons why we might change the interest rate in section B23 'interest' of our Investment Account Terms and Conditions.
    • If the interest rate ever goes down, we'll always write to you in advance to let you know as long as you have at least £100 in your account.
    What would the estimated balance be after 12 months based on a £1,000 deposit?
    • The estimated balance after 12 months would be £1,017 based on the following assumptions:
      • £1,000 is paid in when the account is opened and interest starts being earned straight away
      • No further deposits or any withdrawals are made
      • The interest is paid annually and added to the account
      • The interest rate stays the same for the full 12 months
      • The estimated balance is for illustrative purposes only and may be less if you open an account by debit card or cheque.
    How do I open and manage my account?
    • You can open and manage this account in any of our branches or by post.
    • The first payment into the account can be in cash (branch only), by cheque, debit card or transfer from another Skipton Building Society account. After that, you can also pay in by electronic payment or standing order.
    • You can save from £1 up to £50,000.
    • Only one child per account.
    If you're a child under 8
    • An adult must open the account for you, in your name, and they'll be the account operator.
    • You can hold the account until your 18th birthday.
    If you're a child aged 8 or over
    • You can open the account yourself, in your name.
    • An adult can open the account for you, in your name and they'll be the account operator.
    • You can hold the account until your 18th birthday.
    If you're an adult opening an account in trust for a child
    • A parent, grandparent or close relative can open the account and would be the account trustee.
    • The trustee is the account holder and holds the money until the child's 18 (or 16 in Scotland).
    Can I withdraw money?
    • Yes, you can withdraw money from this account in branch or by post. You don't need to give us any notice and there are no penalties.
    • You can close this account at any time, if you need to.
    Additional Information
    • When the child reaches 18, we’ll add any interest due to the account and then automatically transfer the money into an easy access account for adults. We’ll write to the account holder in advance with full details of the new account and with any other options available at the time.
    • AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. We pay all savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future. The AER allows you to compare the interest rates on savings accounts. The higher the AER, the better the return on your savings.
    • it’s worth noting that any of our accounts can be withdrawn from sale at any time and without notice.

    If you are not satisfied with our services we have an internal complaints procedure. For more information please call us on 0345 850 1722, ask in branch or visit our Complaints page.

    The Financial Ombudsman Service provides a free and independent service for consumers, and can be contacted at The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4567.

    For products and services bought online you can also refer to the Online Dispute Resolution platform (ODR) at As we're a UK building society, the ODR will still refer you to the Financial Ombudsman Service as the alternative dispute resolution body. The Financial Ombudsman Service will refer you back to our complaints process unless you've already been through this.

    Need help?

    If you have a question or need help deciding then you can phone, email or call into a branch - we're always happy to help.

    Call us on 0345 850 1722
    Our lines are open Monday to Thursday 8am-8pm, Friday 8am-5.30pm and Saturday 9am-12pm.


    Things to know before you apply

    • This account can only be opened and managed in branch, over the phone or by post.

    If you are a new customer - where possible, we use an electronic verification system to verify your identity and address, however we can't do this for postal applications, for children under 18 in England, or if you are not on the electoral roll for your current address. For full ID requirements please see our Proving your identity [PDF] document.

    We like to make sure you are fully aware of the charges which we will make for a number of services and facilities relating to our investment accounts. You can see these in our Tariff of Charges [PDF].

    It is important that you read the terms and conditions carefully. These contain the details of your agreement with us for these accounts and we will rely on them for our relationship with you.

    Visit your local branch for further information and to open this account.

    Branch finder

    This account can be opened by post, download the paper application form below and return with your cheque to the address shown.

    Return your form to:

    Customer Delivery
    Principal Office
    The Bailey
    North Yorkshire
    BD23 1DN

    Financial Services Compensation Scheme

    Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

    Learn more about the FSCS

    FSCS - Protecting Your Money
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