Children's Saver

Account Name

Children's Saver

Can Skipton Building Society change the interest rate?

• Yes, the interest rate is variable, so it can go up or down.
• Section 8 of our Savings Account Terms and Conditions [PDF] explains why we may change the interest rate.
• If there is at least £100 in the account, we'll notify you in advance if we intend to reduce the interest rate.

What would the estimated balance be after 12 months based on a £1,000 deposit?

The estimated balance after 12 months would be £1,028, assuming that:

• the account is opened with £1,000 and starts earning interest straight away.
• no further deposits or withdrawals are made
• the interest is paid annually.
• the interest is added to this account.
• there is no change to the interest rates stated.

Estimated balances are for illustrative purposes only. They may be less for accounts opened by debit card or cheque, because interest won’t be earned until the account receives the deposit.

How do I open and manage my account?

• This account is only available to UK residents.
• You can open and manage it in branch or by post. You may be required to set up appropriate security and access measures, and these might differ depending on how you choose to manage the account.
• The child is the account holder and the owner of the money held in the account. Any payments into the account, will be treated as a gift to them.
• This account is only available for children up to the age of 18.
• If you’re under 8, an adult, aged 16 or above, must open and manage the account for you, and they’ll be the account operator.
• If you’re aged 8-17:
  • you can open and manage the account yourself, or
  • an adult, aged 16 or above, can open and manage the account for you, and they’ll be the account operator.
• The minimum opening and operating balance for this account is £1. You must keep at least this amount in the account at all times to keep it open.
• The minimum operating balance must be met for interest to be earned.
• Subsequent payments in can be made from £1.
• The maximum balance for this account is £50,000.
• Joint accounts aren’t allowed – only one child can hold the account.
• Only one Children’s Saver can be held in the child’s name at any one time.

Can I withdraw my money?

• Yes, as long as you’ve set up the relevant security and access measures, you can withdraw in branch or by post, subject to the minimum operating balance.
• Withdrawals should be for the benefit of the child named on the account and any withdrawals not in the child’s name will be subject to our discretion.
• The minimum withdrawal amount is £1. You don’t need to give us notice and there are no penalties.
• When the child turns 18, which is known as ‘maturity’, the account will automatically transfer into an easy access account which has a variable rate of interest and any operator remaining on the account will be removed. You can find out more about the maturity process in term 8 of the further terms and conditions.

Additional information

• The Annual Equivalent Rate (AER) 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.
• Accounts can be withdrawn from sale at any time and without notice.