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Childrens Saver Issue 5

1.65% gross pa/AER variable
(Annual Interest)

Ready to apply?

This account might be right for you if:

  • you're an adult opening an account for a child under 18; or
  • you're a child aged 8 to 18 opening the account for yourself; or
  • you're an adult opening an account in trust for a child.

Summary Box

Account name Children's Saver Issue 5
What is the interest rate?
Annual Interest 1.65% gross pa/AER
Interest is earned daily and paid on the anniversary of account opening.
Monthly Interest: 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.
  • Section 22 of our Savings Account Terms and Conditions explains why we may change the interest rate.
  • If you have at least £100 in your account we'll notify you before we reduce your 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 £1,016 assuming that:
  • the account is opened with £1,000 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.
Estimated balances are for illustrative purposes only and may be less for accounts opened by debit card or cheque.
How do I open and manage my account?
  • This account is only for UK residents. You can open and manage this account until the child is 18 in any of our branches or by post.
  • You can save from £1 up to £50,000.
  • Only one child per account and only one account per child.

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 in trust until the child is 18 (16 in Scotland)

If you're a child under 8
  • For an account held in your name, an adult must open the account for you, in your name, and they'll be the account operator.

If you're a child aged 8 or over
  • You can open and manage the account yourself ; or
  • An adult can open and manage the account for you, in your name and they'll be the account operator.
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.
  • When the child reaches 18, we'll add any interest due to the account and then transfer the money into an easy access account for adults. Any operator remaining on the child's account will be removed. 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.
Additional information
  • 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
  • Any of our accounts can be withdrawn from sale at any time and without notice

Before you apply

Proving your Identity

We may require identification to open the account. If you are opening an account for a child, we will need identification for both you and the child.

If you're opening the account in branch, please bring proof of ID (for any operator and for the child) as set out in our Proving your identity document [PDF].

If you’re 18 or over and on the electoral roll for your current address we may be able to verify your identification electronically, to do this please call us on 0345 608 0783 and we’ll let you know straight away if you’ve passed our checks. If we can’t verify your identity electronically, or if you're under 18, you’ll need to provide us with proof of ID as set out in our Proving your identity document [PDF].

Terms and Conditions

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

Application forms

How to apply


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


Return your application form and cheque to:

Customer Delivery
Skipton Building Society
The Bailey
BD23 1DN

If you are not satisfied with our services we have an internal complaints procedure. For more information please call us on 0345 608 0783, 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.

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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