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Childrens Saver Issue 7

3.80% gross pa/AER variable
(Annual Interest)

Ready to apply?

This account might be right for you if you:

  • are an adult opening an account for a child under 18, or are a child aged 8 to 17 opening the account for yourself
  • would like easy access to your money
  • are happy with a variable interest rate that can go up or down.

Summary Box

Account name Children's Saver Issue 7
What is the interest rate?
Annual Interest 3.80% gross pa/AER
  • This account earns interest daily. Interest is added to the account the day before the anniversary of account opening and on the child’s 18th birthday.
  • If you ask us to pay interest to a different account, we’ll pay it on the first working day after the day we’d have added it to this account. Working days exclude Saturday, Sunday and bank holidays.
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 8 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 in advance if we intend to 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 £1,038, 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 your account receives the deposit.
How do I open and manage my account?
  • The account is available to UK residents only and can be opened and managed in branch or by post.
  • 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 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 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.
  • 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 money?
  • Yes, you can withdraw in branch or by post, subject to the £1 minimum operating balance. The minimum withdrawal amount is £1.
  • 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.
  • You don’t need to give us notice before you withdraw and there are no penalties.
  • When the child turns 18, we’ll add any interest due to the account and then automatically transfer the money into an easy access account. Any operator remaining on the account will be removed. This process is known as ‘maturity’. We’ll write to the child in advance with full details of the new account.
Additional information
  • The Annual Equivalent Rate (AER) 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.
  • 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


If you'd like to open your account in branch, please contact your local branch to arrange an appointment.


Return your application form and cheque to:

Customer Delivery
Skipton Building Society
The Bailey
BD23 1DN

We have an internal complaints procedure. For more information, please call us on 0345 850 1722, ask in branch or visit our Complaints page.

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

You're protected up to £85,000

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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