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Children's Trust Saver

Earn 2.05% AER variable on your savings

  • 2.05% gross pa/AER variable (annual interest)
Summary Box How to apply

Childrens Trust Saver

This account might be right for you if you:

  • are 18 or over opening an account in trust for a child under 18.
  • don't want the child to have access to the funds themselves.
  • are happy with a variable rate of interest that can go up or down.

Summary Box

It is important that you read all parts of the Summary Box before you apply.

Account Name

Children's Trust Saver

What is the interest rate?

Balance:

£1+

Annual interest:

2.05% gross pa/AER

  • This account earns interest daily and it’s added to the account the day before the anniversary of account opening and on the child’s 18th birthday. There is no monthly interest option available.
  • If you ask us to pay interest to a different account, we’ll pay it on the first business day after the day we’d have added it to this account. Business days exclude Saturday, Sunday and bank holidays. Interest due in the first three days of the new tax year may arrive up to three business days later.

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?

Opening balance:
£1,000

Estimated balance after 12 months:
£1,020

The estimated balance above assumes 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 (both the trustee and child must be 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.
  • Until the child turns 18, a parent, grandparent or close adult relative can open the account and would be an account trustee.
  • The trustee(s) are the account holders and hold the money in trust for the benefit of the child. The child will be the beneficiary.
  • The minimum opening and operating balance for this account is £1. You must keep at least this amount in the account 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.
  • Only one child can be the named beneficiary on the account.
  • You can only hold one Children’s Trust Saver per child.

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.
  • The minimum withdrawal amount is £1. You don’t need to give us notice and there are no penalties. 
  • 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.
  • 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 for adults, where the money will remain in trust. We’ll write to you, the trustee(s), in advance with full details of the new account.

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.

How to apply

You can open this account at your nearest Skipton Building Society branch or by post. 

In Branch

Find your nearest branch

By Post

To open this account by post, please complete the following application form:

Children's Trust Saver application form [PDF]

Return your completed application form and cheque to:

Savings Operations
Skipton Building Society
The Bailey
Skipton
BD23 1DN

You're protected up to £120,000

Your eligible deposits with Skipton Building Society are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Learn more about the FSCS

FSCS protected