Child savings accounts

Give someone small a big start

Whether you are a parent, grandparent, friend or other relative, you can give the children in your life a financial head start by opening a savings account on their behalf.

Extra benefits

• Earn a greater rate of interest by pooling your savings together with family and friends. Read more about our pooling facility.

To apply, call us on 08457 55 56 57, Mon-Fri 8am-6pm (call charges may vary).

The Facts

• Rates correct as at 22 October 2008.
• Child savings account holders must be over 16 and resident in the UK. The child must be under 16 years old.
• Withdrawals sent by electronic transfer via your external account will normally take 3 working days.
• Gross means the rate of interest paid without the deduction of tax, if applicable.
• AER means the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
• For all accounts, you can choose whether interest is to be paid monthly or yearly.
• An R85 tax form must be completed for each Child Savings account in order to receive the interest paid gross. A copy of this form will be included in your Welcome Pack.
• The favourable tax treatment of child savings accounts is not guaranteed to continue in the future.
• Standard Life Bank savings accounts are covered by the Financial Services Compensation Scheme.