Young Saver Account

An ideal account for parents, grandparents and guardians to help children save for the future.

Young Savers (0.40% Gross/AER)

Interest rates viewable here.

  • Can be opened in the name of a parent, grandparent or guardian
  • Minimum balance £1
  • Transferable to the young person at age 12, with parental approval
  • Deposits by standing order, post or your own internet banking at any time
  • Withdrawals are instructed by post and can be paid to the account holder or the guardian by bank transfer or cheque
  • Withdrawals of up to £12,000 are permitted in any 35 day period. Withdrawals of over £12,000 require 35 days’ notice

How to Apply

Summary box for the

Young Savers (0.40% Gross/AER)

What is the interest rate?

The  interest rate is a bank managed rate of 0.40%.

Interest accrues on the daily balance at the rate notified to you from time to time.

Balance Gross AER
£1+ 0.40% 0.40%

Interest is compounded to the account on the 31st December each year.

Can Kingdom Bank change the interest rate?


As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our account conditions explain when and how we do this. For example we might review the interest rate if the Bank of England base rate changes.

What would the estimated balance be after 12 months?

If you deposit £1000.00 when you open the account, the balance after 12 months will be £1,004.00.

This assumes:

  • You don’t withdraw any money and interest is paid into this account.
  • The interest rate stays the same.
  • You don’t add any more money.

How do I open and manage my account?


We will require a birth certificate or passport as a form of identification for the child. An account can be opened for any child up to the age of 15 years.

We will also need to identify the guardian - as noted on the account opening form. This could be a parent, grandparent or guardian.

You must open the account with at least £1.

No account can be opened until a correctly completed, signed and dated application form is received in the post together with our other standard account opening forms and our performing all preliminary identification and other checks to our satisfaction.


Deposits can be added at any time, by post, standing order or your own internet banking.

Information can be requested on the phone but all instructions should be sent to us in the post.

We will require the signature of the guardian and the child if they are 7 years or older.

Shortly before the 5th April following the child's 16th birthday we will contact you to seek a closure instructions. The child could enquire about an account in their own name. We will need further identification documents at that time.

If you change your mind, you can advise us in writing and we will cancel the account free of charge within 14 days of opening.

Can I withdraw money?


You can make a withdrawal of up to £12,000.00 from this account and there are no charges for doing so. For any subsequent withdrawals or withdrawals over £12,000.00 a notice period of 35 days applies.

All withdrawals must be made to an account in the same name. We will not permit a withdrawal to a third party by any method.

No charges or penalties (except those referred to in out terms and conditions where we permit early withdrawal at our discretion and any charges on transfer before maturity or notice period served) apply to these accounts.

Additional information

Savings terms explained

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

For more definitions, view our savings glossary.

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