A Young Saver account is a great way to help your children learn the importance of saving, without needing to lock the money away until they’re 16.
Benefits of a Young Saver
Earn up to 3.25% AER
Earn 3.21% Gross/ 3.25% AER (variable) from £1 - £19,999, then 1.29% Gross/ 1.30% AER (variable) on anything over.
Instant access
You can pay in or withdraw whenever you want to, without having to pay any fees or charges.
Stay in control
You’ll be in full control of your child’s savings until they turn 16, then choose to give them control or keep managing it.
You, as the adult, must have a TSB current account to open a Young Saver. One Young Saver account can be opened per child.
Summary box
Young Saver interest rates are variable and depends on how much money is in the account at the end of each day.
| Amount invested | £1 - £19,999.99 | £20,000+ |
|---|---|---|
| Current interest rates | 3.21% Gross/ 3.25% AER | 1.29% Gross/ 1.30% AER |
Interest is calculated daily and paid once a quarter.
Yes. We can move the interest rate up or down at any time. Our Savings Account General Conditions explain when we'll do this.
If we increase the interest rate, we'll make details of the rate change available in branch, on the phone and on our website, within 3 days of the change. If we decrease the interest rate, we’ll let you know personally 14 days in advance. You can close your account without charge within 30 days of the change, and at any other time. We may not do this if you have £100 or less in your account. Instead, we may tell you about it by making details of the change available in our branches, at tsb.co.uk and through telephone banking.
Based on a £1,000 deposit, with no deposits or withdrawals made from the account, and variable interest rates remaining the same:
Intial Deposit: £1,000
| Current interest rates |
3.21% Gross/ 3.25% AER |
| Estimated balance after 12 months |
£1,032.50 |
This is an example only and doesn't take into account your individual circumstances.
| Ways to open |
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| Who can open |
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| Open with |
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| Manage your account |
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| Withdrawals allowed | Yes, instant access |
| Withdrawal charges | No withdrawal penalties apply |
| How to withdraw |
(Fees may apply to some of these services, please see our Savings Account General Conditions for more information) |
- Interest is paid gross (without taking off tax)
- If the child earns more interest than the Personal Savings Allowance, additional tax may be due
- The Personal Savings Allowance is £1,000 for basic rate taxpayers. Additional rate taxpayers don't receive a Personal Savings Allowance
- Within 10 days of the child turning 16, the Young Saver will be converted into an Easy Saver account. We'll write to the adult at least 2 months before this to provide the details. Rates and information correct as at 25/09/2024
- Account can be closed at any time without charge
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross rate is the contractual rate of interest payable before the deduction of income tax.
Open a Young Saver
What you need to know
If applying by video call
Not the parent or guardian?
Ready to apply?
Book a video call
Apply from anywhere with your email and reliable Wi-Fi
Choose a time and date that works for you including evenings and weekends
It typically takes 60-90 minutes to open a Young Saver
You’ll need your ID ready on the call
Ready to apply?
Or apply in branch
Book an appointment at your chosen branch to get started
Don’t forget to bring ID for both the adult and child. And if the child is under 16, a parent or guardian will need to be there to help open the account
Important information
Any questions?
For a Young Saver account, we’ll need your ID – this could be a passport or driving licence – and also ID for your child, typically their birth certificate or passport.
You can see the full list of ID we accept here.
As the adult, you'll be in full control of the child's account until they turn 16. A few months before their 16th birthday, we'll write to you to let you know that the account will convert into an Easy Saver. This comes with a bonus savings rate, and the account would be solely in the child's name.
However, if you’d rather the money was paid into a different account then we can do that too.
There are other options available, where you can continue to manage their money, or where you can hand over the reins for your child to manage their own money. We’ll walk you through this process before their 16th birthday.
Important Information
*Variable means the interest rate on your savings can change. The rate can go up and down. If it goes up, you earn more interest. If it goes down, you’ll earn less interest, but we’ll tell you before this happens. If you’d like to know more about what might happen to our variable interest rates when the Bank of England changes the Base Rate, head over to our Popular Questions page at www.tsb.co.uk/savings/
The Annual Equivalent Rate (AER) shows what the interest would be if the interest was paid and added to the account once each year. It lets you compare savings accounts easily. Gross rate means that credit interest is paid without income tax being deducted. Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
