Our Two Year Fixed Rate Children's Bond is a branch-based account specifically for young savers. It allows you to save a lump sum for a fixed term with a fixed interest rate.
This account can be withdrawn at any time.
Summary box
Two Year Fixed Rate Children's Bond
The interest rate paid on the account will be paid as below:
| Minimum balance | Interest | Gross p.a./AER* |
| £500.00 | Annually | 5.25% |
Rate effective from 24 November 2023.
Interest is calculated each day on the available money in your account and is paid on the anniversary, the child's 16th birthday and at the end of the fixed term.
The interest rate for this account is fixed for the term and can't be changed.
If your account falls below the minimum balance, the interest rate we'll pay you will reduce to 0.05% Gross p.a/AER*.
This is based on no further money being paid in or taken out of the account and no change to the interest rate.
| Balance | Gross p.a./AER* | Balance at 2 years |
| £1,000.00 | 5.25% | £1,107.76 |
- The child must be 16 or under and a UK resident to have this account.
- You can open the account in branch.
- You'll need to keep a minimum of £500.00 in your account to get the interest rate.
- The maximum amount you can pay into this account is £25,000.00.
- You can manage the account in branch, by post, by phone, on webchat.
- No further funds can be added after the opening deposit.
- The money paid into the accounts belongs to the child only.
- Only hold one of these account at a time per child.
- If the child is under the age of 13 we'll need an adult signatory on the account.
- If the child is aged 13 to 16 you can choose to have an adult signatory on the account.
- A Parent or Legal Guardian must give their approval on the Children’s Application Form to process the child’s data, if the child is under 16. If the signatory is not the Parent or Legal Guardian, the signatory must obtain this consent.
No, you can't withdraw money from this account. This also means you can't close your account within the fixed term.
Before the two year term ends we'll contact you to let you know. Your account will change to the Maturity Easy Access account, which will have a different interest rate. The account number won't change. If you want to switch to a different account, we'll tell you how to do this in the maturity pack that we'll send you.
Our Savings Promises provide you with additional peace of mind, including penalty-free access to your money if your life circumstances significantly change (e.g. serious illness, redundancy, etc). For more information please click here or ask us.
If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax to HM Revenue & Customs (HMRC). For more information visit gov.uk.
* Interest Rate definitions: Gross is the interest rate without the tax deducted. AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year.
Where the Savings Terms & Conditions are inconsistent with the account-specific rules and criteria, these account-specific rules and criteria will apply and will take priority.
- All funds invested belong to the child.
- You need to tell HMRC if your child earns more than £100 in interest from money given by one parent, or more than £200 if given by two parents, this interest is liable for tax. Please contact HMRC for advice.
- This account is intended to encourage healthy savings habits within younger savers. If you would like us to contact you throughout the account term with additional information such as hints, tips and competitions, please provide us with your email address on the application form
Important information
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