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Young Saver

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 3.20% Gross/ 3.25% AER (variable) from £1 - £19,999, then 1.39% Gross/ 1.40% 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.


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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 3.20% Gross/ 3.25% AER 1.39% Gross/ 1.40% 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
3.20% 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
  • In branch
Who can open
  • The child must be under 16 and a UK resident
  • An adult must open the account for the child. The adult must be 18 or over, a UK resident and a TSB current account holder
  • One Young Saver account per child
Open with
  • £1 minimum opening balance
  • No maximum limit on the amount that can be held within the account
Manage your account
  • In branch

Withdrawals allowed Yes, instant access 
Withdrawal charges No withdrawal penalties apply
How to withdraw
  • Cash
  • Bankers draft
  • Transfer to a TSB current or savings account in your own name

(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 14/09/2023
  • 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.


Important information

Open a Young Saver account

The easiest way to open an account is by booking an appointment with us in a branch. You’ll need to have a TSB current account before you can open a Young Saver account.

Open a Young Saver account

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You’ll need to bring ID for both you and your child.

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Each child can only have one Young Saver account.

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The minimum deposit is £1.


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. 

Financial Services Compensation Scheme


The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of your eligible money at TSB. For more information, please visit the FSCS website. 

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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.