Young Saver

Children need no lessons in how to spend money, but with a Young Saver account they can learn how to save it too.


  • Earn a variable rate of 0.74% Gross/ 0.75% AER from £1, and 0.09% Gross / 0.10% AER (variable) on any funds over £20,000.
  • You'll maintain full control of the child's account until they turn 16.
  • Before the child's 16th birthday we'll write to you reminding you that the account will convert into an Easy Saver with bonus solely in the child's name. If you would prefer the money to be paid into a different account either for your child to manage themselves or for you to manage on their behalf, we'll let you know how to do this.
  • You, as the adult, must have a TSB current account in order to open a Young Saver.
  • One Young Saver account per child.
  • Instant access through your local TSB branch.
  • Interest is paid quarterly.

Summary box

Account name Young saver
What is the interest rate? Amount invested £1 - £20,000 £20,000+
Current interest rates 0.74% Gross / 0.75% AER

0.09% Gross / 0.10% AER

Interest is calculated each day and paid once a quarter.
Can TSB change the interest rate?

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 and through telephone banking.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on a £1,000 deposit, with no deposits or withdrawals made from the account, and variable interest rates remaining the same:

Year 1:
Initial deposit £1,000
Current interest rates 0.74% Gross / 0.75% AER (variable)  £7.50
Estimated balance after 12 months £1,007.50

This is an example only and doesn't take into account your individual circumstances. 

How do I open and manage my account? 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
Can I withdraw money? 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) 

Additional 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 12/04/2022.
  • 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.

More information

Your eligible deposits with TSB are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme.

Your deposits with us are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the  FSCS website or call the FSCS on 020 77 414 100 or 08006 781 100 . Please note only compensation related queries should be directed to the FSCS.

Accounts with TSB Bank plc include accounts in all its divisions and under trading name TSB and TSB Business. An eligible depositor's £85,000 limit relates to the combined amount in all accounts with TSB Bank plc.

Apply now for a Young Saver account

You’ll need to make an appointment at your local branch and bring along proof of identity for both you and the child. The minimum deposit is £1.

What proof of Identity can I use?

In addition to your own  identification, the child’s birth certificate or passport is also required to open the account.

Apply in branch

Visit your local branch with proof of identity and your address and we'll open the account for you.