Children's Savings Account

An account which enables parents, grandparents and guardians to build up savings for a child, with attractive rates of interest. The account remains in the name of the adult until the child's sixteenth birthday.
  • Our Children's Savings Account gives parents, grandparents, guardians (or other suitably connected adults) a vehicle with which to build up a savings nest egg for the future of a child
  • The account is opened in the name of the adult (with the child's name associated with it), and moves into the child's own name on her or his sixteenth birthday
  • The account requires a minimum opening deposit of only £500, and may be opened at any time from the child's birth
  • 35 days notice are required to make withdrawals, for which no fee is charged
  • Interest is posted to the account monthly and statements are issued quarterly
  • The child associated with the account must be between 0-16 years of age at the time the account is opened


Contact us to apply


Account Name Children's Savings Account
What is the interest rate? Balances £100,000+              0.60% Gross / AER
Balances £50,000 - £99,999  0.50% Gross / AER
Balances £49,999 or below    0.25% Gross / AER
Interest is paid to the Children's Saving Account monthly on cleared balances above £500.
There is no bonus interest payable.
Interest is variable and calculated daily on the cleared balance. Interest will be applied to the account on the last business day of each month.
Can Harrods Bank Limited change the interest rate? Interest is variable and we may change the interst rate paid on your account balance.
In line with 27.1 of our T&C's we may make such changes without notice if the change is in your favour and will inform you of such change within 30 days and in all other cases we will give you at least two months' prior notice of any change we make.
What would the estimated balance be after 12 months based on a £25,000 deposit? £25,063 gross
Assuming an open date of 1st August 2016 and no rate changes. Provided for illustration only and does not take individual circumstances into account.
How do I open and manage my account? These accounts are only open to individuals of 18 years and above to act as a trustee.
Only one child can be named on the account.
A child must be under 16 years of age.
Account can be opened by postal application or by visiting our branch.
Minimum deposit £500
Maximum deposit £2,500,000
Once open you can manage your account by phone, by post or in branch. For more information see Contact Us.
Can I withdraw money? Cash at counter – Harrods Bank Ltd.
By arrangement – postal or telephone request.
Notice period – 35 days.
Penalty for early withdrawal – penalty interest (equivalent to the notice period calculated on the amount withdrawn) will be charged if a notice of 35 days is not given prior to withdrawal.
Eligibility The Bank has the right to withdraw the product at any time and you will not be informed in writing if the Bank does so (please note this does not apply for existing holders of this account). 
Interest is paid at the Gross rate without deducting any tax. Any interest earned will count towards your Personal Savings Allowance and you will be responsible for paying any tax due on interest credited to your account. Please refer to HMRC for further details.

To see a summary of all our personal accounts with the key product facts please click here

1 AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. This allows you to compare easily what return you can expect from your savings over time.

2 The Gross Rate is the rate of interest you would receive on a savings account before the deduction of Basic Rate Tax.