Headstart Savers Account
Savings for your children's future
As a parent, you can help your child's savings build.
With a Headstart Savers Account in your child’s name, you can:
- Pay in as much or as little as you like
- Earn interest, linked to the Bank of England base rate
- Withdraw money by giving us 95 days' notice
You can open a Headstart Savers Account for children aged from 0 - 16 years old.
Summary box
| Account name | Headstart Savers Account | ||||||
|---|---|---|---|---|---|---|---|
| What is the interest rate? |
The gross interest rate payable is 1% above the Bank of England base rate, which is currently 0.10%. Interest is calculated on a daily basis and is paid on the last business day of each calendar quarter. |
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| Can Yorkshire Bank change the interest rate? | Yes, the gross interest rate payable is linked to the the Bank of England base rate. The rates will be changed on the first business day following any Bank of England base rate change. We will only give you advance warning of any rate change if we change rate from paying 1% above Bank of England base rate. If this happened and the rate you receive will be lower, we will provide at least 2 months' notice as described in Section 3.6.2 of the Terms and Conditions. | ||||||
| What would the estimated balance be after 12 months based on a £1,000 deposit? |
This is only an example and does not take into account your individual circumstances. The examples assume that:
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| How do I open and manage my account? |
This is an account for children aged from 0 to 16. An Adult must open and operate the Account on behalf of the child; The account can be opened in branch. The minimum amount to open and maintain the account is £1. |
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| Can I withdraw money? |
Withdrawals require 95 days’ notice. Withdrawals without 95 days’ notice are not permitted except in the event of the death of an Account holder. Notice to withdraw can be given in branch. |
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| Additional Information |
Interest will be paid gross. Gross rate interest is the interest payable without taking account of any tax payable. AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year. |
Our Headstart Savers Account is an option to save the money they'll need.
You can find impartial information and guidance on money matters on the “Money advice service” website.
Yorkshire Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.