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Jumpstart Savers Account

Save for what they want

Being responsible for your own money is one of the best things about getting older. That's where the Jumpstart Savers Account comes in. Available for children aged 6-16, it lets them save their cash into one place so they can save for something special.

How to apply

Account features
  • Interest on their balance
  • Freedom to pay in and take out their money whenever they like
  • Their own Debit Mastercard, non-contactless card when they are 11, providing their parent, guardian, grandparent or other responsible adult agrees.

If children are over 11 years of age, they can open and operate the account in their name provided their parent, guardian, grandparent or other responsible adult agrees. If children are under 11, the account can be opened in their name and operated by their parent, guardian, grandparent or other responsible adult. When children have reached 11, they can then operate the account if their parent, guardian, grandparent or other responsible adult agrees.

 

Summary box

Account name Jumpstart Savers Account
What is the interest rate?
Balance Gross Rate (%) AER (%)
£1,000 and over 0.90 0.90
£500 - £999 0.70 0.70
£250 - £499 0.45 0.45
£1 - £249 0.30 0.30

Interest is calculated on a daily basis and is paid on the last business day of each calendar quarter. The rate of interest on this account is tiered. You will earn one rate based on your account balance.
Can Yorkshire Bank change the interest rate? Yes, if we decrease your rate we will provide at least 2 months’ notice as described in Section 3.6.13 of the Terms and Conditions. We may increase your rate without giving you notice.
What would the estimated balance be after 12 months based on a range of deposits?
Initial deposit at account opening Balance after 12 months
£1,000 £1009.00
£500 £503.50
£250 £251.13
£100 £100.30

This is only an example and does not take into account your individual circumstances.

The examples assume that:

  • no further deposits or withdrawals are made;
  • any interest earned stays in the account; and
  • there is no change to interest rates and tiers.
How do I open and manage my account?

This is an account for children aged from 6 to 16. If children are over 11 years of age, they can open and operate the account in their name provided their parent, guardian, grandparent or other responsible adult agrees. If children are under 11, the account can be opened in their name and operated by their parent, guardian, grandparent or other responsible adult. Children can have their own dual-function card (acts as a debit card to buy goods and services and for use at ATM’s) when they are 11, providing their parent, guardian, grandparent or other responsible adult agrees.

The account can be opened in branch. The minimum amount to open and maintain the account is £1.
Can I withdraw money?

Yes, the controlling adult or child if consent has been given to allow the child to operate the account may withdraw funds by using internet/telephone banking/Mobile Banking Service/ATM or in branch. There is no notice period.
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.

You are here:  Personal Banking  >  Savings  >  Children's savings  >  Jumpstart Savers Account

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.