Branches & agencies
Children’s Regular Saver
Save regularly towards their future
This Children’s Regular Saver is a savings account paying 3.65% Gross/AER, designed to build children’s savings over time. Parents, relatives or guardians can open it on behalf of a child. Children aged 13 to 17 can also operate this account themselves. Start saving with a minimum deposit of just £1 and add up to £250 each month.
| Rate | 3.65% Gross /AER |
|---|---|
| Access | No Only available on closure of account |
| Interest | Annually |
| Minimum Investment | £1 |
Savings are protected by FSCS
Independently reviewed by Smart money people
Is this Children’s Regular Saver right for you?
This Children’s Regular Saver is good for you if
- You want to start saving with as little as £1
- You plan to save up to £250 a month
- You don’t expect to withdraw any money before closing the account, or before it automatically matures when the child turns 18
- You are a parent, relative, or guardian looking to save money for a child
- You are aged between 13 and 17 and want to manage your own savings
Consider something else if
- You want to save more than £250 a month
- You want to make withdrawals before the child turns 18 without closing the account
- You need regular access to the money being saved
- The savings are intended for someone aged 18 or over
About this account
Account name: Children’s Regular Saver
What is the interest rate?
This account offers a variable rate of interest, as follows:
| Interest Rate | Minimum Balance | Gross* | AER** |
|---|---|---|---|
| Annual | £1 | 3.65% | 3.65% |
Interest will be paid to the account on 1 December each year.
On the child’s 18th birthday the account will automatically become an Easy Access account or the nearest equivalent available at that time. You can find the current rate payable on this account by visiting our Interest Rate History page (hrbs.co.uk/interest-rate-history/)
Can Hinckley & Rugby Building Society change the interest rate?
We may change interest rates at any time if we reasonably believe that the change is needed, for any of the reasons outlined in the Savings Account Terms and Conditions booklet, Condition 7.
What would the estimated balance be after 12 months?
If you made the initial deposit of £250, and saved £250 on the first day of each subsequent month, the estimated balance after a 12 month period would be £3,059.31.
These figures are provided for illustrative purposes only and assume there are no changes to the interest rate paid on the account. They do not take into account your individual circumstances.
How do I open and manage my account?
This account can be opened and operated in a child’s name on their behalf by a nominee – a parent, relative, or guardian. The account can also be opened and operated by a child on their own if aged 13 to 17.
This account can be opened by post or at any of our branches and agencies. Simply complete the application form and take it with your opening deposit* and ID documents, or post them to us at the address in this brochure. Please make cheques payable to the child’s name.
*Your opening deposit must be paid in within 5 business days of the account being opened, or you will need to start the application process again. If you wish to pay this by electronic transfer, use the details that we will send you when the account is open.
The minimum deposit required to open (and keep in) the account is £1. You can add more money whenever you wish, but the maximum you can add during each calendar month is £250. If you make a deposit that causes you to go over the monthly limit, the whole deposit will be returned to you.
You can manage your account at any of our branches or agencies, or by post. A nominee can also view the account online, on our app or by using H&R Online on our website (after registering for the service – only available to customers aged 18 or over).
Can I withdraw money?
This account is intended for long-term savings and will mature when the child turns 18, with no withdrawals expected until then.
Funds can be accessed early by closing the account any time without penalty; requests must be submitted in writing or by visiting a branch or agency. The closing balance can only be made payable to the child’s name and issued by cheque.
We will write to the child before they turn 18 to tell them what will happen with the account on their 18th birthday. On that date, the account will automatically become an Easy Access account, unless they decide to open a different account or close the account. This account offers easy access to funds subject to a minimum balance of £1 and the maximum balance of £500,000.
If there is a nominee registered on the account, we will write to them at the same time to inform them that they will be removed from the account on the child’s 18th birthday. We will also inform the child of this.
Additional information
There’s usually no tax to pay on children’s accounts. Visit www.gov.uk/savings-for-children for more information.
*Gross rate – the annual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability.
**AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once a year.
Important Documents
Children’s Regular Saver FAQs
Can I make regular payments to this Children’s Regular Savings Account?
Yes, you can pay in up to £250 per calendar month, however there is no requirement to pay in savings each month.
Who can open a Children’s Regular Saver?
A parent, relative or guardian can open and operate the account on behalf of a child as a nominee. Children aged between 13 and 17 can also open and operate the Children’s Regular Saver themselves. This account is not available to anyone aged 18 or over.
What is the difference between a Children’s Regular Saver and a Young Saver?
The main difference between the two accounts is how you can save and access the money. Our Children’s Regular Saver is designed for longer-term saving, allowing you to deposit up to £250 each calendar month. Withdrawals are not available unless the account is closed or when the account matures on their 18th birthday.
Our Young Saver offers more flexibility, as money can be withdrawn at any time without notice or penalty. The maximum balance for the account is £10,000.
Both accounts can be opened with as little as £1 and can be operated on behalf of a child by a parent, relative or guardian. Children aged between 13 and 17 can also open and operate either account themselves.
What happens to the Children’s Regular Saver when the child turns 18?
On the day the child turns 18, the account will mature and become an Easy Access account, or the nearest equivalent at that time. If there is a parent, relative or guardian registered as a nominee on the account, they will be removed from the account.
Identification Requirements for the Children’s Regular Savings Account
Identification Requirements
We need to confirm the identity of every customer who applies for an account with the Society. We do this to protect you against the risk of identity fraud and to comply with money laundering regulations.
FOR YOUNG SAVERS UNDER 18 YEARS OF AGE
We will need to see either your birth certificate or passport, and a document confirming your address. This could be a bank statement or utility bill and can be in the name of a parent or guardian living at the same address if not available in your name. These documents need to be originals, not photocopies, and they will be returned to you as quickly as possible.
If a nominee is registered on the account the document to confirm your address is not required.
FOR PARENTS, RELATIVES OR GUARDIANS WISHING TO OPERATE AN ACCOUNT FOR A YOUNG SAVER
We use an electronic verification system when you open a savings account. If this is successful, you will not need to do anything. However, in certain cases you will be asked to provide additional proof of identity (for example if you are not listed on the electoral roll or you have recently moved house).
If you are required to provide additional identification, you must supply two items acceptable to the Society to verify your name and address. The Society will be unable to open your account until we have completed identification procedures.
If you think you will need to provide identification, please see our website for details of acceptable documentation www.hrbs.co.uk/proving-your-identity or contact us to discuss.
Protecting your money
Your eligible deposits with Hinckley & Rugby Building Society are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Any total deposits you hold above the limit are unlikely to be covered.
Explore our range of savings accounts
Not sure what you need? Let us help
Explore our website to find what you need, or click below to get in touch with a member of our team.