Nova Bank Children’s Savings
Save for a child under 18
Start saving for their future today and access the money any time.
For example, if you had a balance of £10,100 in a Nova Bank Children’s Savings account, you’d earn the higher interest rate on the first £10,000 of your balance, and the lower interest rate on the additional £100.
Is the Nova Bank Children’s Savings account right for you?
Save now for their future
Put money away for a child under 18 and save for their future.
Higher rate on £1 to £10,000
Save as much as you like, with a higher interest rate on anything between £1 and £10,000.
Anyone can save
Any adult can open this account if they have eligible documents for the child.
Withdraw any time
You’ll have instant access to the whole balance at any time to make withdrawals for the child.
Nova Bank Children’s Savings account FAQs
If you’ve had a current account with us for at least three months, you can open this account by booking a video appointment . You’ll just need your Nova Bank app(1) and the child's birth certificate, passport or adoption certificate – the child won’t need to be with you.
If you don’t have a current account with us, or have had one for less than three months, you’ll need to book a branch appointment , and the child will need to be with you while we open the account. Please also bring one of the eligible documents listed below for the child, along with your ID and proof of your address .
You can manage this account in the Nova Bank app(2), Online Banking(3) in a branch or over the phone.
Eligible documents needed to open a Nova Bank Children’s Savings account
For your branch appointment, you'll need one of the following original documents belonging to the child you’re opening the account for:
- Birth certificate
- Passport – even if it’s expired
- NHS medical card
- Hospital appointment letter
- European Health Insurance Card (EHIC)
- Adoption or guardianship papers.
See how to apply .
Yes, you can have more than one Nova Bank Children’s Savings account at any time. Each account can only be held in one name, and you’ll manage it as a trustee for one child under 18.
You’ll get the most out of this account by using it to save up to £10,000 for a child, as you get the higher interest rate on this amount. You can still save over £10,000 if you like, but amounts over £10,000 will get the lower interest rate.
If you’re saving for the long term, you could explore your investment options with us. Investments may offer higher returns than cash savings in the long term. Capital at risk.
Interest is paid gross and normally considered to be earned by the child. Children are entitled to income tax allowances and the Personal Savings Allowance (PSA) in the same way as adults. If a child is liable to pay tax, any tax due on interest earned will need to be paid to the appropriate tax authority.
If the adult that opens this account is the parent of the child, and they give them money that earns more than £100 gross interest in a tax year, the income is taxed as if it belonged to the parent. It will also count towards the parent’s PSA.
For more information and guidance, please visit https://www.gov.uk/apply-tax-free-interest-on-savings
For savings accounts, the interest rate tells you how much interest we’ll pay you for saving with us – it’s shown as a percentage of your account balance. The higher the interest rate, the more interest you’ll earn by leaving money in the account.
You can set up a standing order so you’re topping up the account regularly and getting closer to your goals for the child.
Summary box
Account name
Nova Bank Children’s Savings
What is the interest rate?
Rates effective from 11 March 2026
We work out interest on the balance in your account at the end of each working day based on 365 days in a year. Interest will be paid monthly on the first working day of the month.
Interest rates on the Nova Bank Children’s Savings account are banded. This means you’ll earn the higher rate of interest on the first £10,000 of your balance, and the lower rate of interest on your additional balance over £10,000.
Can Nova Bank change the interest rate?
Yes, rates are variable.
We can increase or decrease the interest rates for the reasons set out in our ‘Nova Bank and you’ booklet, which is available in branch, or you can read our Terms and conditions for Personal customers . Both also explain when we may change the interest rates, and the notice we’ll give you.
What would the estimated balance be after 12 months based on a £1,000 deposit and a deposit for each band of interest?
Interest rates effective from 11 March 2026
The estimated value is based on no change to the interest rate over 12 months and no withdrawals being made.
How do I open and manage my account?
Open and manage this account – if you’ve had a current account with us for at least three months, you can open this account by video appointment. If you don’t have a current account with us, or have had one for less than three months, you can apply for an account in a branch. You can manage this account in our app, in Online Banking, in a branch or over the phone
Eligibility criteria – you must be:
- Aged 18 or over to save for a child under 18. The adult operates the account as trustee for the child
- A UK resident.
Minimum balance – £1
Maximum balance – no maximum balance
See how to apply .
Can I withdraw money?
Yes, you’ll have instant access to the money in the account so you can make withdrawals.
Additional information
After the child reaches 18, we’ll change the account to an adult instant-access savings account. This account will stay under the same name, until we hear from the adult. The trust will stay in place, and we won’t transfer any money to the child.
Before we change the account we’ll contact you to tell you its terms, unless you advise us otherwise.
How to apply
If you’ve had a current account with us for at least three months, you can apply for this account in a video appointment. You’ll just need your Nova Bank app and the child's birth certificate, passport or adoption certificate to hand for your appointment – the child won’t need to be with you.
Appointments last around 30 minutes. We can only open one new account at a time – you’ll need to make a new appointment for each account you’d like to open.
If you don’t bank with us
If you don’t have a current account with us, or have had one for less than three months, you can book a branch appointment, and the child will need to be with you while we open the account. Please also bring an eligible document for the child , your ID and proof of your address .
Saving and investing
Both saving and investing can help you plan for the future. Our guide can help you find what suits you.
Other ways to save
BarclayPlus account
A bank account for 11 to 15 year olds, to help your children start learning to manage money. It comes with a personalised debit or cash card and access to our app.
Savings accounts
Explore our range of savings accounts including easy-access accounts, cash ISAs and bonds to find what’s right for you.
Open a Children’s Bank Account
Scan the QR code using your phone camera to get started
Scan the QR code with your phone or tablet, or tap the App Store or Google Play buttons below to download the app and begin your application. T&Cs and eligibility apply. 18+ and UK only.
Important information
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‘Gross’ is the rate payable without tax taken off. ‘AER’ (Annual Equivalent Rate) shows what the interest rate would be if interest was paid and compounded once each year.(Return to reference)
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You need to be 18 or over to access this product or service using the app. T&Cs apply.(Return to reference)
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To register for Online Banking, you’ll need to be 16 or over, live in the UK and have a Nova Bank current or savings account with a bank card.(Return to reference)