New terms and conditions for your children’s account

Do you hold one of these accounts?

If you hold one of these accounts, we’ve sent you new terms and conditions by post. 

 

You can download your new terms and conditions, and your guide to operating the account below. 

These terms and conditions took effect from 28 April 2021.

These terms and conditions will take effect from 21 July 2021.
 

Changes to our terms and conditions

Depending on which type of account you have, here are some of the main changes you’ll notice:

 

  • What the obligations of the Named Contact/Adult Operator are

  • How the account can be operated. These accounts are not available to open for new customers

  • How to pay money in or take money out 

  • Who can take money out of the account and when

  • How to remove the Named Contact/Adult Operator from the account so that the Account Holder/Account Owner can operate it in their sole name

  • What happens when the Account Holder/Account Owner reaches the age of 18

  • What to do if someone whose name is on the account dies
Some key points to remember about children’s accounts:
  • The Account Holder/Account Owner is the child for whom the account was opened – the money in the account always belongs to the child.

  • The Named Contact/Adult Operator is the adult who opened the account on the child’s behalf.

  • The Named Contact/Adult Operator can transfer the account into the child’s sole name when the child reaches the age of seven and is able to produce a valid signature. They should look to do this by the time they reach 18. They’ll need to fill in a Removing a Named Contact or Adult Operator form and take it into a branch or send it to us by post.

  • If the Account Holder/Account Owner isn’t able to manage the account on their own and is aged 18 or over, the Named Contact/Adult Operator should contact us. We’ll help with the options available.

  • If the Account Holder/Account Owner dies, the Named Contact/Adult Operator must let us know – we’ll need to see an original copy of the death certificate, then we can close the account and distribute the balance in line with our bereavement policy.
  • Junior supporters accounts

    What's changed to your terms and conditions?
    • The Named Contact can pay money in, but the Account Holder is the only person who can take money out of the account as long as they’re old enough to sign for it and the Named Contact has been removed.

    • We always write to the Account Holder – so the Named Contact should make sure they tell us of any changes to the Account Holder’s name or address.

    • If the Named Contact dies, we can add another to the account.

    • If the Account Holder is under the age of 16, as long as the Named Contact has been removed from the account they can move their savings to a different children’s savings account (depending on the terms and conditions of the new account).

    • If they’re 16 or over, they can move their money to an adult savings account.

     

    See all Junior Supporters FAQs

    Children’s Regular Saver accounts

    What's changed to your terms and conditions?
    • The Adult Operator is in full control of the account. Until they’re removed from the account, they can take money out as long as it’s in the Account Owner’s best interests.

    • The Adult Operator must notify us if there are any changes to the name or address of the Account Owner. 

    • Up to a maximum of £250 can be paid in each month.

    • The Adult Operator should agree to transfer the account. We encourage them to review the situation regularly and contact us when they’re ready to give sole access to the Account Owner.

    • If the Adult Operator dies, we can add another to the account.

    • When the Account Owner reaches the age of 18, the account will automatically be transferred into an Instant Access Account. We’ll write to the Adult Operator (or the Account Owner if there’s no Adult Operator on the account) at least 14 days before we transfer the money. 

    See all Children’s Regular Saver FAQs

    Moneybox for supporters accounts

    What's changed to your terms and conditions?
    • The Adult Operator is in full control of the account. Until they’re removed from the account, they can take money out as long as it’s in the Account Owner’s best interests.

    • The Adult Operator must notify us if there are any changes to the name or address of the Account Owner. 

    • The Adult Operator should agree to transfer the account. We encourage them to review the situation regularly and contact us when they’re ready to give sole access to the Account Owner.

    • If the Adult Operator dies, we can add another to the account.

    • If the Account Owner is under the age of 16, as long as the Adult Operator has been removed from the account they can move their savings to a different children’s savings account (depending on the terms and conditions of the new account).

    • If the Account Owner is 16 or over, they can move their money to an adult savings account.

    See all Moneybox for Supporters FAQs

    Interest Zone Account

    What's changed to your terms and conditions?
    • The Named Contact can pay money in, but the Account Holder is the only person who can take money out of the account as long as they’re old enough to sign for it and the Named Contact has been removed.

    • We always write to the Account Holder – so the Named Contact should make sure they tell us of any changes to the Account Holder’s name or address.

    • If the Named Contact dies, we can add another to the account.

    • If the Account Holder is under the age of 16, as long as the Named Contact has been removed from the account they can move their savings to a different children’s savings account (depending on the terms and conditions of the new account).

    • If the Account Holder is 16 or over, they can move their money to an adult savings account.

    See all Interest Zone FAQs

    Moneybox (Branch) and (Direct) accounts

    What's changed to your terms and conditions?
    • The Adult Operator is in full control of the account. Until they’re removed from the account, they can take money out as long as it’s in the child’s (Account Owner’s) best interests.

    • The Adult Operator must notify us if there are any changes to the name or address of the Account Owner. 

    • The Adult Operator should agree to transfer the account. We encourage them to review the situation regularly and contact us when they’re ready to give sole access to the Account Owner.

    • If the Adult Operator dies, we can add another to the account.

    • If the Account Owner is 16 or over, they can move their money to an adult savings account

    • If the Account Owner is under the age of 16, as long as the Adult Operator has been removed from the account they can move their savings to a different children's savings account (depending on the terms and conditions of the new account).

    See all Money box (Branch) and (Direct) FAQs

    Important information about children’s accounts

    What if the Account Holder/Account Owner’s main address is outside the UK?

    If the main address we hold on our records for the Account Holder/Account Owner is in an EEA country, we may not be able to provide a savings account for them any longer. If this is the case, we’ve already written to them asking them to close their accounts.

    More information about Brexit and our savings accounts.

    How do I remove the Named Contact/Adult Operator from the account?

    As long as the Account Holder/Account Owner has reached the age of seven and can produce a valid signature, we can remove the Named Contact/Adult Operator from the account. Fill in a Removing a Named Contact or Adult Operator form, then take it into a branch, or send it back to us by post. 

    We’ll need to see identification (ID) for the Account Holder/Account Owner, which can also be taken into any branch or sent to us by post.

    What if the Named Contact/Adult Operator won’t sign over the account?

    We encourage Named Contacts/Adult Operators of children’s accounts to review the situation regularly and transfer the account by the time the Account Holder/Account Owner reaches the age of 18.

    But if you’re the Account Holder/Account Owner and your Named Contact/Adult Operator is unable or unwilling to sign over the account, please get in touch with us. We’ll need to understand the circumstances and may ask you to provide us with some evidence and identification.

    Want help?
    Our help section is bursting with useful information. If you'd rather chat, just give us a call.

     

    Call us on 0800 121 8899

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    Want help?
    Our help section is bursting with useful information. If you'd rather chat, just give us a call.

     

    Call us on

    0800 121 8899

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