KidSave

Is KidSave right for me?

This product is right for you if:

You’re happy to access your money in branch.
You want to add to your savings on a regular basis.
You want to manage your account in the branch.
You are aged 11 or under.

This product may not be right for you if:

You want to manage your account online.
You want a fixed interest rate over a fixed period.
You don’t live in the UK.
You need an account for day to day banking.

Summary Box

Product Name: KidSave

What is the interest rate?

Annual interest option

Account Balance	Gross Gross Interest Rates means we will not automatically deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).	AER Variable AER stands for Annual Equivalent Rate. It shows what the interest rate would be if interest were paid and added to your account each year.
£1 or more	2.40%	2.40%
Less than £1	0.00%	0.00%

Interest is worked out daily on your closing balance and is paid annually in March.

Can Bank of Ireland UK change the interest rate?

We might adjust the interest rate for the KidSave account. When you’re about to open your account, we provide you with the Personal Savings Terms and Conditions. In Section 10 of this document, you’ll find the reasons why we might change your interest rate.

One reason is that the Bank of England Base Rate or market rate might change. There could also be other business-related, legal, or rule changes. You can find the Terms and Conditions on our website if you want to read them.

If the interest rate is going to be less helpful for your savings, we’ll inform you in advance. We’ll send you a letter at least 14 days before the change, as long as you have £100 or more in your account.

What would the estimated balance be based on a £1,000 deposit?

Estimate Balance

£1,024.00

For a deposit of £1,000. The total after 12 months (2.40% interest for 12 months) would be £1,024.00. This example assumes no changes to the balance of the account or the interest rate within 12 months.

This is an example only and does not reflect a customer’s individual circumstances

How do I open and manage my account?

Eligibility

KidSave is available to personal customers under the age of 12 and must be opened in the sole name of the child.
Must be a resident in the UK.
Minimum balance to open the account is £1 and this must be maintained.
There is no maximum balance limit.

Opening and managing your account

You can open your account online.
You can manage your account in branch.
If your account is not funded within 30 days, we may close your account.
All KidSave accounts need an adult representative. The account must be opened and operated by the adult representative on behalf of the child. The adult representative can only be the person who holds parental responsibility for the child. Proof of identity and address will be required for both the child and the adult representative.

If you wish to switch in to or out of this account, please enquire in a Bank of Ireland UK branch.

Can I withdraw my money?

KidSave offers you the ability to make withdrawals.

All withdrawals should be against cleared balances.
Withdrawals are free of charge.
There is no limit on the amount of withdrawals you can make.

You can withdraw or transfer money to/from your account at any Bank of Ireland UK branch.

Additional Information

Interest is paid gross.

You can cancel the account within 14 days of opening and your money will be returned in full with interest.

This Summary Box does not include our Terms and Conditions for this product. Please make sure to read the Terms and Conditions below before applying for this product. You can also find the summary box in our Sound financial thinking brochure below.

How To Apply

It’s as easy as 1, 2, 3

Step 1

By applying you confirm that you have read and understood all sections of the summary box and the important documents for this product.

You will need between 5 and 20 minutes to complete the application form.

Apply Online

Step 2

Give us some information

Both the adult representative and child must present in branch with their documents when opening a KidSave account
We will review your details at the end

Step 3

We make a decision

We can usually open your account within 1-2 days
If we cannot open an account for you, we will tell you why
You will need to fund your account within 30 days

All done!

Now you can manage your savings

In your local branch
Over the phone – 0345 7 365 555

FSCS Protection

Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Bank of Ireland UK and Post Office. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk

FAQs

I’ve changed my mind about opening a KidSave account. Can I cancel?

Yes, you can cancel your KidSave account within 14 days of opening it. We will return all of your money along with any interest you have earned. If you do not add money to your account within 30 days, we may close it.

How do I withdraw and transfer money?

You can withdraw and transfer money at any Bank of Ireland UK branch. Withdrawals are free of charge. There is no limit on the amount of withdrawals you can make from a KidSave and there are no penalties for taking out your funds

How is interest paid?

Interest is calculated daily on your closing balance. We pay interest every year without any tax deductions. It is paid annually in March. You can view information about interest rates here.

How much can I save?

There is no limit to the amount you can save with the KidSave account. That being said, you will need to keep a minimum of £1 in your account. If you do not, your account may be closed.

How can I access my savings?

You can access your savings in branch.

Can I open an account for a child?

Yes. All KidSave accounts need an adult representative. The account must be opened and operated by the adult representative on behalf of the child. The adult representative can only be the person who holds parental responsibility for the child. Proof of identity and address will be required for both the child and the adult representative.

How can I get in touch?

You can visit a local branch, click here to find your closest.
Or you can call us on 03456 006 552

Why Choose KidSave?