How to Set Up a Bank Account for Baby

• These interest rates are correct as of 23/08/2021. Interest rates are variable, and any interest you accrue will be paid quarterly.

  For accounts opened before 23 August 2021

  Interest rates

  Your balance	AER %	Gross %
  Your balance £1-£2,499.99	AER % 0.50	Gross % 0.50
  Your balance £2,500+	AER % 0	Gross % 0

  For accounts opened on or after 23 August 2021

  Interest rates

  Your balance	AER %	Gross %
  Your balance £1-£999.99	AER % 0.50	Gross % 0.50
  Your balance £1,000+	AER % 0	Gross % 0

  Please note interest paid before 6th April 2016 will have been paid net (unless you registered the account with us to receive gross interest).  Net is the rate of interest payable after allowing for the deduction of income tax at the rate specified by law (currently 20%).

  From 6th April 2016 interest is paid Gross, meaning we will not deduct tax on your behalf. Dependant on your personal circumstances, tax may be due on your interest and it is your responsibility to disclose and pay any tax due directly to HMRC.

• • Personal banking terms and conditions & Banking charges guide opens in a new tab (pdf, 459.9 KB)
  • Under 19s welcome pack opens in a new tab (pdf, 3.8 MB)
  • Fee Information Document opens in a new tab (pdf, 176.9 KB)
  • Current account rates opens in a new tab (web)
  • Under 19s - Ways we use your data (child friendly version) opens in a new window (pdf, 63.5 KB)
• 

  Switching with us

  We can move your current account to a Lloyds Bank Classic Account in just seven working days. Your standing orders and Direct Debits will be automatically transferred to your new account. All you have to do is let us know the date you want to be switched and provide details of the account you want to switch from.

  Current accounts and services are offered subject to your status. They are available only to personal customers who are aged over 18, are resident in the UK, and are either an EU national or have permission to stay in the UK for at least 12 months.

  Current Account Switch Guarantee

  

  We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.

  • The service is free to use and you can choose and agree your switch date with us.
  • We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
  • If you have money in your old account, we will transfer it to your new account on your switch date.
  • We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
  • If there are any issues in making the switch, we will contact you before your switch date.
  • If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.

  

How to Set Up a Bank Account for Baby

Source: https://www.lloydsbank.com/current-accounts/all-accounts/under-19s-account.html

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