Important Information about your Young Person Savings Accounts

We regularly review our products to ensure they meet the evolving needs of our customers. Following a recent review, we’ve decided to close all Young Person Savings Accounts.

If you’re aged 16 or over, your funds will be automatically transferred to a new Everyday Saver Issue 2 account. This account currently offers a variable expected profit rate of 2.30% (subject to a min balance £5,000), which may change over time.

Yes. You’ll receive a Welcome Letter within a few days after your Everyday Saver Issue 2 account has been opened.

Our records show there’s been no activity on your Young Person Savings Account since you turned 16. For security reasons, we’ll restrict access to your new account until we’ve confirmed your identity.

Young Person Saving Accounts are only available until the age of 16, after which they are blocked. As there has been no engagement with the Bank since your 16th birthday, your account has remained blocked.

The new Every Day Issue 2 account has been opened solely to safeguard your funds that were previously in your Young Person Saving account. The new Every Day Issue 2 account is also blocked and will remain so until you engage with the Bank to claim your balance. There is no option unblock the account.  

Absolutely. Your funds will remain secure even while access is restricted.

You’ll need to complete our identification and verification process. Once verified, you’ll be able to access your funds and transfer them to another account in your name.

You will not be able to access or operate this account as a regular savings account. It has been set up solely to safeguard your funds and will remain blocked. There is no option to unblock the account until you engage with the Bank to claim your balance.

If you wish to open a new savings account, please visit our website to view available accounts and their opening criteria.

Please see guidance notes for full details on the documents required and instructions on how to send them to us.

No. For security reasons, we cannot disclose any account or balance details until the verification process is successfully completed.

The form must be completed by the account holder who was previously under 16 and is now aged 16 or over at the time of the withdrawal request.

You (the customer who was previously under 16 and is now aged 16 or over) must provide one of the following:

• Passport (copy of both pages)
• UK Photocard Driving Licence (Provisional or Full – photos of both front and back)

If you're under 18 and don’t have either of these, you may submit one of the following along with your parent/guardian’s proof of identity:

• Birth certificate
• NHS Medical Card
• Child Benefit documentation
• Child Tax Credit documentation
• HMRC letter confirming issue of National Insurance card

You must submit a copy or photo of a recent utility bill or bank statement dated within the last 3 months.

If you're under 18 and living with a parent or guardian and don’t have your own proof of address, you can submit your parent/guardian’s proof of address dated within the last 3 months

Yes. You must provide a full 3-year address history. If you haven’t lived at your current address for the full 3 years, include previous addresses to cover the remaining period.

If you’re in full-time education, list your job title as “Student” and the industry as “Education.”

Please list all Young Person Savings products you hold, such as:

• Young Person Savings Account (YPSA)
• Young Person Notice Savings Account (YPNSA)

The beneficiary account must be in the customer’s name (the account holder completing the form) with a UK Bank or a Building Society.