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Young Person's Savings Account

Opened in the child's name with a parent/carer acting as a trustee.

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Product summary


Key information

  • Earn an expected profit rate of 0.10% (gross p.a.)
  • Instant access to the money in the account
  • A low minimum opening balance of £20 with no minimum for additional savings
  • No minimum age - you, your family and friends can start saving for your child as soon as they are born, up to the age of 16 years
  • Parent or guardian will authorise all withdrawals until the child is 14. On the young person's 14th birthday the parent or guardian has the option to approve access for the young person to make withdrawals from the account, subject to Special Conditions
  • When the young person reaches age 16, we will write to inform them of the options available to either switch the Young Person’s Savings Account to an adult savings or current account, or they have the option to close this account and no further account is to be opened. 
  • Deposits may be made via a direct account transfer or a cheque from an account in the child's or the guardian's name
  • Your money is invested ethically. We only invest in sharia compliant goods and services

Summary box

Account name Young Person's Savings Account
What is the expected profit rate?

0.10% (gross per annum)

Your profit is calculated monthly and credited to your account on the last working day of each calendar month.

Can Al Rayan Bank change the expected profit rate?

Yes, the expected profit rate that applies to your Young Person's Savings Account is variable. This means that it can change at any time.

If Al Rayan Bank changes the expected profit rate on your account, we will write to you providing you with enough notice to consider your options before the change takes effect.

Please see the Section 1 of the Consumer Banking Terms and Conditions which sets out when and how we will notify you if this happens.

What would be the estimated balance after 12 months based on a £1,000 deposit?

If on account opening you deposited £1,000 into your Young Person's Savings Account and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £1001.00.

This is for illustrative purposes only and does not take into account your individual circumstances. This illustration assumes that your account was opened on the first day of the month and there was no change to the expected profit rate throughout the period of this illustration.

How do I open and manage my account?

To open this account, you must be an adult aged eighteen years or over who is a parent, guardian or relative of the young person. The account can be opened independently or jointly with another adult. The child must be aged under 16 years to open the account.

The minimum deposit required to open this account is £20. There is no maximum balance restriction.

You can open this account:
- Securely online through our digital banking facility (if you're registered)
- Through the post (the application form is available to download on our website)
- By telephone appointment
- In branch

You can manage your account:
- Through our secure Digital Banking facility (if you're registered for digital banking) which enables you to view account statements and transactions, move money between accounts, and apply for withdrawal requests. To download the app click here
- In branch

If you need to contact us for any reason you can:
- Call us on 0800 4086 407 from Monday to Friday, 9am to 7pm or on Saturday, from 9am to 1pm
- Send us a secure message through our Mobile Banking app
- Visit one of our branches
- Write to us at Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ

When the young person reaches age 16, we will write to inform them of the options available to either switch the Young Person’s Savings Account to an adult savings or current account, or they have the option to close this account.

Can I withdraw money?

Withdrawals can only be made by the Parent or Guardian on this account. However, once the young person reaches age fourteen (14), the adult has the option to grant the young person access to make withdrawals on the account, subject to a signed 'Conditional Access Letter' being completed and returned by the adult/guardian which needs to be signed by both the adult and the young person and returned to us together with a certified passport photograph of the young person. Certification should be carried out by the adult.

Funds can be withdrawn in any of the following ways:
- Through Mobile Banking (if you haven't already, you'll need to register. Visit to download the app)
- Call 0800 4086 407
- By visiting one of our branches, or
- Writing to us at Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ giving us instructions to make a payment to a nominated account

Additional information

As an Islamic Bank, we do not offer you interest on your funds. Instead, we undertake Sharia compliant activities with the intention of generating profit, which we then share with you.

The adult will be acting on behalf of the Young Person (acting as a trustee to the account) and the money in the account is held for and belongs to the child.

The treatment of your account for tax purposes will depend on your individual circumstances and you may need to pay tax on any profit that exceeds your Personal Savings Allowance. For more information please visit the HM Revenue & Customs (HMRC) website at The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.

This Summary Box sets out key features of the savings account. For full details, please read the account terms and conditions.

Before you apply, please make sure you read the Summary Box and Terms and Conditions in full and print a copy for reference.

Other information

Application forms

Terms and conditions

For your own benefit and protection, you should carefully read the following important leaflets before you complete the application:

Further information

The following information leaflets should also be read: 

To view PDFs you need the Adobe Acrobat Reader. This program is available free of charge from the Adobe websiteAl Rayan Bank is not responsible for the content of external websites.

Apply now Request a call back 0800 408 3088

Instant Access - How much can I save?

Use our Savings Calculator to find out how your savings might grow in the future, or to help calculate how you can meet your savings goal based on monthly deposits.




Your eligible deposits held by a UK establishment of Al Rayan Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.  

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Frequently asked questions