You want your child to have the best start in life, and one of the ways you can do this is by setting up a savings account for them; the Scottish Building Society children's savings account is for anyone who wants to put money away for a child until they reach the age of 18 to help them take their first steps in the world as an adult – whether it's for a car, university, gap year, or the deposit for their first home. Or, if you are a child who wants to manage their own savings, you can open it for yourself if you are over the age of 7. Features of the Scottish Building Society children's savings account – called the Young ScotSaver Account, include:
- Invest from £100-£25,000
- Available to 0-18 year olds
- Put in lump sums, or save regularly
- Must be opened on behalf of a child if they are under 7 years of age
- 90 days notice for withdrawals
- £5 donated to Children's Hospital Association Scotland for each account opened
When the child turns 18, the funds in the Scottish Building Society children's savings account are automatically transferred to a Scotline account, or an equivalent instant access account. The account is designed for money to be put away until the child is 18, but if the money is needed sooner, withdrawals are allowed without penalty of interest if notice is given 90 days in advance. Interest is tiered, so that once the Scottish Building Society children's savings account has been open for 2 years and 5 years it will get increases in the interest it receives.