Rainbow Savings

Open a children's savings account with just £1

Rainbow Savings is our trust account for your children aged up to 21. You can open an account with just £1.


Your children probably haven't thought about what life will be like at work, university or college - let alone how much it costs to buy a home. But although these big events seem like a lifetime away, the best time to start saving for your children's future is right now.

Rainbow savings benefits

  • Don't pay tax - we can pay interest gross if you complete an R85 form
  • Earn interest - so your child's nest egg will grow
  • Save when you like - if you'd like to make a regular contribution, you can set up a Standing Order. Or you just pay in what you want, when you want.
  • Free money box - help your child start the savings habit
  • Instant access - you can withdraw funds when your child needs them.
  • Stay in control - you get a savings passbook in your name. When you decide the time is right, we simply transfer this to your child.
  • Interest is calculated on the minimum monthly balance in the account, and is added annually in October. Interest rates are variable
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AmountGross Rate % AER% (variable)Net Rate%
£1 +2.352.351.88

Gross rate - is the interest rate paid before the deduction of tax.

Annual Equivalent Rate (AER) - illustrates what the interest rate would be if paid and compounded each year.

Net Rate - is the interest rate paid after deduction of tax.

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Interest is paid gross or net of the lower rate of Income Tax depending on your tax position.

New customers will be asked to provide proof of identity, verification of address and signature.

System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.

Calls may be recorded.

The Financial Services Compensation Scheme, set up under the Financial Services and Markets Act 2000, covers your account. For money held in a bank or building society in the UK the scheme will cover up to £50,000 of your claim. Most people who make deposits, including individuals and small firms, are covered. Deposits in all currencies are treated the same. For more information on the conditions of the scheme, please contact the FSCS at www.fscs.org.uk.

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