Future Saver for Children

Typically, a bare trust allows a parent, grandparent, family member or friend to pass on money (or valuables) to children, while keeping control until the child is old enough or able to take control of the money for themselves.

The person who controls the trust - for example a Future Saver for Children Account - is called a 'trustee'. If you're the account holder, then you're the trustee. The named child is the 'beneficiary’.

The money in the account belongs to the named child under the bare trust. However, the child doesn't have control of the money, and can't demand any of it, until they've reached their relevant age. (18 in England, Wales and Northern Ireland, 16 in Scotland.)

You can close the account at any time and move the money. But, until the named child reaches the relevant age, the money must still be held and controlled by you on trust for the child. You should tell your new account provider about this arrangement.

When the child reaches the relevant age, and has asked you to transfer the money to them, you can withdraw or transfer the balance and ask us to close the account. We'll issue you with a closing statement and confirm that the account has been closed.

Relevant ages are 18 in England, Wales and Northern Ireland, and 16 in Scotland.

It's your responsibility as trustee to make sure that:

If you've used any money for any other purpose, you should make sure you pay it back into the account as soon as possible.

You may find it helpful to keep records or receipts of what you've spent the money on, particularly if you make regular payments or withdrawals from the account.

If the named child is approaching or already over their relevant age, you should discuss with them what they want to do with the balance in the account.

Please take the time to read the following documents. You may also want to save them for future reference.