Barclays Children’s Savings
Current interest rates
|
Rates effective from |
Balance |
Gross per year % |
AER % |
|---|---|---|---|
|
1 September 2023 |
£1+ |
2.65 |
2.68 |
|
|
£10,000+ |
1.15 |
1.16 |
Interest rates on the Barclays Children’s Savings account are banded. This means you’ll earn 2.68% AER/ 2.65% gross p.a. interest on the first £10,000 of your balance, and 1.16% AER/1.15% gross p.a. on your additional balance over £10,000.
Previous interest rates
|
Rates effective from |
Balance |
Tax-free per year % |
AER % |
|---|---|---|---|
|
3 July 2023 – 31 August 2023 |
£1+ |
2.65 |
2.68 |
|
|
£10,000+ |
1.00 |
1.00 |
|
2 May 2023 – 2 July 2023 |
£1+ |
2.50 |
2.53 |
|
|
£10,000+ |
0.70 |
0.70 |
|
1 March 2023 – 1 May 2023 |
£1+ |
2.50 |
2.53 |
|
|
£10,000+ |
0.65 |
0.65 |
Further information
|
Mortgage offset: |
No |
|
Interest rate: |
Rates are variable. Interest is calculated daily using your statement balance and is paid on the first working day of each month. Interest rates on the Barclays Children’s Savings account are banded. This means you’ll earn the higher rate of interest on the first £10,000 of your balance, and the lower rate on the additional balance over £10,000. |
|
Gross: |
The rate of interest payable without tax taken off. |
|
Tax: |
Interest is paid gross. Children are entitled to income tax allowances and the Personal Savings Allowance (PSA) in the same way as adults. If a child is liable to pay tax, any tax due on interest earned will need to be paid to the appropriate tax authority. For further information & guidance, please refer to HMRC’s website.
Please note that if a parent gifts money to a child that produces more than £100 gross interest in a tax year, the income is normally taxed as belonging to the adult. |
|
AER: |
Annual Equivalent Rate. This illustrates what the interest rate would be if interest was paid and compounded once each year. |
For additional information, download our Barclays Children’s Savings terms and conditions [PDF, 128KB]. They are in addition to the general conditions of your Customer Agreement with us.
Read important information about our interest rates, the Financial Services Compensation Scheme, and your cancellation rights.
