Acting as a nominee for a child

For a child aged under 13

Our Young Saver’s account must be co-managed for a child under 13 by a nominee – a parent, another close relative, or a guardian. This means the young saver can pay money in, but any withdrawals must be made by the nominee on the young saver’s behalf.

It is a condition that any withdrawals must be for the direct benefit of the child.

When completing an application form for a new account, the child’s details should be entered as the first named account holder and the nominee’s details should be added second.

For a child aged 13 – 17

For an existing Young Saver’s account, once the child reaches the age of 13 the nominee can transfer the account into the child’s sole name (at any time). To do this, please contact us.

If the account is in the young saver’s sole name, they have full control and can pay money in and withdraw money from their account.

A new account for a child aged 13 or over can either be opened in the child’s sole name or with an adult as nominee.

If an adult is acting as nominee, the child’s details should be entered as the first named account holder and the nominee’s details should be added second. The adult can contact us to transfer the account into the child’s sole name whenever they wish to hand over full control.