Danske Discovery Savings Account
Instant access savings for children aged 11 to 17.
- Interest rate 3.65%.
Features
- Account can be opened by adults, who want to save for the child’s future.
- Also available to the child to help build good money habits through saving in their own account.
- Put money in or take it out at any of our branches or in eBanking or Mobile Banking (from age 13 years).
- When the child reaches 18, they move to a Danske Instant Access Account and choose from a wide range of accounts and services available.
Summary box
1
What is the interest rate?
| Balance | Gross/AER |
|---|---|
| All credit balances | 3.65% |
Interest is calculated daily and paid into your account at the end of October.
2
Can Danske Bank change the interest rate?
- Yes, this rate is variable. We can increase or decrease the credit interest rate for any of the reasons set out in the General Terms and Conditions - Personal Banking. For more information, refer to Clause 16.2.
- We’ll give you 2 months’ notice of any reductions to the credit interest rate, allowing you to review your savings options.
- We may increase the credit interest rate immediately and advise you on your next statement.
3
What would the estimated balance be after 12 months based on a £1,000 deposit?
| Initial deposit at account opening | Estimated interest earned after 12 months | Estimated balance after 12 months |
|---|---|---|
| £1,000.00 | £36.50 | £1,036.50 |
This estimate is for illustration only and assumes that:
- no further deposits or withdrawals are made;
- there is no change to the interest rate; and
- interest is added to the account at the end of the 12 month period.
4
How do I open and manage my account?
This account is suitable for a child between 11 and 17 years of age.
- A child can open an account in their name.
- In this instance the child will be the account holder.
- The account can be opened in Branch; or if their parent or guardian is applying online for a Danske Discovery current account for the child, they can also apply for a Discovery Savings in the child’s own name.
-
An adult can open an account in the name of the adult for the benefit of a child.
- In this instance the adult will be the accountholder.
- The account can be opened in Branch.
For accounts opened or amended after 4 July 2021:
- The Danske Discovery Savings account will automatically change to a Danske Instant Access savings account at age 18. We will write to the relevant account holder (see above) before this happens with further.
- The account will remain in the name of the adult for the benefit of a child until the account holder requests the account to be transferred into the child’s own name or the child turns age 18, whichever happens first.
For accounts opened prior to 4 July 2021, please refer to your branch.
Operating the account:
- The account holder can access the account at any time.
- You can open and maintain the account with as little as £1.
- There is no maximum amount of funds you can hold in the account.
- The account holder can manage the account in branch, by phone, by writing to us or by using eBanking or Mobile Banking (if the account holder is registered for these services).
- We'll send you a paper statement at least every 6 months unless you've asked to receive them electronically with eBanking. You can ask to change to electronic statements at any time using our Go Paperless form.
The Danske Instant Access account currently pays 1.55% Gross/AER (variable) on all credit balances.
5
Can I withdraw money?
Yes. Money can be withdrawn by the account holder:
- using eBanking or Mobile Banking, if the account holder is registered for the services. (Where the account is opened in the child’s name, consent from a parent or guardian is needed to register for eBanking, Mobile Banking is only available from age 13).
- in one of our branches.
Some withdrawal limits may apply, depending on the service you are using. Take a look at our payment table (PDF) for everything you need to know.
6
Additional information
- Interest is paid ‘gross’. This means that we do not deduct tax from the interest we pay. Depending on your personal circumstances, you may have to pay tax on your interest.
- AER stands for ’Annual Equivalent Rate’ and illustrates what the interest rate would be if interest was paid and compounded (paid on the total balance including previous interest) once each year.
- This account is not suitable for day-to-day banking.
- Rate correct as at 01/09/2023.
The information provided in this summary box includes the key features of the account only and is not intended to be a substitute for reading the terms and conditions that apply to the account.
Download summary box as PDFDigital Banking services information
- Our Mobile Banking app is available for iOS and Android devices.
- Our eBanking and Mobile Banking app may be temporarily unavailable when we are carrying out routine maintenance.
Important information
Fees and Service charges explained (PDF)
How to apply
Discovery Current Account: If you're a parent or guardian you can apply online for a Discovery Savings account in the child's own name when you apply for a Danske Discovery current account.
Read moreStandalone Discovery Savings account: You can open a Discovery Savings account in any Danske Bank branch. To arrange an appointment, call us on 0800 660 033.
