Interest is calculated daily and paid into your account at the end of October.

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.

The Discovery Savings Account is suitable for a child aged between 11 and 17 years. An adult can open the account to save on behalf of the child, or the account can be opened in the child’s own name.

Opening an account in the child’s name, so the child is the account holder

• If the child is a new customer to Danske Bank, they must be a permanent resident in Northern Ireland;
• If the child and/or the child’s parent/legal guardian is an existing Danske Bank customer, the child must be a permanent resident in the UK.

How to open the account

The account can be opened

• in one of our Branches;
• by their parent or guardian over the phone;

Or if their parent or guardian is applying online or by phone for a Danske Discovery current account for the child, they can also apply for a Discovery Savings in the child’s sole name. 

What happens at age 18 years when the child is no longer eligible for a Discovery Savings Account?

• The Danske Discovery Savings account will automatically change to a Danske Instant Access savings account at age 18. We will write to the child before this happens with further information and options available. 

Opening an account in the name of the adult for the benefit of the child, so the adult is saving and operating the account on behalf of the child

• The adult is the accountholder, holding the account in trust for the child.
• If the adult opening the account is a new customer to Danske Bank, they must be a permanent resident in Northern Ireland, and the child must be a permanent resident in the UK; or
• If the adult opening the account to save on behalf of the child is an existing Danske Bank customer, the adult and child must be permanent residents in the UK.
• 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 sole name or the child turns age 18, whichever happens first.

How to open the account

• The account can be opened in one of our Branches. 

What happens at age 18 years when the child is no longer eligible for a Discovery Savings Account?

• The Danske Discovery Savings account will automatically change to a Danske Instant Access savings account in the child’s sole name at age 18. We will write to the adult before this happens with further information and options available. 

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 which can be held 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 the account holder 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 danskebank.co.uk/gopaperless.

If you hold a Discovery Savings Account saving on behalf of a child which was opened before July 2021 and the account has not been amended at age 18, please contact one of our Branches and we can discuss your options and arrange to do this for you. 

How to apply

For parents or guardians:

• By phone - call us on 0800 660 033.
• In person -  at any Danske Bank branch. Call us on 0800 660 033 to make an appointment.
• You can also apply for a Danske Discovery Savings account in your child's name when you apply for a Danske Discovery current account. This can be done online, by phone, or in any Danske Bank branch.      

If you aren’t a parent or guardian:

Any other adult (for example a grandparent) can apply to open a Danske Discovery Savings account to save for the benefit of a child. You can apply in person at any Danske Bank branch. Call us on 0800 660 033 to make an appointment.