Danske Discovery Savings

An instant access savings account exclusively for 11 to 17 year olds

Good to know

  • You can pay in and withdraw your money at any of our branches
  • You can also access your account 24 hours a day, 7 days a week via eBanking or our Mobile Bank app
  • Withdraw your money whenever you need it
  • You can pay in as much as you like, whenever you like

Need to know

  • You must be aged 11-17 to qualify for this account
  • You can open the account with a minimum of £1. There is no maximum balance
  • A Danske Discovery Savings account can either be opened in the name of a child aged 11-17 or in the name of an adult for the benefit of a child aged 11-17
  • You may make a withdrawal from Your Discovery Savings account, limits may apply depending on the service you are using

Discovery Savings Account Summary Box

Account Name: Danske Discovery Savings Account


What is the interest rate?

Balance Gross/AER
All credit balances 0.80%

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

Can Danske Bank change the interest rate?

  • Yes, this rate is variable. We can decrease the credit interest rate for any of the reasons set out in Clause 16.2 in the General Terms and Conditions - Personal Banking.
  • We will give you 2 months’ notice of any reductions to the credit interest rate. The account holder will be able to end the agreement before the end of the notice period without incurring any extra charges.
  • We may increase the credit interest rate payable on the account immediately. Any increase in the credit interest rate will be advised on the next statement.

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 £8.00 £1,008.00

This estimate is for illustrative purposes only and does not take into account your individual circumstances.

The estimate 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.

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; or
  • 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 account holder and funds are held in trust for the child.

Where the account is being opened in the child’s name:

  • A child can open the account in branch; or
  • Alternatively, a parent or guardian applying online for a Danske Discovery current account for the child, can also apply for a Discovery Savings in the child’s sole name.

  • For accounts opened or amended after 4 July 2021

    • The Danske Discovery Savings Account will automatically change to a Summit savings account at age 18. We will write to the account holder (the child) before this happens with further information including other options available.

Where the account is being opened by an adult for the benefit of a child:

  • An adult can open the account in branch.

  • For accounts opened or amended after 4 July 2021

    • 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 age18, whichever happens first.
    • The Danske Discovery Savings Account will automatically change to a Summit savings account in the child’s name at age 18. We will write to the account holder (the adult) before this happens with further information including other options available.

The Summit Savings account currently pays 0.10% Gross/AER (variable) on all credit balances.

Operating the account:

  • The account holder can access the account at any time
  • A minimum balance of £1 is required to open and maintain the account.
  • There is no maximum limit to the amount of funds which can be held in the account.
  • The account holder can give us instructions by writing to us, telephoning us, visiting one of our branches or by using eBanking (if the account holder is registered for this service).

Can I withdraw money?

Yes. Money can be withdrawn by the account holder:

  • by electronic transfer using eBanking if the account holder is registered for this service. (Where the account is opened in the child’s name, consent from a parent or guardian is needed for the child to register for eBanking.)
  • in one of our branches.

Limits may apply depending on which method you choose to make the withdrawal. See our payment table for more details. This can be found under Personal Current Accounts and Savings Accounts.

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.

Rate correct as at 01/07/2022

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.

This account is not suitable for day-to-day banking

You will be sent a statement at least every six months. With eBanking, you can ask us to make your statements available electronically rather than as paper copies.

Our Mobile Bank app is available for iOS and Android devices to customers aged 13 or over who use eBanking. You may need your parent’s or guardian’s permission.

Danske eBanking may be temporarily unavailable when we carry out routine maintenance.

Want to open an account?

If you are a parent or guardian you can apply online for a Discovery Savings account in the child's sole name when you apply for a Danske Discovery current account.

Find out more

Or you can open a Discovery Savings account in any Danske Bank branch. To arrange a appointment, call us on 0800 660 033. Lines are open Mon–Fri: 8am–6pm / Sat & Sun: 9am–5pm.