Danske Discovery Savings Account
Instant access savings for children aged 8 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, in eBanking (from age 11 years) 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 change the credit interest rate for any of the reasons set out in the General Terms and Conditions - Personal Banking (PDF). For more information, refer to Clause 16.2.
- We’ll give you 2 months’ notice of any reductions to the credit interest rate, so you can review your savings options.
- We may increase the credit interest rate immediately and tell you about this 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?
The Danske Discovery Savings Account is suitable for children aged between 8 and 17 years.
You can open the account:
- in the sole name of a child (aged 8-17) for the child to save; or
- in the sole name of an adult for the benefit of a child (aged 8-17) for the adult to save on behalf of the child, holding the savings on trust for the child.
If opening an account for the child to save
- The child will be the account holder.
- The child can access the account at any time in branch and can register for eBanking to view and access the account from age 11 (consent from a parent or guardian is needed to register for eBanking if the child is under 16).
- You can open and maintain the account with as little as £1.
- You can add to the account through regular transfers or one-off deposits.
- There is no maximum amount that can be held in the account.
- We’ll send a paper statement at least every 6 months. Once registered for eBanking, you can ask to receive statements electronically using danskebank.co.uk/gopaperless.
Residency requirements
- 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 or 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; or
- by the child’s parent or guardian over the phone;
If applying online or by phone for a Danske Discovery current account, you can also apply for a Danske Discovery Savings in the child’s sole name.
Optional mandate to keep an eye on the account where the child is aged 8 to 15
For accounts opened from 1 June 2026, a parent or guardian can ask for a mandate on the account until the child turns 16. The mandate will allow them to look at and take money out of the account. If the account was opened before this date, only the child can ask for a mandate for the parent or guardian.
What happens at age 18 years when the child is no longer eligible for a Discovery Savings Account?
- The 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.
If opening an account to save on behalf of a child
- The adult will be the account holder, saving and operating the account on behalf of the child;
- The account will remain in the name of the adult for the benefit of the child until the adult requests the account to be transferred into the child’s sole name or the child turns 18, whichever happens first.
- The adult can manage the account in branch, by phone, in writing or by using eBanking or Mobile Banking (if registered for these services).
- You can open and maintain the account with as little as £1.
- You can add to the account through regular transfers or one-off deposits.
- There is no maximum amount that can be held in the account. We’ll send a statement at least every 6 months. Once registered for eBanking, you can ask to receive statements electronically using danskebank.co.uk/gopaperless.
Residency requirements
- 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.
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.
5
Can I withdraw money?
Yes. Money can be withdrawn by the account holder:
- in one of our branches.
- using eBanking or Mobile Banking, if the account holder is registered for the services.
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 means ‘annual equivalent rate’. It tells you how much interest you’d earn if you put money in an account and left it there for a full year. It includes how often the interest is paid and assumes any interest paid during that year is added to the balance and earns interest.
- This account is not suitable for day-to-day banking.
- Rate correct as at 12/08/2026.
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
For parents or guardians:
- By phone – you can apply to open a Danske Discovery Savings account in the child’s sole name. Call us on 0800 660 033.
- In person – you can apply at any Danske Bank branch to either open a Danske Discovery Savings account in the child’s sole name, or to save for the benefit of a child. Call us on 0800 660 033 to make an appointment.
- Online – you can apply for a Danske Discovery Savings account in the child’s sole name when applying 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.
