Junior Savings Account
An instant access savings account for children aged 10 or under.
Good to know
- Free Pondus the Penguin money box.
- Put money in or take it out at any of our branches.
- Adults, who open the account for the benefit of the child, can manage the account 24 hours a day, 7 days a week with eBanking or Mobile Bank app.
- Take money out any time. Limits may apply depending on the service you are using.
Need to know
- Only for children aged 10 or under.
- Choose to open your Junior Savings Account in either:
- an adult’s name on behalf of the child, if they’re between 0 and 10; or
- the child’s name if they’re between 7 and 10.
- Open the account with as little as £1.
Junior Savings Account Summary Box
Account name: Junior Savings Account
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 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. You 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. We will advise you of any increase in the credit interest rate on your 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 | £36.50 | £1,036.50 |
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 aged 10 years and under.
- A child aged between 7 and 10 years can open an account in their name. In this instance the child will be the account holder.
- An adult can open an account in the name of the adult for the benefit of a child age 10 and under. 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 (between 7 and 10 years) can open the account in branch.
- The Junior Savings Account will automatically change to a Danske Discovery Savings Account at age 11. We will write to the account holder (the child) before this happens with further information.
For accounts opened or amended after 4 July 2021
Where the account is being opened by an adult for the benefit of a child:
- An adult can open the account in branch. Alternatively if a parent or legal guardian is an existing Danske Bank customer, they can open an account online.
- The Junior Savings Account will automatically change to a Danske Discovery Savings Account at age 11. We will write to the account holder (the adult) before this happens with further information.
- The account will remain in the name of the adult for the benefit of the child until the account holder requests the account to be transferred into the child’s sole name (where they are aged 7 or over) or the child turns age 18, whichever happens first.
For accounts opened or amended after 4 July 2021
The Danske Discovery Savings account currently pays 3.65% 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; or
- 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 01/09/2023
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.
Important information
Ready to open a Junior Savings Account?
You can apply online if:
- you're the parent or legal guardian of the child;
- you want to open an account in your name for the benefit of the child;
- you have an active personal account with Danske Bank; and
- the child is aged 10 or under and living in Northern Ireland.
Before you start, please have a picture of the child’s ID saved on your computer or phone, ready to upload.
- This can be a birth certificate, a passport or an adoption certificate.
- You can upload a photo of the ID, as long as it’s clear, easy for us to read and we can see all four corners of the document.
- At the end of this application there will be a link to upload the child’s ID.
Apply for a Junior Savings Account online
You can also open an account in any Danske branch. To make an appointment, call us on 0800 660 033. (Phone lines are open between 8am - 6pm Monday to Friday, 9am - 1pm Saturdays and closed Sundays.)
Take your penguin home
Pondus loves coins - big or small, he'll take them all.
You can give him as much or as little money as you like.
When he's full, treat yourself to something special. Or bring the coins into your local Danske Bank branch.
Did you know?
Pondus is named after a real penguin that lived in Copenhagen Zoo in the 1960s. Pondus, wearing a red scarf, appeared in a series of children's books and has been used as Danske Bank's moneybox mascot since 1967. Pondus swam over to Northern Ireland in 2009, and if you have a Junior Savings Account, you'll get to take him home.
