Children's Savings

Bank of Scotland Smart Start Review

A children's savings account from Bank of Scotland. It ranks 53rd of 73 children's savings accounts we track.

Variable rate

2.25%AER

Account type
Easy access
Minimum age
11
Maximum age
15
Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£1

Max balance

No limit

Access

Instant

Interest paid

Monthly

Rate Tiers

£1 to £1,000

2.25%AER

Above £1,000

0.75%AER

How It Stacks Up

Ranks 53rd of 73

Children's savings accounts we track

Well below average
This account 2.25%
UK CPI (Aug 2026)
3.10%
Pays 0.85% less
Average children's savings
2.92%
Pays 0.67% less
Best children's savings
5.50%
Pays 3.25% less

Inflation: ONS. Averages and best rates: accounts on DepositScout.

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A Good Fit For

  • Pro: New and existing savers
  • Pro: Savers who want instant access
  • Pro: Savers who want a monthly income

Worth Weighing Up

  • Con: The rate is variable, so it can go down

Good to Know

This is two accounts, a spending account with a contactless debit card and a savings account. The parent or guardian must have a Bank of Scotland account, and be registered for online banking and live at the same address as the child. The child must be present when applying, and their ID is required. After the child's 18th birthday the savings account changes to an Access Saver and the spending account to a Classic Account.

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Estimated returns with Bank of Scotland's Children's Savings

What you could earn with Bank of Scotland's Smart Start.

Estimated interest

£1,000 saved

£22.50

At 2.25% AER

£5,000 saved

£37.50

At 0.75% AER

£10,000 saved

£75.00

At 0.75% AER

£50,000 saved

£375

At 0.75% AER

Estimated over one year, if the rate stays the same and interest is left in. Amounts outside the account's minimum or maximum aren't shown.

Work out the tax on your interestSee how much of this interest could be taxed.

Our Expert Opinion on Bank of Scotland Smart Start

Jonny PeaseCo-Founder, DepositScout

This account is aimed at parents or guardians wanting an easy-access home for a child's savings, and the 2.25% rate is fine for small balances, but the tiered structure is the real catch: anything above £1,000 earns just 0.75%, so keeping a large sum here makes little sense. At 2.25%, the rate also sits 0.85% below CPI inflation of 3.1% (Aug 2026), meaning money held here is losing purchasing power in real terms. If you want to stay within the same banking group, Lloyds Bank's Child Saver also pays 2.25%, so I would still check whether that suits better before opening.

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2 alternatives to Bank of Scotland's Smart Start

Same type of account, closest on rate.

Common questions about the Smart Start

D

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Easy Access rate just dropped

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Nationwide FlexSaver Rate Down
4.20% AER
4.75%
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