Children's Savings

Lloyds Bank Smart Start Review

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

Variable rate

2.25%AER

Account type
Easy access
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

Lloyds Bank is also paying £200 to switch your current account. Offer ends 9 December 2026.

See the switch offer

Rate Tiers

Up to £1,000

2.25%AER

Over £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.

Compare savings accounts

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

Please verify all details with the provider – see our Disclaimer

See all Lloyds Bank accounts

Estimated returns with Lloyds Bank's Children's Savings

What you could earn with Lloyds Bank'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 Lloyds Bank Smart Start

Jonny PeaseCo-Founder, DepositScout

The Lloyds Bank Smart Start is an instant-access children's account that works well for parents wanting a simple, low-barrier option, as it opens with just £1. The 2.25% rate only applies on balances up to £1,000, dropping sharply to 0.75% on anything above that, so keeping a large sum here makes little sense. At 2.25%, the rate sits 0.85% below CPI inflation of 3.1% (Aug 2026), meaning the money loses real value over time. If you want to compare, Lloyds also offers a Child Saver at the same 2.25%, which may suit different needs.

Compare Savings Accounts

2 alternatives to Lloyds Bank's Smart Start

Same type of account, closest on rate.

Common questions about the Smart Start

D

DepositScout Alerts

2 minutes ago

Easy Access rate just dropped

A top provider just cut their rate. Here's what you need to know about the latest market shift.

Nationwide FlexSaver Rate Down
4.20% AER
4.75%
View Best Rates
Live Market Tracking

Be the first to know when this Lloyds Bank rate drops.

Join 1,000+ savers using DepositScout who get instant email alerts when top UK savings rates change. Never miss out on a better deal again.

Takes 30 seconds · No spam · Unsubscribe any time