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Young Savers Account

Get into good habits

It's never too early to start saving. If you've got a special purchase in mind, or you want to start putting money away for an upcoming holiday or life-changing trip, open a Young Savers account and watch your money grow.

Build your future

It’s never too early to start saving – and with 1.65% AER* / 1.64% Gross your money will soon grow

Easy access to money

Whether you’re saving for something special or need some holiday cash, you can take money out of your account. 

Choose how to save

Put away a lump sum or save a little, regularly – it’s completely up to you.

See all the ways you can save

See how much you could save with a Young Savers Account when you try our new Savings Calculator tool.

Open an account

Come and see us in store

The Nuts and Bolts

We’re up front with our customers about everything. We’ve created this handy summary of our Young Saver Account's key features so you can see the important information from the get-go.

Interest rate Minimum balance Interest paid

1.65% AER* / 1.64% Gross



*AER stands for annual equivalent rate. It shows how much the interest rate would be if the interest was worked out once a year. You can use it to compare different financial products.

Gross rate is an annual contractual rate which is calculated daily and paid out at a frequency applicable to the product.


To have a Young Savers account, you need:

  • To be aged 21 and under
  • To be resident in the UK. You’ll also need to provide proof of your identity and address. If you’re not a UK, EU, EEA or Swiss national you’ll need a valid visa/residence permit. Here’s a list of what you need

Parents, guardians or grandparents can open a Young Savers account for children aged 10 or under. The account will be held in their name on the child’s behalf. Once the child is 11, you can ask us to put the account in their name.

You can apply for an account yourself if you’re aged 11 to 21, but if you’re under 16 you’ll need a parent or guardian to help you.

Our Magic Money Machines and 5 for 5 Club

Our Magic Money Machines are back up and running for Metro Bank customers to use.

If you have a Young Savers Account and are under 15, you can earn a £5 bonus with our Magic Money 5 for 5 Club. You just need to add money to your account in five separate months.

Deposits can be made by:

  • visiting us in store and speaking to a colleague
  • using our Magic Money Machines
  • calling us on 0345 08 08 500 (a parent or guardian will need to call for account holders who are under 11)
  • transferring money from another bank account.

You’ll then need to let us know when the fifth deposit has been made, and we’ll add the bonus to your account.

Withdrawals and notice periods

Unlimited access to your money. 1 day's notice may be required to withdraw money from your account.

Your savings and tax

Since 6 April 2016, you can earn up to £1,000 a year on your savings tax-free if you pay the basic rate of tax, and up to £500 a year if you pay the higher rate of tax. This is called your Personal Savings Allowance.

Interest on your savings is now paid without tax being taken off. The interest from ISAs doesn’t count towards your Personal Savings Allowance.

Get all the details to read at your leisure

Download our PDF to read when you like - it contains all the ins and outs of our Young Savers.

Young Savers Account Details (PDF)(896KB)

Our Service Relationship with Personal Customers (PDF)(1.2MB)


How do I pay money into my account?

There are a few different ways you can pay money into your Metro Bank account, the fastest being a payment from one bank to another. You can also deposit a cheque or pay cash* into your account at your nearest store.

*Please note that you may be asked additional questions about the source of funds to help keep your money safe.

We’ve introduced limits on the amount of cash customers can pay into their Metro Bank account each day.

  • Personal accounts – new daily limit £5,000*
  • Business accounts (including community accounts) – new daily limit £10,000*

    *If you are depositing foreign currency into a ‘regular’ GBP or a Foreign Currency Account, this will be the GBP equivalent of the above limits using the exchange rate on the day of the deposit

The new cash deposit limit for Commercial Current Accounts won’t be introduced until early 2023. If you have this type of account, your Relationship Manager will be in touch nearer the time to discuss the new limit with you.

Changes to who can pay in cash

To pay cash into a Metro Bank account you must either:

  • be named on the account, or
  • have authority to manage the account – e.g. power of attorney, or
  • be paying less than £250 into a Young Savers account if you are not named on the account (the account holder or a named person on the account can pay in larger amounts), or
  • an employee paying into a business or commercial account for your employer, using a pre-printed paying-in slip issued to the account holder.

Exchanging cash

You can only exchange cash over the counter if you’re a Metro Bank customer.

Can I take money out of my Young Savers Account whenever I want to?

If you’re 16 years old or older, you can take out any amount, but you’ll need to give us 1 day's notice if you want to withdraw more than £1,000. If you’re under 16 you can take out up to £100 a day.

How do I open a Young Savers Account?

To open an account, just pop into a store. Use the store locator to find your local Metro Bank. Please check the latest opening hours for each of our stores before you visit us.

Here’s a list of what you should bring with you

Where can I find the rate for my Metro Bank account that’s now closed to new savers?

You can find the rates for any closed account set out in Rates for Closed Products.

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Young people

Kids Zone

From savings and current accounts to financial education in schools, there's plenty for the next generation at Metro Bank. 

Switching to us

7-day Switch Guarantee

Switching your current account to Metro Bank is simple and hassle-free. And we guarantee to have it all done and dusted for you in 7 days.

Banking with us

What I need to open an account

With our same-day account opening, you can apply in store and we'll print your card there and then. Having the right documents will help make the process go smoothly.


Protecting your money

Your eligible deposits with Metro Bank are protected by the FSCS.