• Children’s account: Island First Account

    A straightforward savings account for children aged 17 or under.

    • Open with as little as £1, the parent being the primary controller
    • Help your child learn how a bank account works
  • Features & benefits

    This simple, straightforward savings account is designed for children aged 17 or under. Your child can open an account with as little as £1 and we’ll send statements four times a year to help them learn about how a bank account works. They’ll earn interest on their balance too. So whether your child is simply putting away their weekly pocket money or saving their birthday cash gifts, the Island First Account is a great way to get started.

    • Open the account with as little as £1
    • Interest added to the account four times a year and paid gross without deducting tax
    • Statements sent at least four times a year
    • Interest rate is variable
    • There is a limit of £100 interest on a gift from a parent, or civil partner of a parent, per year
    • Range of withdrawal options available
  • Eligibility

    The Island First Account is available for personal customers aged 17 or under who are resident in the Channel Islands or Isle of Man.

  • Island First interest rates

    Current interest rates

    Interest rates are correct as at 1st September 2016

    Interest on credit balances (paid quarterly) % Per annum gross rate* % Per annum AER**
    £1 - £20,000 1.74 1.75
    £20,000+ 0.25 0.25

    For previous interest rate please contact your local branch.

    Interest Rate is variable.

    *GROSS RATE: The contractual rate of interest payable before deduction of income tax at the rate specified by law.

    **AER - AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advert for a savings product will contain an AER - Annual Equivalent Rate - you can compare more easily what return you can expect from your savings over time.

  • Charges & fees

    Sending funds

    International moneymover service* Through Currency Internet Banking Free
    Through International PhoneBank, in branch, or in writing Free
    Through Standing Order Free
    To your other accounts held with Lloyds Banking Group Free
    Correspondent Bank Fee* Zone 1 (USA, Canada and Europe) £12
    Zone 2 (Rest of the world) £20
    (Note: For the purposes of the Correspondent Bank Fee, Europe is defined as all EEA countries plus Jersey, Guernsey, Isle of Man, Monaco, San Marino and Switzerland)
    International drafts £15 (plus registration fee if posted)
    Electronic Funds Transfer (CHAPS payments within the British Isles) £30
    Cash withdrawals and deposits into the US Dollar Account and/or Euro Account 2% on the Sterling equivalent of each currency, minimum £3 per currency and £10 administration fee

    These accounts are not designed to be used for receipt of notes or coins. If you need this service, please contact your International Banking Team.
    Recalling a payment £20 per payment

    We cannot guarantee the cancellation as funds may already have been paid to the beneficiary. You could receive less than the original amount of the payment, due to adverse exchange rate movements

    * When making an International Payment there are two charging methods:

    Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges.

    Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank.

    Receiving funds.

    Electronic bank transfer from another financial institution Any amount Free
    Cheque Collections Cheques up to £100 £5
    Cheques of £100 and above 25p per £100 (min £15, max £80 per cheque)
    Cheque negotiation to Sterling account* Cheques up to £100 £5
    Cheques of £100 and above 25p per £100 (min £8, max £80 per cheque)
    Cheques in a foreign currency drawn in a different country (not UK)
    e.g. US Dollars drawn in France
    As above, but minimum £10 per cheque.
    Cheque negotiation to currency account* Cheques in the same currency as the account £2 per cheque
    Cheques requiring currency conversion £4 per cheque

    * The correspondent bank may also levy a charge based on the value of the cheque.

    Other standard services.

    Supplying copies of previous bank statements. £5 per request.
    An administration charge may be made for excessive requests.
  • What is the minimum opening balance?

    The Island First Account can be opened with as little as £1.

    How much can I deposit in an Island First Account?

    That's completely down to you. There's no limit on how much you can hold in your account. So whether your child is simply putting away their weekly pocket money or saving their birthday cash gifts, the Island First Account is a great way to get started.

    What currency can I open an Island First Account in?

    The Island First Account is available in Sterling only.

    When is interest paid on the Island First Account?

    Interest is paid four times a year on 9th March, 9th June, 9th September and 9th December.

    Who can I speak to if I need extra information?

    For Jersey residents please call 01534 845155, Isle of Man residents 01624 638279, Guernsey residents 01481 706347 or Alderney residents 01481 822340.

  • How to apply:


    Visit us in branch

    Visit us in branch to open an account.

    If you are a new customer, make sure you bring ID such as your original passport or driving licence, as well as proof of your address.

    Find a branch


    Call us

    • 01534 845436 or 01534 845269  Jersey
    • 01481 706317  Guernsey
    • 01624 638279  Isle of Man
    • 01481 822340  Alderney

    Lines are open 24 hours a day, 365 days a year.

    To ensure security for our customers and staff and to help maintain service quality, some calls may be recorded and monitored.