Santander is offering three percent interest rate on savings for children - how to get it

The account is specifically for children, meaning it's only open to people who are under the age of 18.

For children who are under the age of 13, the account must be opened in trust and managed by an adult, who is the trustee.

The trustee needs to be aged 18 or over, have parental responsibility for the child, and have a Santander personal current account.

Trustees must apply for the account in branch, the bank said.