Children
up to the age of 7 will need
a parent/guardian/representative
to open and operate the account
on their behalf until they
reach their 7th birthday.
Add to the savings as and when you like.
Take money out of your account when you need it *- up to £500 cash, £50,000 by cheque from our branch (lower limits may apply at our agencies) or by post to our Head Office.
On
their 16th birthday, the balance
of the account will be transferred
to a new account of their
choice.
Interest
is added to the account annually
on 5 April. For those under
16 years of age who are eligible
to have their interest paid
gross, a parent or guardian
will need to complete HM Revenue
and Customs form R85 to allow
payment of gross interest.
The child's birth certificate will be required**.
If
you need to check out whether
you are eligible to have interest
without tax deducted, call
the HM Revenue and Customs
helpline on 08459 800645
Minimum Opening deposit £1
Gross Rate % p.a./AER
Net Rate % p.a.
Annual interest
0.25
0.20
As at 29 June 2010
* For children up to the age of 7, only the operator(s) of the account may make withdrawals. Children aged 7 and up to 12 years of age may withdraw up to £100 per transaction and children aged between 12 and 16 years of age may withdraw up to £250 per transaction.
** If supplying a certified copy it should be signed, dated, marked 'original seen' and bear the name, address and occupation of the certifier. It can be certified by a UK lawyer, banker, accountant, teacher, doctor, minister of religion, postmaster/sub-postmaster, authorised financial intermediary or similar professional.
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 advertisement for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
Gross rate - is the rate of interest before the deduction of income tax.
Net rate - is the rate after the deduction of income tax, currently at the rate of 20%. Subject to the required certification non taxpayers are able to receive their interest gross.
