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 any 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.
Interest rate
4.60
3.68
With effect from 1 March 2008 the above interest rates will apply
* 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.
Annual Equivalent Rate or AER illustrates what the interest rate would be if the interest was paid and added each year. Please note that every advertisement for a savings product which quotes an interest rate will contain an AER allowing you to compare at a glance what return you can expect from your savings over time.
AER - interest which is paid annually on 5 April is the same as the appropriate gross rate or tax free rate. For accounts where the interest is paid monthly the AER is shown.
Gross rate is the rate of interest before deduction of income tax.
Net rate is the rate after deduction of income tax which is currently 20%. Subject to the required certification non tax payers will be able to receive any interest at a gross rate.
