Notice Account

An ideal account for parents, grandparents, and guardians to help children save for the future.

Young Gospel Partner Account (0.25% Gross/AER)

Interest rates viewable here.

  • Can be opened in the name of a parent, grandparent or guardian on behalf of the child
  • Minimum balance £1
  • Deposits by standing order, post or your own internet banking at any time
  • Withdrawals are instructed by post or telephone banking. Withdrawals will be paid into a pre-nominated bank account. All withdrawals must be made to an account in the same name. We will not permit a withdrawal to a third party by any method.
  • All withdrawals are subject to 32 days’ notice

Summary box for the

Young Gospel Partner Account (0.25% Gross/AER)

What is the interest rate?

The interest rate is a bank managed rate of 0.25%

Interest accrues on the daily balance at the rate notified to you.

Your balance Annual interest:

Balance     Gross     AER

£1+            0.25%    0.25%

Interest is added to or deducted from the account on the 31st December each year.

Can Kingdom Bank change the interest rate?

Yes.

As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our account conditions explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes

What would the estimated balance be after 12 months?

If you deposit £1,000.00 when you open the account, the balance after 12 months will be £1,002.50.

This assumes:

  • You don’t withdraw any money and interest is paid into this account.
  • The interest rate stays the same.
  • You don’t add any more money.

How do I open and manage my account?

Opening:

We will require a birth certificate or passport as a form of identification for the child. An account can be opened for any child up to the age of 17 years.

We will also need to identify the guardian - as noted on the account opening form. This could be a parent, grandparent or guardian.

You must open the account with at least £1.

No account can be opened until a correctly completed, signed and dated application form is received in the post together with our other standard account opening forms and our performing all preliminary identification and other checks to our satisfaction.

Managing:

Deposits can be added at any time, by post, standing order or your own internet banking.

Information can be requested on the phone, but all instructions should be sent to us in the post.

Shortly before the young person’s 18th birthday we will contact you to seek your closure instructions. The balance of the Account may be transferred to an Account in their own name (subject to normal account opening criteria); or we can post a cheque for the balance of the Account, payable to the child, to the address we hold.

If you change your mind, you can advise us in writing, and we will cancel the account free of charge within 14 days of opening.

Can I withdraw money?

Yes.

You can make withdrawals from this account after 32 days notice and there are no charges for doing so.

All withdrawals must be made to an account in the same name. We will not permit a withdrawal to a third party by any method.

No charges or penalties (except those referred to in out terms and conditions where we permit early withdrawal at our discretion and any charges on transfer before maturity or notice period served)apply to these accounts.

Additional information

Savings terms explained

AER stands for Annual Equivalent Rate. Whenever you see an advert for a  savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

For more definitions, view our savings glossary.

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