The interest rate is a bank managed rate of 1.45% Gross/AER.

Interest accrues on the daily balance at the above rate. This rate may vary from time to time and we will notify you of any changes.

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

Yes.

As this account pays a variable rate of interest, it can change over time – the general terms and conditions explain how this happens. We will always let you know of any planned changes to the rate. For example, we may review our interest rates if the Bank of England base rate changes.

If you deposit £1,000 when you open the account, the balance after 12 months will be £1,014.50

This assumes:

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

An account can be opened for any child up to the age of 17 years. For any child up to 15 years old, we will ask that a birth certificate or passport be provided as a form of identification for the child. For any child above 16 years old, please complete this form.

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

A minimum deposit of £1 is required when opening an account.

Once a fully completed application form is received in the post and the necessary checks have been carried out by our team, we will be delighted to open your account with us.

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.

Deposits can be added at any time via online banking, card payment, standing order or post.

Information can be requested on the phone, but all instructions should be sent to us via online banking or by post.

To register for internet banking, click here and select the ‘Register’ button.

Shortly before the young person’s 18^th 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.

Yes. You can make withdrawals from this account by giving 32 days’ notice, and there is no charge for doing so.

You can either request a withdrawal via online banking, over the phone or by sending a letter/withdrawal request in the post.

All withdrawals must be made to an account in the same name.

No charges apply to this account (except for those referred to in our terms and conditions, where we permit early withdrawal at our discretion with charges on transfer before notice period served).

‘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.