Important Messages
We have announced voluntary financial support for customers of the Philips Trust Corporation who are facing difficulty. Click the button to find out more.
We have announced voluntary financial support for customers of the Philips Trust Corporation who are facing difficulty. Click the button to find out more.
Our U18 Easy Access account is a branch-based, instant access savings account specially for young savers. You can pay in whenever you want to while having the peace of mind that you can take money out immediately if you need to.
This account can be withdrawn at any time.
U18 Easy Access account
The interest rate paid on the account will be paid as below:
Minimum balance | Interest | Gross p.a./AER* |
£1.00 | Annually | 3.25% |
Rate effective from 30 August 2024.
Interest is calculated each day on the available money in your account and is paid on 31 December every year, the child's 16th birthday and 18th birthday.
The interest rate for this account is variable. This means we can change it at any time. You can find full details in our Savings Terms and Conditions.
If your account falls below the minimum balance, the interest rate we'll pay you will reduce to 0.05% Gross p.a/AER variable*.
This is based on no further money being paid in or taken out of the account and no change to the interest rate.
Balance | Gross p.a./AER* | Balance at 12 months |
£1,000.00 | 3.25% | £1,032.50 |
Yes, you can take money out of this account anytime, in line with our daily withdrawal limits. This means you can also close your account anytime.
You're allowed to take money out by cheque but these must be payable to the child only.
You're allowed to take money out electronically to the child's bank account. We'll require a statement to prove the account is in their name.
When the child turns 18, we'll change the account into the Maturity Easy Access Account. This will change the interest rate. The account number won't change.
Our Savings Promises provide you with additional peace of mind, including penalty-free access to your money if your life circumstances significantly change (e.g. serious illness, redundancy, etc). For more information please click here or ask us.
If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax to HM Revenue & Customs (HMRC). For more information visit gov.uk.
* Interest Rate definitions: Gross is the interest rate without the tax deducted. AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year.
New fraud rules from 7 October 2024 mean that with this product, you're eligibility to claim for fraud has changed. For more information please click here.
Where the Savings Terms & Conditions are inconsistent with the account-specific rules and criteria, these account-specific rules and criteria will apply and will take priority.
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