U18 Easy Access account

U18 Easy Access account 

The interest rate paid on the account will be paid as below:

Rate effective from 14 March 2025.

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.

• The child must be 17 or under and a UK resident to have this account.
• You can open the account in branch, by post.
• You need to pay money into your account within 30 days of opening it. If you don't we'll close the account.
• You must keep a minimum of £1.00 in your account to get the interest rate.
• The maximum amount you can pay into this account is £250,000.00.
• You can manage the account in branch, by post, by phone, on webchat.
• The money paid into the account belongs to the child only.
• Only hold one of these accounts at a time per child.
• If the child is under the age of 13 we'll need an adult signatory on the account. If the child is aged 13 to 17 you can choose to have an adult signatory on the account.
• All signatories will be removed from the account on the child’s 18th birthday. This means they will no longer have control over the account or money in it. The child will be notified before their 18th birthday that this will happen.
• A Parent or Legal Guardian must give their approval on the Children’s Application Form to process the child’s data, if the child is under 16. If the signatory is not the Parent or Legal Guardian, the signatory must obtain this consent.

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.