Normal young savers account

A special account for children and young adults up to age 21, who want to start to save.

  • The account can be opened with as little as £1
  • Interest paid annually on 30th November each year.
  • Interest Rates are variable.
  • Additional 0.5% (gross) bonus payable if no more than 12 withdrawals in a year (December to November) and account open at close of business on 30th November.
Young Savers Bonus Account

 INTEREST ADDED ANNUALLY
Rates from 8 September 2006 Previous Rate
BALANCE Yearly Gross % / AER Yearly Net % Gross % / AER
£1+ 4.50 3.60 4.35
  • The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
  • On all savings accounts apart from ISAs, for basic rate taxpayers, we will deduct income tax at the appropriate rate from any interest paid. If you pay income tax at a higher rate, you will have to pay additional tax on the interest to cover the difference between the tax deducted by us and the higher rate due. Alternatively, interest will be paid gross subject to receipt of a valid declaration of self-registration of eligible non-taxpayer status (Form R85).
  • The net rate is the rate with tax deducted at 20%
  • AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added yearly.
  • All rates quoted are variable (apart from fixed rate bonds).