V4 account (Issue 2)
An immediate access account for 11-23 year olds, helping you to save and get an excellent rate of interest. This account is designed to encourage independent saving throughout education and into the workplace.
| Summary Box Key Product Information for our Savings Accounts |
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|---|---|---|---|---|---|---|---|---|---|
| Account name | V4 account (Issue 2) | ||||||||
| Interest rates (AERs) |
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| Tax status | Interest is paid net of tax unless you have registered an R85 form | ||||||||
| Conditions for bonus payment | There is no bonus payment for this account | ||||||||
| Withdrawal arrangements | Immediate access | ||||||||
| Access | Access is via post, or one of our branches | ||||||||
- Open with £1
- Maximum investment of £50,000 (although interest can be added onto this)
- Immediate access to your savings
- The interest rate is tiered, so the more you save, the higher the rate of interest
- At the age of 24, your V4 account will roll over into a Cashbuild account, unless you instruct otherwise
- Interest rate varies
- Interest is paid annually on 31 December and credited directly to your account
You may be able to receive your interest without paying tax. First, your parents/guardians should complete the Helpsheet attached to this form to see if you are entitled to get interest without paying tax. If you are, ask them to complete the remainder of the form and send it to us with your application form.
current rates | previous rates
| Minimum investment | Investment amount | Gross p.a. / aer % | Net p.a. % (after deduction of basic rate tax) |
| £1 | 1.00 | 0.80 | |
| £10,000 + | 1.35 | 1.08 | |
| £25,000 + | 1.75 | 1.40 |
current rates valid from 1 April 2009
| Minimum investment | Investment amount | Gross p.a. / aer % | Net p.a. % (after deduction of basic rate tax) |
| £1 | 1.75 | 1.40 | |
| £10,000 + | 2.10 | 1.68 | |
| £25,000 + | 2.50 | 2.00 |
previous rates valid from 1 March 2009 to 31 March 2009 and relate to the previous issue of the account
