Ladybird Legacy Account Issue 1

Ladybird Legacy Account Issue 1

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

Rate effective from 27 May 2026.

Interest is paid on a tiered basis which means you’ll earn one rate on your entire account balance. 

Interest is calculated each day on the available money in your account and is paid on the child's 21st birthday and the end of the term.

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 paying in £100 per month, for 12 months and no withdrawals.

• The child must be 20 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 £100,000.00.
• You can manage the account in branch, by post, by phone, on webchat.
• The money paid into the account belongs to the child only.
• You can 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. Before their 18th birthday, the child and the signatories will be notified that this will happen. The child will need to complete re-identification before they can access the account.
• A signatory must give their approval on the Children’s Application Form to process the child’s data, if the child is under 16. 

Yes, you can take money out of this account at any time but restricted to once per calendar year. The withdrawal limit is reset on 1 January of each year. You can close this account at any time but closure counts as a withdrawal. 

If you close the account, the child cannot hold another Ladybird Legacy account.

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 21, we'll change the account into the Easy Access Maturity account, which will have a different interest rate. The account number won't change. If you want to switch to a different account, we'll tell you how to do this in the maturity pack that we'll send you.

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.