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Smart Saver account (Issue 3)

The information below provides an overview of the account and the Account Specific Rules and Criteria.

Please ensure that you also read the Savings Terms & Conditions.

We will be in touch with your parent/guardian via email to help you keep on track with your savings.

This account can be withdrawn at any time.

Perfect if you...

    • Want to learn good saving habits
    • Want to be rewarded with interest the more you save
    • Want to withdraw your funds as and when you need to

Just remember...

  • You will need a minimum deposit of £1 to open the account
  • You must be a UK resident aged between 13 - 16
  • You must have a Parent or Legal Guardian's approval to process the child's data

Summary box

* The gross rate is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually.

Account specific rules and criteria - Effective from 19 August 2020

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.

  1. All funds invested belong to the child.
  2. You need to tell HMRC if your child earns more than £100 in interest from money given by one parent, or more than £200 if given by 2 parents, this interest is liable for tax. Please contact HMRC for advice.

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