| Summary Box - Key Product Information for our
Savings Account(s) |
| Account Name |
Children's account |
| Interest rates (AER) |
Gross* /AER** |
Net# |
| 0.90% |
0.72% |
| Tax Status |
Tax will be deducted from your interest before it's
paid into your account. If you are not a UK taxpayer, you'll need
to complete an R85 form so we can pay your interest without
deducting tax. |
| Conditions for bonus payments |
Not applicable. |
| Withdrawal arrangements |
You don't have to give notice. You can withdraw
from £1 to £500 in cash from your branch, or up to £25,000 by
cheque. These withdrawals need to be made in the name of your child
or shown to benefit your child. |
| Access |
Branch |
How do I apply?
|
- You can either visit your
local branch to apply or click the 'Apply Now' button below and
complete and application online.
|
 |
Product features and benefits
|
- Account only available to persons under 18 years old.
- Minimum balance is £1. Maximum contributions are £25,000.
- Interest paid annually on 1 January. Interest must be paid back
into the account.
- Variable rate.
- Matures on the child's 18th birthday. On maturity the account
will be transferred into Instant Access Savings Account (or
equivalent).
|
What does the account offer?
As well as receiving a competitive variable rate, your child
gets a free Dylan the Dragon money box plus a personal passbook
that's updated every time they pay money in so they can watch their
money grow.
All it takes is £1 to open an account (which you can do for a
son, daughter, niece, nephew or grandchild) and anyone can add
money whenever they want.
To open an account, you'll need to bring into your local
branch:
- A minimum of just £1 to open the account (the maximum
investment is £25,000).
- Your child's birth certificate.
- If you've been a member of the Principality for more than a
year, please bring evidence of your signature and a signed letter
with your name and address, explaining what relation the child is
to you – e.g. son, daughter, niece, nephew, grandson.
- If you don't already have a Principality account, we'll need
proof of your identity.
- If your child is aged 14 or over, they can come into their
local Principality branch and open a Children's Account on their
own, providing they have the required proof of identity. Our staff
will be delighted to help them and answer any questions.
If you have any difficulty providing the required documentation
then please contact us. You can also set up a standing order for
regular payments to be made to the account.
How is interest paid?
Your child will receive annual interest on the money they've
saved, which we'll calculate on 1st January. Children do not
usually have to pay tax on their savings. However, we will need you
to fill in an R85 form to make sure you or they don't pay tax
unnecessarily.
How does my child withdraw money?
You can withdraw money from a Children's Account at any time.
For tax purposes any withdrawals should be in the name of the child
or shown to be for the benefit of your child. The maximum you can
withdraw in one day at any of our branches is up to £500 in cash or
£25,000 by cheque.
* Gross is the contractual rate of
interest payable before the deduction of income tax at the rate
specified by law.
** AER stands for Annual
Equivalent Rate and illustrates what the interest rate would be if
interest was paid and compounded once each year. As every
advertisement for a savings product which quotes an interest rate
will contain an AER, you will be able to compare more easily what
return you can expect from your savings over time.
# Net is the rate of interest
payable after the deduction of income tax at the rate specified by
law.