Children's Account - Account Terms
In these Account Terms & Conditions (which include the 'Summary Box – Key Product Information for our Savings Account(s) table on the previous page ('Summary Box')) ‘you/your’ refers to the Bond holder(s) and ‘we/our’ refers to Principality Building Society.1. Accounts for children can be opened and operated in-branch or by post. Please see the Account Brochures for further details of the additional Account opening requirements applicable to Accounts for children.
2. Accounts for children are only available to Individuals under 18 years old. Accounts for Individuals under the age of 14 must be opened by an adult on behalf of the child. Accounts for Individuals aged between 14 and 17 may be opened by the Individual or by an adult on their behalf.
3. Accounts for children must be held in the name of the child who is the beneficiary of the Account as a sole Account Holder. It can be run by adult signatories on behalf of the Account Holder or where the Account Holder is aged between 14 and 17 by the Account Holder.
4. Please see the applicable Account Brochure for the minimum balance required and maximum balance permitted in Accounts for children.
5. Any withdrawals should be in the name of the Account Holder or shown to be for their benefit.
6. Interest on Accounts for children can be paid as Gross Interest but a Form R85 will need to be provided to us before we can do so. The Form R85 should be completed by a parent or guardian of the Account Holder if the Account Holder is under 16 or by the Account Holder if they are aged 16 or over. Where an Account Holder is under 16 and has previously provided a Form R85 they will need to complete and provide to us a new Form R85 when they reach the age of 16.
7. Where the child who is the Account Holder is under 14 years old their Account must be managed on their behalf by an adult. Where the child is 14 or over they may manage their Account on their own.
8. Unless the Account Terms say otherwise, Accounts for children will transfer into our Instant Access Account (or its nearest equivalent) on the Account Holder’s 18th birthday if there is £1 or more in their Account and we will write to the Account Holder to notify them of that fact at least 14 days before their 18th birthday.
9. Unless the Account Terms say otherwise Interest on Accounts for children will be paid annually on 1 January and will be added to the Account.