Our Learner Earner account can only be opened in branch or at an agency. We've set it up this way because it's designed to help children learn about saving, through fun activity packs, a story book and stickers and the experience of visiting their local branch regularly to pay in money.
- Open in branch or at an agency
- The account can only be opened in conjunction with an adult aged 18 or over. The maximum age for a child opening this account is 17 years.
- The child's account can only be opened as a signatory account. For more information click here
- Pay in up to £250 each month, in one or more payments
- You don't have to pay money in every month
- Once you have saved £20,000 you can't put any more money in
- Interest is calculated on the money in the account each day and paid each year on 1 January
- Take money out three times each calendar year
- You can close the account but closure counts as a withdrawal
- We can stop accepting applications at any time.
|Cyfraddau llog||Balans||Gross* each year||AER†|
|variable||£1 - £20,000||2.95%||2.95%|
- Blwch Crynodeb
- Cyfrifo eich cynilion
- Cymorth a chanllawiau
|What is the interest rate?||2.95% Gross* each year/AER† (Variable)
(See the meanings of ‘Gross’ and ‘AER’ below this summary box.)
Interest is calculated each day on the money in the account and paid on 1st January every year.
|Can Principality change the interest rate?||
|What would the estimated balance be after 12 months based on a £3,000 deposit?||£3,047.94
This is based on you paying in £250 a month for 12 months, making the first payment on the date the account was opened, no money being taken out of the account and no change in the interest rate.
|Sut ydw i’n agor a rheoli fy nghyfrif?||
|A gaf i godi arian?||
Before you apply, please read the Learner Earner Issue 3 Terms & Conditions
- Learner Earner Issue 3 Account Terms and Product Summary Information
- Savings Terms and Conditions
Please also read the following:
- The results displayed were dependent on the information you provided and are for illustrative purposes only and are by no means an indication of being suitable for your individual circumstances.
- The calculations assume interest is paid gross* of income tax on the entire balance on an annual basis
- It has been assumed that no withdrawals or additional deposits would be made from the account during the saving duration, and that the interest rate also remains the same during this time (note that interest rates on variable rate savings account are subject to change, and when fixed rate deals end, there is no guarantee that the same rate will be available in the future).
^ Tax-free means UK Income Tax and Capital Gains Tax is not deducted from the interest you earn. This depends on your individual circumstances, and may change in future.
* Gross interest is the rate of interest before income tax is deducted at the rate set by law.
† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid once each year on the whole balance, including previous interest payments.