Gift SaverOur Gift Saver could be a great way to build up a sum of money for a child. It offers the flexibility of saving regularly or just when you want, and will allow you take money out for the child up to three times a year.
|Interest rate||Balance||Gross* each year||AER†|
|Variable||£1 - £20,000||4.60%||4.60%|
- Open in branch or agency
- The maximum age for a child opening this account is 17 years
- The account can be opened on a trust basis or by the child if they are 14 or over
- Pay in from £1 to £150 each month. You do not have to pay in money each month.
Maximum balance £20,000
Interest is paid each year on January 1
Up to three withdrawals can be made each year
Closing the account counts as a withdrawal
- Summary Box
- Calculate your savings
- Help & guidance
|What is the interest rate?||4.60% Gross* each year / AER† (Variable)
(See the meaning of 'Gross' and 'AER' at the bottom of this page.)
Interest is calculated each day on the money in the account and paid on 1st January every year.
|Can Principality change the interest rates?||
|What would the estimated balance be after 12 months based on a £1,800 deposit?||£1,844.45
This is based on you paying in £150 a month for 12 months, making the first payment on the day the account was opened, no money being taken out of the account and no change to the interest rate.
|How do I open and manage my account?||
|Can I withdraw money?||
- 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).
Before you apply, please read the Gift Saver Terms & Conditions
- Gift Saver Account Terms and Product Summary Information
- Savings Terms and Conditions
We recommend that you print and keep a copy of these terms and conditions for your records.
Please also read the following:
Putting money into your savings account Once you've opened your savings account, for most accounts you should pay money in within 5 business days. Click here for information on how you can do that.