Cymraeg

Dylan Advanced Saver

If your child wants to save their money for something special, then our Dylan Advanced Saver may be the account for them. If they can understand that they need to let their savings build up a bit, this account will let them save when they want. But they’ll need to remember they can only take money out once a year.

4.60% Gross* each year / AER† (Variable) Book an appointment
  Interest rate Balance Gross* each year AER†
variable £1 - £50,000 4.60% 4.60%
  • Open in branch or agency
  • The maximum age for a child opening this account is 15 years
  • The account can be opened on a guardian basis or by the child if they are 14 or over
  • Pay in from £1 up to the maximum of £50,000
  • The child can make one withdrawal each year
  • Interest is paid each year on January 1
  • Closing the account counts as a withdrawal
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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.

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Summary Box
  Summary Box
What is the interest rate? 4.60% 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?
  • Yes, variable interest rates can go up or down.
  • If you have £100 or more in the account, we will give notice of any reduction in interest rates at least 14 days before the change takes effect.
  • For more information, see the section Changes to interest rates in our Savings Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit? £1,046.00
This is based on no further money being put in or taken out of the account and no change to the interest rate.
How do I open and manage my account?
  • This account is for people aged under 16 (referred to as ‘the child’) in this summary box.
  • If the child is under 14, the account must be opened as a guardian account (see the Savings Terms and Conditions)
  • When the child reaches 16, we will move the money to an Instant Access Account or the nearest equivalent we offer at the time. When this happens, the guardian can no longer withdraw from or close the account and the child will manage the account themselves. To do this, the child will need to provide proof of their identity and address.
  • The child and the guardian (if appropriate) must be UK residents (see your Dylan Advanced Saver account terms)
  • The account can have up to two adult guardians. Only someone with parental responsibility can be a guardian on the account (for example a parent, guardian or foster parent).
  • The account can be opened in a branch or at an agency.
  • You must keep at least £1 (the minimum balance) in the account.
  • If we do not receive the first payment within five business days of the account opening, we will close it.
  • If the account reaches £50,000, you cannot pay any more money into it.
  • The account can be managed in branch, at an agency or by post.
Can I withdraw money?
  • Yes, you can make one withdrawal from the account every calendar year.
  • Closing the account counts as a withdrawal.
Additional Information
  • Service charges and costs may apply to the account. These are set out in our Tariff of Charges.
  • In certain circumstances we may refuse an instruction for using an account. These circumstances are set out in our Savings Terms and Conditions.
  • Children are not exempt from paying tax. If the total amount of interest earned by a child is more than their tax-free Personal Savings Allowance, they may have to pay tax directly to HM Revenue & Customs (HMRC). If a child earns more than £100 in interest from money given by a parent, the parent may also have to pay tax. For more information, visit gov.uk and search ‘interest on savings for children’
  • The interest rates quoted above were correct on 10/08/2023.

Before you apply, please read the Dylan Advanced Saver Terms & Conditions

As the adult, guardian or child you will be bound by the Account Terms of the account and their information is held in accordance with our privacy policy, you should read, print and save the below documents for your records. If you have any queries relating to them, please contact us for further information.

Please also read the following:

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  1. 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.
  2. The calculations assume interest is paid gross* of income tax on the entire balance on an annual basis
  3. 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). 

Help & Guidance
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Guides Read more for top tips on saving and answers to your savings and ISA questions.

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Contact us If you would like to speak someone for help give us a quick call. 

 

^ 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.

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Dylan Advanced Saver