Learner Earner

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.

2.75% Gross* each year / AER† (Variable) Book an appointment

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.

	Interest rate	Balance	Gross* each year	AER†
	variable	£1 - £20,000	2.75%	2.75%

Summary Box
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Help & Guidance

Summary Box

	Summary Box
What is the interest rate?	2.75% 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 £3,000 deposit?	£3,044.69 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.
How do I open and manage my account?	You must be 18 or over and a UK resident (see your Learner Earner account terms).You must also open a second Learner Earner account for a child at the same time. Additional Learner Earner accounts for other children can also be opened. You must be a parent, grandparent, other close relation or legal guardian of the child(ren). The account must be opened for a child under 14 as a signatory account. For a child aged 14 to 17 the account can be opened as a signatory account or managed by themselves. The account can have up to two adult joint account holders. The child’s account must be opened in the name of a child who is under 18. You can only open one Learner Earner account of any issue number in your name. You can open the account in branch or at an agency. You must keep at least £1 (the minimum balance) in the account. The most you can pay into each account each month is £250, in one or more payments. You don’t have to pay money in every month. If we do not receive the first payment within five business days of the account opening, we will close it. If an account reaches £20,000, you cannot pay any more money into it. You can manage the child(ren)’s account in branch, at an agency or by post. Adults can manage their own account in branch, at an agency, by post or using the online service, Your Account, at www.principality.co.uk.
Can I withdraw money?	Yes, you can make three withdrawals from a Learner Earner 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. If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax directly to HM Revenue & Customs (HMRC).For more information, visit www.gov.uk and search Personal Savings Allowance and ‘interest on savings for children’. The interest rates quoted above were correct on 01/03/2022.

Before you apply, please read the Learner Earner Issue 3 Terms & Conditions

As the adult, signatory and child 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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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).

Help & Guidance

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

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^ 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.