Learner Earner

Our Learner Earner account can only be opened in branch or agency. We’ve set it up this way because it’s designed to help children learn why they should save, through fun activity packs, a story book and stickers, a moneybox, and the experience of visiting their local branch regularly to deposit money.

  • This account can only be opened in conjunction with an adult aged over 18
  • Learner Earner Accounts for children can only be opened on a signatory basis, for more information click here
  • Save in branch, agency or by post
  • Save up to £250 a month per account
  • Minimum initial investment £1, maximum balance is £20,000 per account
  • Interest is calculated on the daily balance and paid annually
  • Multiple deposits are permitted up to the monthly maximum
  • Three withdrawals permitted per calendar year
  • The maximum age for the child opening this account is 17, the minimum age of the adult is 18
  • Limited availability
  Interest rate Balance Gross* p.a. AER†
variable £1 - £20,000 2.35% 2.35%
Summary Box
  Summary Box
Account Name Learner Earner Issue 3
What is the interest rate? 2.35% Gross* p.a. / AER† (Variable)

Interest is calculated on the daily balance and paid annually on the 1 January every year.
Can Principality change the interest rate? Yes, variable account rates could increase or decrease.

Customers will be given personal notification of any material reduction in Interest rates a minimum of 14 days before the change takes effect. To understand why rates may be reduced please refer to our Savings Terms and Conditions.
What would the estimated balance be after 12 months based on a £3,000 deposit? £3,038.19 (based on 12 monthly deposits of £250, the first being made at account opening and the remaining 11 on the same day each calendar month, and on the assumption that no withdrawals are made).
How do I open and manage my account?
  • This Account can only be opened by an Adult(s) aged over 18, in conjunction with a Child aged under 18. Two accounts must be opened initially, one for the Adult(s) and one for the Child. Subsequent accounts for other children can be opened by the Adult account holder. The Adult must be the parent, grandparent, close relative or legal guardian of the Child(ren).
  • Accounts opened for under 14’s must be opened on a signatory basis.
  • Adult(s) Accounts can be opened in sole or joint names, the Child’s Account can only be opened in the sole name of the Child.
  • Account holders must be a UK resident for tax purposes.
  • This account is limited to one per customer of any issue number. If you already have a Learner Earner, you will not be able to open this account. If you open this account, you will not be able to open another Learner Earner.
  • Open your account in branch or agency.
  • Multiple deposits can be made up to the maximum monthly deposit of £250.
  • Minimum balance per account is £1, the overall maximum balance per account is £20,000. The minimum balance must be maintained to operate the account. If the maximum balance is reached, only accrued interest can be added to the account.
  • You are not obliged to pay into the account every month.
  • Manage your account in branch, agency or by post.
Can I withdraw money?
  • Yes, you can make up to 3 withdrawals per calendar year.
  • Closure is permitted but counts as a withdrawal.
  • If the Child's account is closed or a withdrawal is made it must be on the Child's behalf and for the Child's benefit.
Additional Information
  • Service charges and costs may apply to your account. These are outlined in our Tariff of Charges.
  • In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined in the Savings Terms and Conditions.
  • Rates correct as at 11/05/2020.

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.

We recommend that you print and keep a copy of these terms and conditions for your records.

Please also read the following:

^ Tax-free means the interest you earn is exempt from UK Income Tax and Capital Gains Tax. Tax treatment depends on your individual circumstances and may not be maintained in future.

* Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year.

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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). 

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