Young Savers’ Club is an instant access account for under 17’s.

Summary Box
Key product information for our Savings Account
Account Name	Young Savers
Interest rates (AER's)	Interest rates are variable. Our current rates of interest and bonuses are shown below or can be found in our 'Interest rate summary' leaflet. Alternatively you can call our 24 hour rateline on 0845 795 9666
Tax status	Interest will be paid net of tax unless you have registered to receive it gross
Conditions for bonus payment	Not applicable
Withdrawal arrangements	Instant access
Access	Branch

You need just £1 to open a Young Savers’ Club account and can invest up to £250,000. If you are aged between 7 and 16 you can open your own account. If you are younger than 7, a parent or guardian will be able to open an account for you.

Young Savers’ aged 11 to 16 can withdraw up to £250 each day. If you are under 7 your parent or guardian can take money out of your account for you. If you are aged between 7 and 10 you can take out up to £5 each day. You can take out more than £250 by cheque if your parent or guardian comes with you.

Interest is paid on 30 November each year and for most young savers, it will be tax-free as they don’t pay tax.

*We will pay your interest with tax taken off at the lower rate of 20% (net interest). If you do not pay tax and have filled in an HM Revenue & Customs R85 form, we will not take tax off your interest (gross interest). Different forms will be needed to claim tax-free interest on our International, Charity, Corporate Deposit and Club accounts. Tax-free interest cannot be claimed on a Professional Client Deposit Account.

AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year.

+ The net rates shown assume income tax at the lower rate of 20% has been taken.

Interest rates are variable