We add the interest to your account on 31 May each year until the account matures in 2018. Each year we will send a statement to show how much interest has been earned.
Most of our young savers don’t have to pay tax on their interest.
If you saved £100 a month for 12 months without making any withdrawals, you could earn up to £17.88 gross interest by the anniversary of the first deposit based on the current variable rate of 2.75% gross p.a./AER*.
Paying money in
Children between 7 and 17 can open the account themselves; children younger than 7 will need a parent or guardian to do it for them. Proof of identity, age and permanent address is needed. The child will remain as the beneficial owner of the funds invested within the account.
Once you have opened your account, you can pay between £1 and £100 into the account every calendar month by cash, cheque or standing order. As long as you don’t go over the £100 monthly limit, you can pay money in as often as you want to. You can also miss as many monthly payments as you like.
Taking money out
The most you can withdraw in any one day is £500 in cash. There is no limit to cheque withdrawals. To make a withdrawal, a parent or guardian will need to accompany children if they’re:
- under 7
- aged 7-10 and want to take out more than £5
- aged 11-16 and want to take out more than £250
What happens when the term ends?
Shortly before your account matures we will write to you with details of a replacement product if they are available. If we do not hear from you, we will transfer your balance to an account called Young Savers' Club, or an alternative account we consider appropriate at the time.
How to open
To open an account you must:
This is a limited issue and may be withdrawn at any time.
If you're aged between 7 and 17 you can open the account yourself. If you're younger than 7 you will need a parent or guardian with you.
All account openings will require a copy of the child's birth certificate. If, as the parent or guardian you are new to The Nottingham, you'll need to bring two forms of identification with you.
We'll give you the full terms and conditions when you open the account.
Call your local branch and speak to one of our advisers and find out how you could benefit from a savings account.