Robin Hood Young Saver Issue 5

Help the next generation become savings legends with our Robin Hood Young Saver Issue 5. It’s a great way to get children into the savings habit early. The account can be opened with as little as £1 at which stage they will receive a bag of goodies. They can deposit up to £100 every calendar month and will benefit from an interest rate of 2.75% gross p.a/AER*. The account matures on 31/05/2018. As their savings grow, so will their collection of money boxes.

Account details

  • Branch only savings offer


  • Perfect for building up your child’s savings steadily


  • Save between £1 and £100 every month


  • Collect four money boxes (terms and conditions apply)


  • Free 1 hour group tennis lesson at the Nottingham Tennis Centre †


  • Limited issue


Summary table

Account name

Robin Hood Young Saver Issue 5

Interest rates (AERs)

2.75% gross rate p.a./AER* until 31 May 2018
The interest on this account is variable, this means that it can go up or down. The basis on which we might change your interest rate is set out in our terms and conditions

Tax status

We will pay your interest without tax taken off. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC. Your tax treatment will depend on your individual circumstances and may be subject to change in the future, for further information please contact HMRC

Conditions for bonus payments

No bonus payable

Withdrawal arrangements

Instant access

Access

Branch

Additional information

There are other savings accounts available with The Nottingham and other banks and building societies. Subject to withdrawal conditions you can switch accounts at any point

You can view our full terms and conditions here

Want to discuss one of our savings products?

Visit a branch or call our customer service team to find out more about our accounts

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  • Rates & account details
  • Managing your account
  • Opening an account

Your interest

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*.

Account details

† When you open an account you will be entitled to a FREE 1 hour group tennis lesson at the Nottingham Tennis Centre. Details available at the following branches: Arnold, Beeston, Bulwell, Carlton Hill, Eastwood, Hucknall, Long Eaton, Mansfield, Mapperley, Netherfield, Newark, Nottingham, Retford, Ruddington, Sherwood, Stapleford, Sutton in Ashfield, Wollaton, Wollaton Park, Worksop.

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.

Current interest rates from 25 Apr 2016

Balance Gross rate / AER* Net rate+
£1 - £2,600 2.75% 2.20%

*We will pay your interest without tax taken off. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC. Your tax treatment will depend on your individual circumstances and may be subject to change in the future, for further information please contact HMRC. AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was re-invested in the account each year. Interest rates are variable unless otherwise stated.

+The net rate(s) shown assume(s) income tax at the lower rate of 20% has been taken off.

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