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0216 savers issue 2 (beneficiary account) |
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Our 0216 savers issue 2 account allows a parent, grand-parent, guardian or other connected adult to open a savings account and operate it on behalf of the child. This is great way to start savings for a child where he or she is too young to operate the account. The account can be maintained by the account holder on behalf of the child, up to age 16, when the funds will need to be transferred to an alternative savings account.
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Summary Box
Key Product Information for our Savings Account(s) |
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Account Name |
0216 Savers Issue 2 |
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Interest Rates (AERs) |
See separate interest rate table |
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Tax Status |
Net of Income Tax unless you have registered to receive interest gross |
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Conditions for Bonus Payment |
n/a |
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Withdrawal Arrangements |
Instant access |
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Access |
Branch, agency or post |
how much do I need to open an account?
You can open an account with a minimum of £5 and can save up to £50,000 (not including interest). An 0216 Savers is opened and operated on behalf of a child aged between birth and 16 years of age.
how do I make withdrawals?
You can make withdrawals on behalf of the child without notice or penalty by visiting a branch of agency of the Society (subject to the limits explained in our investment terms and conditions ) or by forwarding your passbook with your written instructions to us.
when do I receive interest on my account?
Interest is added to your account on 1 March each year. The interest rates are variable.
what happens when I reach 16?
When the beneficiary, the child, is 16 years of age the funds must be transferred out of the 0216 Savers account. Unless you tell us otherwise, we will transfer the account to an Instant Access Share account in the name of the child, and the terms and conditions of that account will apply at that time.
| balance |
interest paid |
gross interest |
gross AER |
net interest |
net AER |
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| from 6 Apr 2011 |
| £5+ |
Annually |
0.60 |
0.60 |
0.48 |
0.48 |
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