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Harrods Bank
 

Childrens Savings Account - ##NEWOREXISTING##

An account which enables parents, grandparents and guardians to build up savings for a child, with attractive rates of interest. The account remains in the name of the adult until the child's sixteenth birthday.
 
OPEN AN ACCOUNT
  • Our Children's Savings Account gives parents, grandparents, guardians (or other suitably connected adults) a vehicle with which to build up a savings nest egg for the future of a child
  • The account is opened in the name of the adult (with the child's name associated with it), and moves into the child's own name on her or his sixteenth birthday
  • The account requires a minimum opening deposit of only £500, and may be opened at any time from the child's birth
  • 35 day notice is required to make withdrawals, for which no fee is charged
  • Interest is posted to the account monthly and statements are issued quarterly
  • The child associated with the account must be between 0-16 years of age at the time the account is opened

DOWNLOAD A POSTAL APPLICATION FORM

Contact us to apply

ACCOUNT SUMMARY
Account Name Childrens Savings Account
Interest Rates Interest rates payable – variable.
Interest paid monthly on cleared balances above £500
Minimum deposit £500. Maximum deposit £2,500,000
Please see our current Credit Interest Rates for Customers
Tax Status Interest is paid at the Gross rate without deducting any tax. Any interest earned will count towards your Personal Savings Allowance and you will be responsible for paying any tax due on interest credited to your account. Please refer to HMRC for further details.
Conditions for Bonus Payment Not applicable – no bonus payment.
Withdrawal Arrangements Notice period – 35 days.
Penalty for early withdrawal – penalty interest (equivalent to the notice period calculated on the amount withdrawn) will be charged if a notice of 35 days is not given prior to withdrawal.
Access Cash at counter – Harrods Bank Ltd.
By arrangement – postal or telephone request.
Eligibility These accounts are only open to individuals of 18 years and above to act as a trustee.
Only one child can be named on the account.
A child must be under 16 years of age.
The Bank has the right to withdraw the product at any time and you will not be informed in writing if the Bank does so. (please note this does not apply for existing holders of this account) UK Residents only.
 

To see a summary of all our personal accounts with the key product facts please click here

1 AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. This allows you to compare easily what return you can expect from your savings over time.

2 The Gross Rate is the rate of interest you would receive on a savings account before the deduction of Basic Rate Tax.