Child Savings Accounts
We all worry about the future whatever walk
of life we’re in, but nun more so than those of
us with people that depend upon us, like a partner, or
more importantly, our children. We all want to provide
the best life for our off spring, and secure them a happy
future. A great way to give them at the best start is
to open a Childs savings account. In saving for a child's
future a high interest Savings Account for children is
a great way to save - whether you're a parent, grandparent,
godparent or close family friend. You can open one of
these accounts with as little as £1, making it easy
to save.
These accounts work in a very similar way
to you’re regular high interest account in the fact
that the more that's saved, the higher the interest rate
on your deposits.
Free withdrawals can be made from the account provided
60 days' notice is given. Otherwise, there will be a fee
of 60 days' interest on the amount withdrawn, at the rate
applicable to your account at the date of the withdrawal.
Transfers can be made via Telephone Banking
or Internet Banking services, by post or at any of the
banks branches that you hold the account with.
Interest is normally paid after the deduction
of tax; however, you may qualify to receive interest gross.
Non-taxpayers are entitled to receive gross interest if
they have completed an R85 Registration Form. Please note
that Inland Revenue rules state that when parental gifts
produce in excess of £100 gross income a year, the
income is taxed as part of the parents' income.
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offers alongside mortgage offers, take a look at Loans UK
for all your loan needs.
