Savings
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Savings & Investments
The Vault
The Vault is an instant access savings account designed for serious savers aged 12-17.
Looking to save for the future? Want to save short term so you can afford that new MP3 player or elusive pair of shoes? Maybe you’ve just started your first part-time job and want to save your earnings! Whatever your lifestyle the Vault is the best way to keep your money safe.
| Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Account Name | The Vault |
| Interest Rates (AERs) | See the "How much interest will I earn?" table below. |
| Tax Status | The gross rate(s) of interest shown will be payable net of the appropriate rate of income tax (which may be reclaimed by non-taxpayers) or, subject to the required certification, gross. |
| Conditions for bonus payment | There is no bonus available on this account. |
| Withdrawal arrangements | One withdrawal a week up to £250 may be made by the account holder. Withdrawals over £250 and additional withdrawals in a week must be signed by both the account holder and a parent/guardian. |
| Access | Account can be opened and operated through any of our branches or by post. |
How much interest will I earn?
| Investment | Annual Interest % Gross§ p.a./AER† (Variable) |
|---|---|
| £10+ | 1.50 |
Interest rates effective from 22 October 2009
Other Product Features:
Minimum and maximum investment and operating balance:
The minimum investment is £10 and the maximum investment is £1,000,000.
When is interest paid?
Interest is paid annually on 1 January.
How is interest paid?
Interest is credited to the account.
Age Qualification
You must be between 12-17 years old inclusive to open an account. At 18 years old your account will automatically upgrade to our Loyalty i-Save account.
