Gift Saver

4.35% Gross* each year / AER† (Variable) 
 
Interest is calculated each day on the money in the account and paid into the account on 1 January every year. 

Yes, variable interest rates can go up or down. If you have £100 or more in the account, we will give notice of any reduction in interest rates at least 14 days before the change takes effect. 

For more information on changes to interest rates, see the section Changes to interest rates in our Savings Terms and Conditions. 

£1,842.19 
 
This is based on: 

• You paying in £150 a month for 12 months. 
• You making the first payment on the day the account was opened. 
• No money being taken out of the account. 
• No change to the interest rate. 

This calculation is for guidance only, to show you what a future balance could look like. It does not consider your individual circumstances. 

• This account is for people aged under 18 (referred to as ‘the child’ in this summary box).
• The account must be opened for a child under 14 as a trust account. 
• For a child aged 14 to 17 the account can be opened as a trust account or managed by themselves. 
• The child and the trustee (if appropriate) must be UK residents (see your Gift Saver account terms). 
• You must be 18 or over to open this account on behalf of someone aged under 18. 
• The account can have up to four adult trustees. 
• When the child reaches 18, we will move the money to an Instant Access Account or the nearest equivalent we offer at the time. 
• The account can be opened in a branch or at an agency. 
• You must keep at least £1 (the minimum balance) in the account. 
• The most you can pay into the account each month is £150, in one or more payments. 
• You don’t have to pay in money every month. 
• If we do not receive the first payment within five business days of the account opening we may close it. 
• If the account reaches £20,000, you cannot pay any more money into it. 
• The account can be managed in branch, at an agency or by post. 

Yes, you can make up to three withdrawals from a Gift Saver account every calendar year. Closing the account counts as a withdrawal. 

Service charges and costs may apply to the account. These are set out in our Tariff of Charges. 

In certain circumstances we may refuse an instruction for using an account. These circumstances are set out in our Savings Terms and Conditions. 

Children are not exempt from paying tax. If the total amount of interest earned by a child is more than their tax-free Personal Savings Allowance, they may have to pay tax directly to HM Revenue and Customs (HMRC). If a child earns more than £100 in interest during the tax year from money given by a parent, the parent may also have to pay tax. For more information, visit gov.uk. 

The interest rates quoted above were correct on 12/09/2024.