Our 11-15 Bank Account offers everything you need from your first current account. We'll give you an Electron Card for 24-hour access to your money and send you monthly statements. And best of all, we'll pay you 3% AER/2.96% gross (variable) (see note 1) interest to help you make the most of your money. Simply make one payment into your bank account each month to qualify for this rate. This rate increases to 5% AER/ 4.89% gross (variable) for our Youth Plus Account (See Note 2)
|
|
Age |
In-credit interest rate up to £ 500 |
|
Abbey |
11 to 15 |
3% AER (see note 1)/5% AER (see note 2) |
|
Halifax |
11 to 15 |
1.51%AER |
|
HSBC |
11 to 17 |
0% AER |
|
Lloyds TSB |
11 to 18 |
2.50% AER |
|
Natwest |
11 to 18 |
1.50% AER |
Source: Lender’s websites. Correct as of 5 May 2009.
Note 1 2.96% gross/ 3% AER. To be eligible for this rate you must pay money into your account at least once a month and not hold an existing Abbey Bank Account. Where the monthly credit requirement is not met the in credit rate will be 0.1% gross/0.1% AER.
Note 2 4.89% gross/ 5% AER. To be eligible for this rate you must pay into your account at least once a month and your guardian must have a primary Abbey Bank Account. Customers must not hold an existing Youth Bank Account. Where the monthly credit requirement is not met the in credit rate will be 0.1% gross/0.1% AER.
AER stands for Annual Equivalent Rate and shows what the interest would be if we paid interest and added it each year. The gross rate is the rate payable before income tax deduction. Rates may change and we pay interest each month.
Rates correct as at 1 April 2009
This page has reached Plain English Campaign's Crystal Mark standard.
You are here: