Grant a child a guaranteed return on your investment with our Jumbo Junior Fixed Deposit Account. In return, we'll send a free Jumbo Junior coin bank for them witin 90 days of opening your account.


At a glance:

  • Open an account with a minimum of £1,000
  • Grow your savings with interest on up to £100,000 (total across all SBI UK Jumbo Junior accounts)
  • Interest is calculated annually and paid at maturity for one-year deposits
  • Interest is added on the anniversary of the deposit for terms over one year
  • Pay in deposit by cheque or electronic transfer

* The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.

Please see the table for our current Jumbo Junior Fixed Deposit Account interest rates (AERs).


Fixed deposit rates for GBP applicable from the 6th March 2017

Period Gross rate
maturity/annual interest
AER
One Year 0.50% 0.50%
Two Years 0.75% 0.75%
Three Years 1.00% 1.00%
Four Years 1.00% 1.00%
Five Years 1.50% 1.50%

* The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.

Jumbo Junior Fixed Deposit Account
Product Summary & Terms and Conditions

Account name Jumbo Junior Fixed Deposit Account
Interest rates For current interest rate click here
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
What would the estimated balance be on the date the fixed deposit matures based on a £10,000 deposit? On a deposit of £10,000, the estimated balance would be:
Term Initial Deposit Estimated Balance
1 Year £10,000 £10,050.00
2 Years £10,000 £10,150.56
3 Years £10,000 £10,303.01
4 Years £10,000 £10,406.04
5 Years £10,000 £10,772.84

This is based on:
  • Interest calculated and compounded annually.
  • £10,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
  • The amount of the deposit at the end of the term.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalties for withdrawal.
Access In branch or by post.

Key product features:

  • Save on behalf of a child with a Jumbo Junior Fixed Deposit Account
  • Earn a competitive rate of interest. For the latest interest rates visit
    www.sbiuk.com/personal/interest-rates
  • Manage your account through the branch or by post
  • The maximum amount that can be invested is £100,000 in total for each child across all Jumbo Junior Account products

Terms and Conditions - Jumbo Junior Fixed Deposit Account

  • The minimum amount required for opening a Jumbo Junior Fixed Deposit Account is £1,000. The maximum amount that can be invested for any Child is £100,000 in total across all SBI UK Jumbo Junior Accounts.
  • The Jumbo Junior Fixed Deposit Account is available to a Child aged up to and including 15 years old (for example on 1 January 2014, any Child with a date of birth on or before 31 December 1998 will not be eligible to apply) and who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
  • The account must be opened by either one or two adults, who must be named on the account as Trustee/s, who are aged over 18, resident in the UK for tax purposes and have a permanent UK address. This account is operated on a bare trust basis, and the money will be held in trust by the Trustees for the benefit of the Child, during the term of the Fixed Deposit.
  • The Jumbo Junior Fixed Deposit Account term cannot extend to mature beyond the Child's 16th birthday. This means that on the Child's 14th birthday only the 1 and 2 year Jumbo Junior Fixed Deposit terms are available.
  • If you open a Jumbo Junior Fixed Deposit Account, you must open or already hold a Jumbo Junior Instant Access account with the same customer details (i.e. both the same Trustee/s and beneficiary).
  • As Trustee of a trust, whether existing or bare, all Trustees will have obligations to the Child and it is the Trustee's responsibility to administer the trust in accordance with those obligations.
  • No withdrawals are permitted during the term of the deposit.
  • At maturity we will transfer the proceeds into the Jumbo Junior Instant Access Savings Account. The money will be held in trust by the Trustee/s for the benefit of the Child until the Child reaches 16 (for example, if the Child is aged 3 years old at the time the Trustee/s deposit in a 3 year deposit – the plan will mature when the Child is aged 6. The maturity proceeds will then be transferred into the existing Jumbo Junior Instant Access Savings Account automatically, unless there is an instruction to the contrary, where it will be held in trust by the Trustees until the Child reaches 16).
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • You cannot add additional amounts to the Jumbo Junior Fixed Deposit Account. However, more than one Jumbo Junior Fixed Deposit Account can be opened for the same beneficiary provided that the maximum total does not exceed £100,000 across all SBI UK Jumbo Junior Accounts.
  • The rate of interest is fixed for the entire period of the deposit.
  • Interest is calculated annually and will be paid at maturity (for 1 year deposits) or added to the deposit on the anniversary of the deposit (for terms longer than one year).
  • SBI UK does not provide a debit card or online transaction capabilities for this account.
  • The deposit must be made by way of either a cheque or electronic transfer.
  • The Jumbo Junior Fixed Deposit Account is available for a limited period and may be withdrawn at any time at the discretion of the Bank.
  • The Bank will not offer any loan against this product.
  • Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com

How to apply

It's easy to apply. Before you do, have you checked that both you and your beneficiary – the child – qualify for this account?


The child must be:

  • Aged 15 or younger
  • Ordinarily resident in the UK for tax purposes
  • With a permanent UK address

You (and another adult, if you choose) must be:

  • Named on the account as trustee(s)
  • Over 18 years old
  • Resident in the UK for tax purposes, and with a permanent UK address

If all of these statements are correct, you're able to apply for our Jumbo Junior Fixed Deposit Account.


Any questions?

Contact centre is now open 24/7.


* The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.

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