Give a child a head start with our Jumbo Junior Instant Access Savings Account. As long as you maintain the minimum balance, your savings can earn 1.50% gross AER* (1.49% monthly) variable.


Please be aware that the rate of this account will change to 0.75% w.e.f 1st June 2017.
All accounts opened before the 1st June 2017 will accrue the interest rate of 1.50% up until the 31st May 2017, the interest rate of your account will be reduced on the 1st June to 0.75% (This will affect all account holders of this product).


We’ll also send a free coin bank for your child within 90 days of opening your account.


At a glance:

  • Open an account with a minimum of £100
  • Grow your savings with monthly interest on up to £100,000 (total across all SBI UK Jumbo Junior accounts)
  • After initial deposit, pay in funds by cheque, electronic transfer or cash
  • Access savings at any time – no notice period or withdrawal penalty

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

SBI Jumbo Junior Instant Access Savings Account - Issue 2 , 15 July 2016


Balance Amount Up to 31st May 2017 With Effect from 1st June 2017
Gross rate AER* Gross rate AER*
£0 - £499 0.00% 0.00% 0.00% 0.00%
£500 - £100,000 1.50% 1.50% 0.75% 0.75%
Above £100,000 0.00% 0.00% 0.00% 0.00%


Please be aware that the rate of this account will change to 0.75% w.e.f 1st June 2017.
All accounts opened before the 1st June 2017 will accrue the interest rate of 1.50% up until the 31st May 2017, the interest rate of your account will be reduced on the 1st June to 0.75% (This will affect all account holders of this product).


  • 0.75% gross AER* variable

View current interest rates for our products >


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

Jumbo Junior Instant Access Savings Account
Product Summary & Terms and Conditions

Account name Jumbo Junior Instant Access Savings 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 after 12 months based on a £1,000 deposit? On a deposit of £1,000, the estimated balance would be £1,007.50.
This is based on:
  • Interest calculated and compounded annually.
  • £1,000 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 interest rate as detailed on www.sbiuk.com/personal/interest-rates and doesn’t take into account any changes in the rate of interest over the 12 month period
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 Instant Access Savings Account
  • Earn a competitive rate of interest. For current interest rate click here
  • 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 Instant Access Savings Account

  • The minimum amount required for opening an account is £100. The maximum amount that can be invested for any Child is £100,000 in total across all Jumbo Junior Accounts.
  • The Jumbo Junior Instant Access Savings Account is available to a Child aged younger than 16 years 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. The accounts are operated on a bare trust basis and the money will be held in trust for the benefit of the Child until the Child reaches 16 years of age.
  • 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.
  • Interest is accrued daily and paid on a monthly basis.
  • We do not provide a debit card or online transaction capabilities for this account.
  • Money can be deposited into the account by way of cheque, electronic transfer or cash. The initial deposit must be made by way of either a cheque or electronic transfer.
  • When the Child reaches the age of 16, the trust ends and the Child will acquire full ownership of the savings. At this time we will suspend the Jumbo Junior Instant Access Savings Account for any future transactions and invite the Child to open a new Young Adult Instant Access Savings Account.
  • In order to access their savings after the age of 16, the Child can either request a withdrawal through your local branch (appropriate verification will be required), or can apply to open a Young Adult Instant Access Savings Account (or equivalent account available at that time) in order for us to then transfer the proceeds from the Jumbo Junior Instant Access account into the new account. The Young Adult Instant Access Savings Account will be fully controlled by the Child and the Trustees will no longer be able to access or control the account. From this time onwards, the Child will have the option to:
    • retain the savings account with us.
    • withdraw some of the funds and retain the balance with us.
    • withdraw all of the funds.
    • discuss other saving options with us.
  • The rate of interest is variable and may be subject to change.
  • 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.
  • The Bank will not offer any loan against this product.
  • Deposits can only be withdrawn by one (if single trustee) or both trustees (if joint trustees). The trustees must confirm that all withdrawal proceeds will be used solely for the benefit of the Child (the beneficiary) by signing a withdrawal form which can be obtained at the branch. For more information please contact us on 0800 532 532 or refer to our website at www.sbiuk.com for branch opening times and contact details.
  • The Child cannot access their savings until they are 16 years old. Up until the Child reaches the age of 16, savings will be held in trust for the Child.
  • Our general terms and conditions apply.

How to apply

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


The child must be:

  • Under 16 years old
  • 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 Instant Access Savings Account.


Any questions?

Call centre opening hours are:
Monday, Tuesday, Wednesday, and Friday - 9am to 6pm
Thursday - 9am to 5pm effective from 02 March 2017
Saturday - 9am to 3pm
Sunday - Closed


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

** Free for instant access savings account holders who meet our minimum monthly balance requirements

Branch locator

International network