As you learn to budget for yourself, our Young Adult Instant Access Savings Account offers you the best of both worlds – a competitive return on savings, along with instant access to your cash whenever you need it.
At a glance:
- Earn up to 0.75% AER* variable
- No minimum deposit for existing Jumbo Junior Instant Access Savings Account beneficiary account holders
- Manage your account at the branch
- After the initial deposit, pay into your account by cheque, electronic transfer or cash
- Before you turn 18, we’ll invite you to open a new Instant Access Savings Account
* The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.
SBI UK Young Adult Instant Access Savings Account - Issue 2
|£0 - £499
|£500 - £100,000
* Gross is a contractual rate, payable before income tax is deducted at the legal rate.
** The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.
Young Adult Instant Access Savings Account
Product Summary & Terms and Conditions
||Young Adult Instant Access Savings Account
Visit www.sbiuk.com/personal-banking/personal/young-savers/young-adult-instant-access-savings-account for rates. Rates are variable.
|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
||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.
Conditions for bonus payable
There is no bonus available on this account.
There is no notice period or penalty for withdrawal.
In branch, by post or online.
Key product features:
- Earn a competitive rate of interest.
- Manage your account at the branch.
- Prior to your 18th birthday we will invite you to open a new Instant Access Savings account.
Terms and Conditions - Young Adult Instant Access Savings Account
- For new customers the minimum amount required for making a deposit is £500. For existing Jumbo Junior Instant Access Savings Account beneficiary account holders, there is no minimum deposit. The maximum amount that can be invested for any Young Adult is £100,000 in total.
- The Young Adult Instant Access Savings Account is available to any young person aged 16 or 17, who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
- Interest is paid on a monthly basis.
- Funds can be deposited into the account by cheque, Electronic transfer or cash. The initial deposit must be made by way of either a cheque or electronic transfer.
- 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.
- Interest is paid on the last working day of the month. If you place an outward transfer on a non-working day or withdraw funds from your account, after interest has been credited for the month, the system will adjust any overpaid interest to your account to reflect the change in balance at the end of the next month.
- We do not provide a debit card or online transaction capabilities for this account.
- The Bank will not offer any loan against this product.
- We will need to complete some verification checks before we can permit access to the Young Adult Instant Access Savings Account.
- When you reach 18, we will suspend the Young Adult Instant Access Savings Account for any future transactions (but the account will continue to earn interest) and invite you to open a new Instant Access Savings Account.
- In order to access the savings after you reach 18, you can either request a withdrawal through an SBI UK Branch (appropriate verification will be required), or can apply to open an Instant Access Savings Account (or equivalent account available at that time with SBI UK) in order that SBI UK can then transfer the proceeds from the Young Adult Instant Access account into the new account.
- Please note that our general terms and conditions apply. These can be obtained from any of our Branches or can be accessed through our website at www.sbiuk.com
How to apply
It’s quick and easy to apply. Before you do, have you checked that you qualify for this account?
You must be:
- Aged 16 or 17
- Ordinarily resident in the UK for tax purposes
- With a permanent UK address
If all of these statements are correct, you’re able to apply for our Young Adult Instant Access Savings Account.
Contact centre is now open 24/7.