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.


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).


At a glance:

  • Earn up to 1.50% AER* (1.49% monthly) 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 Young Adult 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).


* 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

Account name Young Adult Instant Access Savings Account
Interest rates 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
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.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalty for withdrawal.
Access 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.
  • 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 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.


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

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