The Jumbo Junior Instant Access Account is for children under 16; once 16, a child isn’t eligible to hold this account. For instance, you can open a Jumbo Junior Instant Access Savings Account for a child aged 15 years and 6 months, but not for a Young Adult aged 16 years and 1 month (although the Young Adult would be able to open a Young Persons Instant Access Account).

The Jumbo Junior Fixed Deposit is available to children aged up to and including 15. However, the fixed-deposit term can’t extend beyond the child's 16th birthday, as the deposit must mature before the child reaches 16.

The Jumbo Junior Instant Access and Jumbo Junior Fixed Deposit accounts are both arranged on a ‘bare trust’ basis until the child reaches 16. There will be either one or two trustees who control the account. At 16, the child gains full control of the account.

Anyone who is aged 18 or over and resident in the UK for tax purposes, with a permanent UK address.

The account must have either one or two trustees.

No. Although we’d generally expect the person funding the account to be one of the trustees, this isn’t mandatory.

No.

No. Online access isn’t provided. Jumbo Junior Account trustees can arrange withdrawals by completing a withdrawal slip and dropping it into a branch or posting it to us.

You can apply for a Jumbo Junior Account at one of our branches – see SBI (UK) branches – or by sending a completed application form by post. Please remember to enclose the necessary verification documents.

We’ll need a completed application form and verification documents.

Please send one of the following in the child’s name:

• Birth certificate
• Passport
• NHS Medical Card
• Child Benefit documentation
• Child Tax Credit documentation

If the account trustees are new SBI (UK) customers and are personally visiting our branch, they should bring two types of original documents:

• Photo Identification document that contains proof of trustee(s) identity.
• Document that contains proof of trustee(s) address.

For a list of acceptable documents please see below or contact your nearest branch. See SBI (UK) branches.

Please note: if you provide any of the above documents as proof of identity, you must use a different document for proof of address.

1. Verifying your identity:
   • Current signed passport
   • Current full UK photocard driving licence
   • UK armed forces Identification card
   • Identity card issued by the electoral officer for Northern Ireland.
2. Verifying your address:
   • Council tax bill (within the last 12 months)
   • Utility bill (within the last 3 months)
   • Current full UK photocard driving licence
   • Bank or building society statement (less than 3 months old)

If you’re sending the application form by post, please send certified copies of these documents. They can be certified by a banker, solicitor, chartered accountant or public notary.

To comply with money-laundering regulations, we may ask a credit reference agency to carry out an identity check on a trustee when the application is made. This information won’t be available to anyone else and won’t affect the trustee’s credit-rating.

If you’re acting as a trustee and you’ve been at your current address for less than three years, we’ll ask you to provide details of your previous address.

By cheque or electronic transfer. If ‘Mr and Mrs Smith’ were the trustees and ‘John Davies’ was the child, the cheque or transfer should be made payable to ‘Mr and Mrs X Smith re John Davies’.

If a trustee already holds an existing SBI (UK) account but doesn’t already act as trustee for a child’s account, please complete a new children’s account application form. We’ll try to use existing verification documents for the trustee, but if these need updating, we may ask for additional proof. Please contact your nearest branch for more information.

If a children’s account is already open and the same trustee(s) want to open a second account for the same child, we won’t need a new application form. Instead we’ll ask for a signed letter from the trustee(s) requesting that the new account is opened on the same basis as the existing children’s account. One of our branches will contact you if any details need ironing out.

Not until he or she reaches 16.

With our Jumbo Junior Fixed Deposit Account, no withdrawals can be made during the term of the deposit. On maturity, we transfer the funds into the Jumbo Junior Instant Access account.

With our Jumbo Junior Instant Access Savings Account, trustees can withdraw money at an SBI (UK) branch. If there are two trustees, both must go to the branch at the same time to request a withdrawal and confirm that withdrawn funds will be used for the benefit of the child holding the account.

Please use our child account withdrawal slip to request a withdrawal (they’re also available from your branch). All account trustees must complete the form.

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.

Yes. If gifts from a parent produce more than £100 gross income a year, HM Revenue and Customs normally taxes all the gift income as that parent's income. A child cannot claw back tax on this income. Moreover, interest-paying accounts can’t be set up to have interest paid without the tax taken off. The £100 rule applies separately to each parent. (Information valid at March 2013.)

Please contact your local HM Revenue and Customs office or visit the HM Revenue and Customs website.

For our Jumbo Junior Instant Access Account the initial minimum deposit is £100. To accrue interest, this must be maintained for the full duration of the product. For our Jumbo Junior Fixed Deposit Account, the initial minimum deposit is £1,000.

With our Jumbo Junior Instant Access Account, no daily interest will accrue to the account if the balance falls below the minimum £500 (e.g. as a result of withdrawals). If deposits are then made which raise the balance to £500 or more, daily interest will accrue from that time.

With our Jumbo Junior Instant Access Account, no daily interest will accrue to the account if the balance falls below the minimum £500 (e.g. as a result of withdrawals). If deposits are then made which raise the balance to £500 or more, daily interest will accrue from that time.

With our Jumbo Junior Fixed Deposit Account, no withdrawals can be made during the term of the deposit. At maturity, we transfer the savings into the Jumbo Junior Instant Access Savings Account.

There are no charges for the standard features. Additional services may incur charges – please see our Tariff of Charges for details.

With our Jumbo Junior Instant Access Account, you can make additional deposits by cheque, cash or electronic transfer. There’s no minimum amount for additional deposits, provided you maintain the minimum balance.

With our Jumbo Junior Fixed Deposit Account, you can’t pay in additional amounts during the deposit term – though you might be able to open a new Jumbo Junior Fixed Deposit Account, depending on product availability and the age of your child. Please note that your total deposit amount can’t exceed £100,000 across all Jumbo Junior Fixed Deposit and Jumbo Junior Instant Access Accounts held with us.

For the Jumbo Junior Instant Access Account:

• About 8 weeks before the child reaches 16, we’ll write to the trustees and explain that when the child reaches 16, we’ll suspend the Jumbo Junior Instant Access Account and offer the child the opportunity to open a new Young Adult Instant Access Account. The child will be able to withdraw funds from these accounts once they turn 16.
• About 4 weeks before the child reaches 16, we’ll write to the child and invite them to open a new Young Persons Instant Access Account when they reach 16. The child will be able to access savings held within the new Young Persons Instant Access Account.
• When the child reaches 16, we’ll suspend the Jumbo Junior Instant Access Account until a new account is opened. We’ll send any correspondence to the child. Please note that, while the account is suspended, no transactions will be possible except for withdrawals. The account will continue to earn interest while suspended; this will be paid after income tax has been deducted at the legal rate (currently 20%).
• If the child wants to withdraw funds from the Jumbo Junior Instant Access Account after reaching 16, they should call in to one of our branches, carrying suitable Identification such as:
  • a previous letter or statement from SBI (UK) about the account
  • a verification document with signature
  • a verification document with photo.

We’ll accept a single verification document, such as a passport, if this contains both a photo and signature.

Please note that, when the child reaches 16, the trustees will no longer control the account.

A:The Jumbo Junior Fixed Deposit Account

These accounts will generally mature before the child’s sixteenth birthday (although it’s possible that a Jumbo Junior Fixed Deposit account could mature on the child’s 16th birthday, and not a day after). At maturity, the account funds will be switched into the Jumbo Junior Instant Access Account.