• Savings account will be credited with interest without deduction of tax unless required by law or a governmental authority. You must pay any tax due on the interest generated from your savings account.
• There is no bonus available on this account.
• There is no notice period or penalties for withdrawal.
• 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 of age who is resident in the UK for tax purposes.
• 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 the 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.
• 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
• Interest is paid monthly but not on balances below £100 or above the maximum limit of £100,000. The monthly minimum balance is based on the previous month’s average balance, by totalling the daily balance in the previous month and dividing this by the number of days in the previous month.
• 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 following month.
• We do not provide a debit card or online transaction capabilities for this type of account. Also, the Bank will not offer any loan against this product. Money can be deposited into the account by way of cheque, electronic transfer or cash in line with the bank’s deposit rules. The initial deposit must be made by way of either a cheque or electronic transfer.
• 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) 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:
o retain the savings account with us.
o withdraw some of the funds and retain the balance with us.
o withdraw all the funds.
o discuss other saving options with us.
• The rate of interest is variable and may be subject to change.
• Deposits can only be withdrawn by one (if single trustee) or both (if joint trustees) 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.
• We'll open an account only when we have seen satisfactory proof of ID, address, and income, which may be in the form of a payslip. See a complete list of documents we accept.
• Jumbo Junior Instant Access Savings Account can be managed through the branch or by post.
• For more information see our general terms and conditions
