SBI Jumbo Junior Instant Access Savings Account - Issue 2

Interest rate effective from 15.12.2022

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.
• 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.
• 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.

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?

• Visit your local SBI UK branch
• Call us on 0800 532 532.

Contact centre is now open 24/7.

* 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