Moneybox Savings Account
|
Moneybox Savings Investment Account |
|
Min Investment Amount |
Investment Amount |
Gross (%) |
AER (%) |
Net (%) |
|
£5 |
£5 plus |
2.50 |
2.50 |
2.00 |
|
|
|
|
|
Rates effective from 1st December 2008
Children's Account
If you want to get young people into the idea of becoming a 'young saver' and to manage their money better; a Moneybox Children's savings account could be just the start they need.
Features
- A children's account with instant access to your savings with no penalties for withdrawals
- Gross interest payable for eligible non-taxpayers
- A children's account with a Free piggy bank
- £5 Minimum initial investment required to open and operate the account
- A children's account with no notice required for withdrawals
- £1 minimum, £500,000 maximum can be paid in by cash or cheque
Age restriction:
- Open only to younger savers under 18 (or adults on behalf of children). For young savers under 7, the account must be opened by one or more adults known as trustees
Restrictions on deposits:
- Coins totalling less than £25 will be accepted if sorted and bagged
Withdrawals:
- Up to £500 cash and £5,000 cheque
- Cheque withdrawals over £5,000 can be arranged at any branch
- No loss of interest when you make a withdrawal on this account
- Any cheques deposited must be cleared before a withdrawal can be made on them
Interest:
- Interest rates on this account are variable
- Interest calculated on a daily basis and credited annually to the account at midnight on 1st April
- Interest can be transferred to another account that you may have with us, or directly into your bank account
Tax:
How do I open a Moneybox Savings Account?
Summary of account:
|
Summary Box
Key Product Information for our Moneybox Savings account |
|
Account name |
Moneybox savings account |
|
Interest rates (AERs) |
Current rates are listed above. Interest rates are variable. |
|
Tax status |
Gross or net of income tax |
|
Conditions for bonus payment |
Not applicable |
| Withdrawal arrangements |
Instant access |
| Access |
Branch or agency |
Net rates assume the lower rate of income tax of 20%. These figures are rounded and are for illustrative purposes only.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded each year.
GROSS: The gross rate is the contractual rate of interest before the deduction of tax at the appropriate rate specified by law. Interest will be paid gross to non-taxpayers subject to the required HM Revenue and Customs certification (R85).