Freedom savings account

Freedom is our savings account for 12 to 20 year olds. Although it's a savings account it comes with a cash card, allowing you to withdraw money whenever it's needed.

Open an account with as little as £10
LINK cash card for instant access 24/7
Interest can be paid gross
Monthly withdrawal restriction option for under 18s

Interest rates
Summary box
How to apply

Apply now

Interest rates

Previous rates
(Effective 22 February 2009)

Current rates
(Effective 29 March 2009)

Balance (£)	Biannual Interest Rates
Balance (£)	Gross Gross rate p.a. Interest rate payable before any income tax is deducted. It can only be paid subject to the required registration.	Net Net rate p.a. Interest rate payable after the deduction of income tax, at the lower rate of 20%.	AER AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
£10 and above	1.74%	1.40%	1.75%

Previous rates
(Effective 22 February 2009)

Current rates
(Effective 29 March 2009)

Balance (£)	Biannual Interest Rates
Balance (£)	Gross Gross rate p.a. Interest rate payable before any income tax is deducted. It can only be paid subject to the required registration.	Net Net rate p.a. Interest rate payable after the deduction of income tax, at the lower rate of 20%.	AER AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
£10 and above	2.24%	1.79%	2.25%

Interest rates are variable, paid biannually.

Gross rate p.a.
Interest rate payable before any income tax is deducted. It can only be paid subject to the required registration.

Net rate p.a.
Interest rate payable after the deduction of income tax, at the lower rate of 20%.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.

Apply now

Summary box

Key Product Information for our Savings Account

Account Name	Freedom account
Interest rates (AERs)	Variable rate paid biannually, view interest rate.
Tax Status	Gross Gross rate p.a. Interest rate payable before any income tax is deducted. It can only be paid subject to the required registration. or Net Net rate p.a. Interest rate payable after the deduction of income tax, at the lower rate of 20%.
Conditions for bonus payment	N/A
Withdrawal arrangements	Unlimited withdrawals up to the monthly limit set on the account, subject to daily withdrawal limits.
Access	Branch, Agency and ATM

Whether you can benefit from gross, net or tax free interest is dependent on your own personal circumstances and tax status and so may be subject to change in the future.

How to Apply for a Freedom account

This savings account can be operated in various ways but must be opened at a branch or via the post.

Note: When applying for a YBS account you will need to verify your identity and address. Check our Verifying your Identity section for more details of what you may need to take with you.