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One Day for childrenOne Day is a regular savings account designed to help you save for your child's future. Whether you're putting something aside for University, their first car, a significant event or you simply want to show your child the art and benefits of money management, the One Day account gives your children accessible savings without the headaches.
Opening an account An account can be opened with just £10, which is also the minimum balance. Interest is paid twice a year at the end of June and December. Withdrawing money Withdrawals can be made at any of our branches. The One Day account offers instant access, giving you the freedom to withdraw money for your child without notice. Will the account be taxed? Children don't normally have to pay tax. To receive interest gross, an HM Revenue & Customs registration form R85 should be completed otherwise interest paid on savings in One Day accounts will be taxed in the same way as any other account. R85 forms are available from all of our branches, or call 0845 1 200 100 to have one sent to you. It should also be noted that interest on money given by a parent of the child is only tax-free up to £100 a year, applied separately to each parent. When the young saver reaches 16 they must compete a new R85 form if they are still eligible to receive interest gross. If the account is opened in trust and needs to remain so until the young saver reaches 18 or 21, the trustee would need to pay tax on any interest earned from the young saver reaching 16, and if the child is eligible to receive interest gross claim this back from HM Revenue & Customs. Reaching the age of 21 Upon turning 21, the savings will automatically be transferred to an Access Saver account, regardless of balance. As an added bonus, all savers will be sent a voucher for £100 to be used when they take out one of our mortgages. Choose from the following: |
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Ring 0845 1200100
