Your passbook provides a record of transactions (a passbook will only be issued for accounts opened in branch).
When the child reaches the age of 18 and 6 months this account will be closed and moved into a Cashbuilder account.
Interest rate definitions explained:
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
- Gross p.a. is the interest rate without tax deducted.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HMRC’s website.
The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.
The rates and information in this summary box are correct as at 1 December 2017.