This account is for adults looking to save for a child's future, or for a child or young person to save for themselves. The account is designed for those who will rarely need to make withdrawals.
If the account is opened by an adult, the adult will be acting on behalf of the child (as a 'bare trustee'). Although the account is in the name of the adult, the money in the account is held for and belongs to the child. As a 'bare trustee', the adult will have duties and obligations to the child (for example, the adult will need to act in the best interests of the child).
'Account Year' means the 12 month period from the date that the account was opened and each subsequent period of 12 months thereafter.