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These interest rates are correct as of 23 August 2021. Interest rates are variable, and any interest you accrue will be paid quarterly.
For accounts opened before 23 August 2021
Interest rates Your balance
AER %Annual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.
Gross %CloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.
Your balance
£0.01 to £2,499.99
AER %Annual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.
0.50
Gross %CloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.
0.50
Your balance
£2,500+
AER %Annual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.
0.00
Gross %CloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.
0.00
We do not pay interest on amounts of £2,500 or more.
For accounts opened on or after 23 August 2021
Interest rates Your balance
AER %Annual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.
Gross %CloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.
Your balance
£0.01 to £999.99
AER %Annual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.
0.50
Gross %CloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.
0.50
Your balance
£1,000+
AER %Annual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.
0.00
Gross %CloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.
0.00
We do not pay interest on amounts of £1,000 or more.
Keep in mind interest paid before 06 April 2016 will have been paid net (unless you registered the account with us to receive gross interest). Net is the rate of interest payable after allowing for the deduction of income tax at the rate specified by law (20% at the moment).
From 06 April 2016 interest is paid gross, meaning we will not deduct tax on your behalf. Dependant on your personal circumstances, tax may be due on your interest and it is your responsibility to disclose and pay any tax due directly to HMRC.
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As this account is just for 11 to 17 year olds, we'll automatically move you to a Classic Account once you turn 18.
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Important legal information