Lloyds TSB Young Saver
Children today are born intelligent. They don’t need special upbringings to learn the art of spending but Lloyds understands the needs of them. Thus they have formulated Lloyds TSB Young Saver to make their savings efficient. Now you can gift your child with Lloyds TSB Young Saver and manage their finances until they turn 16.
What are the features and benefits of the account?
The account comes with a variable interest rate of 0.50% AER averting all sorts of tax fees. Interest is usually paid quarterly. You can very well have instant access to the account through the branches and it’s one of the most convenient modes in handling procedures. You are also supplemented with yearly statements so that you can have better control over your money. You can also set up regular payments from your designated current account to formulate the growth ladder of the savings.
How the account is formulated?
You can very well manage the account for your child till they turn 16 and after that the account is liable to be handled by them. At the age of 16 you and your child can apply for an under 19s current account to better learn the ropes of banking fine. At the age of 16 the account converts into an easy saver account giving them optimum flexibility to manage their own money. Parents and other family members can easily set up regular payments to grow the savings potential. You can easily transfer from any other banks to Lloyds by filling the transfer form in your nearest branch. Now its time for you to witness your child enjoy while saving pennies.
How to apply?
You can visit any local branches accompanied with the identity proof of your child and yours to open the account. In addition for your own identification you will need the child’s birth certificate and passport.