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The first steps in saving for 7-10 year olds
Saving is fun. And it's even better when you get a secret money box, savings graph and a place to keep track of your money.
- Start small- you can open an account with just £1
- Responsibility- you can take out up to £10 a week, without permission from a parent or guardian
- Earn interest every quarter- with the interest we pay, your money will soon grow. And if you don't pay tax, just fill out a form and you won't get taxed on your interest either
- Rewards- collect Ollie tokens and redeem them for Ollie goodies like watches, rubber ripper wallets, mini radios and much more. Pay in £5 and you get a token
- Get your money- use your personal withdrawal book at any branch of The Royal Bank of Scotland
This page provides the current interest rates that apply to this account. We have a separate page for previous savings interest rates.
Full copies of the fees and rates, and terms and conditions that apply to our personal accounts can be downloaded for our terms and conditions page.
Current savings rates
| Amount | AER | Gross Rate % p.a. | Net Rate % p.a. |
|---|---|---|---|
| £1 + | 0.50% | 0.50% | 0.40% |
Interest paid quarterly.
Last updated on: 24 Jul 2009.
Common definitions
Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates what the interest would be if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Gross Rate. This means the interest rate you are paid before the deduction of income tax.
Net Rate. This means the interest rate you are paid after the deduction of income tax.
Interest is paid gross or net of the lower rate of Income Tax depending on your tax position.
New customers will be asked to provide proof of identity, verification of address and signature.
Calls may be recorded.
- Please also read our website terms and conditions which cover your use of this website