•  Rainbow Savings Accounts are not available to new customers. Existing account holders must be individuals aged 18 years or over on trust for a named child aged under 16 years and held until the named child reaches age 21.

•  When the child reaches age 16 you can transfer the account into the child’s own name. This will enable the child to continue to claim tax relief provided they are still not liable to pay tax on interest we pay into the account. As the account can only be held by you on trust for the child until they reach the age of 21, when you transfer the account into the child’s own name this will involve the account being closed and a new account (from our range of accounts) being opened in the child’s own name.

•  We will issue a passbook for your account.

•  We can only accept instructions from you on the account. We cannot accept instructions from the named child on the account.

•  When you open your account, you must deposit at least £1 into the account.

•  Interest is calculated on the minimum monthly balance.

•  If you make a withdrawal at a branch other than the account holding branch, you can withdraw a maximum of £50; and you may be required to produce your passbook and satisfactory evidence of identity.

•  Standing Order and Direct Debit payments are not permitted on your account.

•  Arranged overdrafts are not available on your account.

•  Cheque books are not available on your account.

 

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