Young saver
A special account for our younger savers. By becoming a Marsden Young Saver we'll help you learn how a savings account works.
Interest rates - Young saver (from 28 October 2009)
| Balance | Gross | AER | Net |
|---|---|---|---|
| £1+ | 0.15% | 0.15% | 0.12% |
| Key features | |
|---|---|
| Interest rates: | See above, rates are variable |
| Tax status: | Interest normally paid net after deduction of income tax or gross subject to certification |
| Conditions for bonus payment: | N/A |
| Withdrawal arrangements: | Instant access, subject to normal operating limits displayed in branch |
| Access: | Branch |
| Minimum opening balance: | £1 |
| Maximum investment: | £10,000 |
| Eligibility: | Up to 18 years Child under 11 - account opended in trust Child aged 11 or over - account can be operated by child |
| Interest payment: | Paid annually on 31 March |
|
Payment account: |
No |
To view the general savings account terms & conditions, please click here
Gross means the contractual rate of interest payable not taking account of the deduction of income tax at the appropriate rate.
Net rates are illustrative only and allow for deduction from gross rate of income tax at the specified rate i.e. assuming rate of income tax at 20%.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Tax Free is the contractual rate of interest payable where interest is exempt from income tax.
