If you are already saving with Transave you can also set up Junior Savings accounts for children up the age of 16. Accounts are opened in the child’s name, with the adult member as a trustee. Regular savings (minimum £1 per week or £5 per month) need to be made into the account in one of the following ways:
The account will be managed by yourself as the adult trustee until you pass control over to the Junior Saver age 16. At this point the account will be converted to that of an adult member (however no loans are permitted until the age of 18).
Interest is paid at the same rate as the dividend on Regular Savings accounts. Savings are protected by the Financial Services Compensation scheme (FSCS) up to £85,000.
A copy of the Junior member’s birth certificate of passport will be required to open the account.