Young Persons Savings Account

Young Persons Savings AccountGiving you a helping hand to watch your child’s savings growPrepare your child for a better future with the UK's first halal Young Persons Savings account
This account is Sharia'a compliant allowing you to profit from your savings and stay true to your faith. Features and Benefits

The account can be opened with as little as £20. From then on anyone can pay money into the account at a branch, by telephone, by post or by setting up regular payments from their own bank.

The account will be opened in the child's name with the parent/guardian acting as a trustee to the account. When the child reaches 14 years of age they may have access to withdraw funds from their account, subject to the Young Persons Savings Account Special Conditions

If your child is under 16 years old, as a parent, guardian or relative you can open an account for them to help them look after their money. When your child reaches 16 years of age the account may be switched to our standard Savings account. We will write to your child to advise them of this one month before their 16th birthday.

Tax efficient way to save. Profits are paid gross

To find out more about the Profit Sharing Ratio click here

Withdrawal limit of up to £100 per day with no withdrawal notice required

Your money is invested ethically. We invest only in Sharia'a compliant goods and services and, for example, do not invest in alcohol or tobacco companies.

Who is a Guardian? A Guardian must be one of the following:

Parent

Brother/Sister

Grandparent

Legal Guardian

Aunt/Uncle

Profits on your accountWe make every effort to ensure that the profit rates paid on all our savings accounts are market-competitive. Children under 16 years of age may qualify for payment of profitwithout having tax deducted. To receive profit payments gross on the Young Persons savings account you will need to complete and return the Inland Revenue Form R85. For help and advice with this please also see the Inland Revenue Form F85 - Helpsheet. To find out more about Profit Sharing Ratio click hereTo open an account or for more information click hereSharia'a Approval - Certificate of EndorsementOur Young Persons Savings Account has been approved by our Sharia'a Supervisory Committee.Certificate of Approval for Young Persons Savings AccountHomeAbout UsVision & ValuesHistoryMedia CentrePress ReleasesPR ContactsPress FAQsRegisterFAQsCareersCurrent PositionsIslamic FinanceModes of FinanceGlossaryIslamic TermsBanking TermsSharia'a ComplianceSupervisory CommitteeThe Committee's RoleMain Sources of Sharia'aCertificates of EndorsementOur ProductsPersonal Current AccountHow to ApplySavingsSavings AccountDirect SavingsYoung Persons SavingsTerm DepositsWakala Treasury DepositMurabaha Treasury Deposit Personal FinanceFeatures & BenefitsHow to ApplyHome Purchase PlanCalculatorsHow to ApplyRegister for detailsSending Money AbroadBusinessCurrent AccountHow to ApplySavings AccountHow to ApplyBusiness FinanceCommercial PropertyMasjid & CharitiesFeatures & BenefitsProfit RatesHow to ApplyOnline Personal BankingOnline Business BankingInvestor RelationsWelcomeShare PriceCompany InformationBoard DirectorsShare PortalCorporate GovernanceFinancial InformationFinancial CalendarShareholder ProfileAdvisersSecurity & PrivacyLegalContact Us

Young Persons Savings Account

Giving you a helping hand to watch your child’s savings grow

Prepare your child for a better future with the UK's first halal Young Persons Savings account
This account is Sharia'a compliant allowing you to profit from your savings and stay true to your faith.

Features and Benefits

The account can be opened with as little as £20. From then on anyone can pay money into the account at a branch, by telephone, by post or by setting up regular payments from their own bank.
The account will be opened in the child's name with the parent/guardian acting as a trustee to the account. When the child reaches 14 years of age they may have access to withdraw funds from their account, subject to the Young Persons Savings Account Special Conditions
If your child is under 16 years old, as a parent, guardian or relative you can open an account for them to help them look after their money. When your child reaches 16 years of age the account may be switched to our standard Savings account. We will write to your child to advise them of this one month before their 16th birthday.
Tax efficient way to save. Profits are paid gross
To find out more about the Profit Sharing Ratio click here
Withdrawal limit of up to £100 per day with no withdrawal notice required
Your money is invested ethically. We invest only in Sharia'a compliant goods and services and, for example, do not invest in alcohol or tobacco companies.

Who is a Guardian?

A Guardian must be one of the following:

	Parent	Brother/Sister
	Grandparent	Legal Guardian
	Aunt/Uncle

Profits on your account

We make every effort to ensure that the profit rates paid on all our savings accounts are market-competitive.

Children under 16 years of age may qualify for payment of profitwithout having tax deducted. To receive profit payments gross on the Young Persons savings account you will need to complete and return the Inland Revenue Form R85. For help and advice with this please also see the Inland Revenue Form F85 - Helpsheet.

To find out more about Profit Sharing Ratio click here

To open an account or for more information click here

Sharia'a Approval - Certificate of Endorsement

Our Young Persons Savings Account has been approved by our Sharia'a Supervisory Committee.

Certificate of Approval for Young Persons Savings Account