Prepare your child for a better future with the UK's first halal Young Persons Savings account (please read leaflet).
This account is Sharia compliant allowing you to profit from your savings and stay true to your faith.
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.
- 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
- Minimum continuing account balance of £1
- No minimum age - you, your family and friends can start saving for your child as soon a they are born up to the age of 16 years
- 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 when the child becomes 14 years old
- Parent/Guardian will authorise all withdrawals until the child is 14*
- The terms and conditions of this account have been approved by our Sharia Supervisory Committee and comply with Sharia principles
- Your money is invested ethically. We invest only in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco companies
* subject to Special Conditions
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 Approval - Certificate of Endorsement
Our Young Persons Savings Account has been approved by our Sharia Supervisory Committee.
Certificate of Approval for Young Persons Savings Account