Newcastle Big Little Saver
Introducing a BIG Savings Account, for your little savers
At the Newcastle, we believe it's important for children to learn the importance of saving from a young age. The Newcastle Big Little Saver is the perfect place for young savers to keep their pocket money, and save up for whatever they want. More importantly, it also allows them to take responsibility for their own finances - standing them in good stead for the future.
The great thing about the Big Little Saver account is that it can be opened with a balance/amount of just one pound, and, what,s more, for every month in which you make an investment and don't make any withdrawals, we'll pay you a bonus.
The Big Little Saver's also great for parents, grandparents and other relatives who might want to build a nest egg for a child's future. Regular, monthly payments soon build up into a lovely lump sum.
As a little extra, for every Big Little Saver opened, your child will receive a free goody bag available from your local branch.
Is this account right for you?
If you're still wondering which savings account is right for you, our friendly advisers will be happy to help. Simply pop into our branch: 197-201 Main St, Gibraltar or contact us on 00350 200 41143.
Product Terms
| Account Name | Newcastle Big Little Saver | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Monthly (Variable, Including Bonus) | Monthly (Variable, Excluding Bonus) | |||||||||
| 2.98% Gross* / 3.00% AER** | 1.98% Gross* / 2.00% AER** | Tax Status | Interest will be paid after the deduction of income tax at the appropriate rate unless you request otherwise. | |||||||
| Conditions for bonus payment | You must make at least one deposit and make no withdrawals in each Bonus Qualifying Period. | |||||||||
| Withdrawal arrangements | Penalty free without notice. | |||||||||
| Access | By branch | |||||||||
| Additional Important Information | ||||||||||
| Interest Payment | Monthly Anniversary of Account opening | |||||||||
| Initial Investment | £1 - £250 | |||||||||
| Minimum Monthly Investment | £1 | |||||||||
| Maximum Monthly Investment | £250 | |||||||||
* 'Gross' interest is the contractual rate of interest payable before the deduction of income tax.
** 'AER' means "Annual Equivalent Rate" and is a notional rate which illustrates contractual interest rate (excluding any bonus payable) as if paid and compounded on an annual basis.
Product Terms and Conditions
The Newcastle's Savings General Investment Terms & Conditions will apply unless they are inconsistent with these Special Conditions, effective from the date of the account opening.
- The Account is a variable rate account.
- This Account is can only be opened by individuals who are 16 years or under. If the account is for a child under the age of 7 the account is required to be in the name of an adult with the child as a beneficiary
- The Account can be operated in branch or by post.
- The minimum initial investment in the Account is £1 the maximum is £250.
- The Account can be held in single or joint names.
- After placing your Investment in the Account you may make further Deposits. There is no limit to the number of Deposits you can make in any one month; however the total value must not exceed £250.
- Interest is calculated daily and credited to the Account on each Monthly Anniversary.
- Monthly Anniversary' is taken from the date of Account opening. For example if the Account is opened on the 27th January, the Monthly Anniversary is the 27th of each subsequent month.
- The bonus on your Account is variable, calculated daily and paid on the Monthly Anniversary.
- The bonus on your Account will be paid as long as you make at least one Deposit and make no withdrawals in each Bonus Qualifying Period
- A Bonus Qualifying Period is classed as the time between each Monthly Anniversary (for example if your account was opened 27th January 2011, the first Bonus Qualifying Period would be 27th January 2011 to 27th February 2011, the second would be 28th February 2011 to 27th March 2011 etc). If your Monthly Anniversary does not exist in a particular month the Monthly Anniversary date will be the final day of the month. For example if you open your account on 31st January 2011, your first Bonus Qualifying Period will end on 28 February 2011
- During each bonus qualifying period, you must make at least one deposit prior to each monthly anniversary date and make no withdrawals within the bonus qualifying period
- A 'Deposit;' is defined as a minimum investment of £1.
- Withdrawals are available without notice or penalty.
- If you do not make a Deposit or make a withdrawal during a Bonus Qualifying Period, your account will be credited with the non-bonus interest rate, currently 1.98% Gross* / 2.00% AER** (variable), in that month
- Before the child's 17th Birthday, the account must be transferred to one of the then current Deposit Accounts available to over 16's, available with the Newcastle at that time.
- Details are correct as at 14/03/2011.
Apply
How do I apply?
- Step 1
- Carefully read the Product Terms and General Terms and Conditions.
(We strongly recommend that you print a copy of these Terms and Conditions for your records).
- Step 2
- Decide how much you would like to invest.
If you're still wondering which savings account is right for you, our friendly advisers will be happy to help. Simply pop into our branch: 197-201 Main St, Gibraltar or contact us on 00350 200 41143.