Children’s Account: Island First Account.

A straightforward savings account for children aged 10 or under.

  • Open the account with as little as £1
  • Help your child learn how a bank account works
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Features & benefits

This simple, straightforward savings account is designed for children aged 10 or under. Your child can open an account with as little as £1 and our special account record book allows them to keep a note of the money in their account. We’ll give them a paying-in book and send statements four times a year to help them learn about how a bank account works. They’ll earn interest on their balance too. So whether your child is simply putting away their weekly pocket money or saving their birthday cash gifts, the Island First Account is a great way to get started.

  • Open the account with as little as £1
  • Interest added to the account four times a year and paid gross without deducting tax
  • Statements sent at least four times a year
  • Special account record books provided for children to keep track of their savings
  • Interest Rate is variable.
  • A paying-in book and paying-in slips are provided to help a child learn about how a bank account works

Eligibility

The Island First Account is available for personal customers aged 10 or under resident in the Channel Islands or Isle of Man. Children under the age of 10 who open an account will be able to keep the account until they are aged 16.

Interest rates

Current Interest Rates

Interest rates are correct as at 01 April 2009

Interest on Credit Balances (paid quarterly) % Per Annum Gross Rate* % Per Annum AER**
£1+ 0.10 0.10

Previous Interest Rates

Interest rates are from 02 March 2009

Interest on Credit Balances (paid quarterly) % Per Annum Gross Rate* % Per Annum AER**
£1+ 0.15 0.15

Interest Rate is variable.

*GROSS RATE: The contractual rate of interest payable before deduction of income tax at the rate specified by law.

**AER - AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advert for a savings product will contain an AER - Annual Equivalent Rate - you can compare more easily what return you can expect from your savings over time.

Charges and Fees:

Sending funds*

International moneymover service Non-priority payments 25p per £100 (min charge £13, max £40) Not available for Euro payments
Priority payments Euro payments: 25p per £100 (min £16 max £40) Other currencies: 25p per £100 (min £19 max £46)
International drafts £15 (plus registration fee if posted)
Electronic Funds Transfer

(CHAPS payments within the British Isles)

£20 + £5 for confirmation to recipient
Minimum payment £1,000
Cash withdrawals and deposits into the US Dollar Account and/or Euro Account 2% on the Sterling equivalent of each currency, minimum £3 per currency and £10 administration fee

These accounts are not designed to be used for receipt of notes or coins. If you need this service, please contact your International Banking Team.
Recalling a payment

£20 per payment

We cannot guarantee the cancellation as funds may already have been paid to the beneficiary. You could receive less than the original amount of the payment, due to adverse exchange rate movements

* Plus charges levied by the correspondent bank abroad.

Receiving funds

Cheque Collections Cheques up to £100 £5
Cheques of £100 and above 25p per £100 (min £15, max £80 per cheque)
Cheque negotiation to Sterling account* Cheques up to £100 £5
Cheques of £100 and above 25p per £100 (min £8, max £80 per cheque)
Cheques in a foreign currency drawn in a different country (not UK) e.g. US Dollars drawn in France As above, but minimum £10 per cheque.
Cheque negotiation to currency account* Cheques in the same currency as the account £2 per cheque
Cheques requiring currency conversion £4 per cheque
Electronic bank transfer from another financial institution Up to £100 £2
£100 and above £7, or £10 for telephone advice

* The correspondent bank may also levy a charge based on the value of the cheque.

Other standard services

Supplying copies of previous bank statements £5 per request

An administration charge may be made for excessive requests.

FAQ

What is the minimum opening balance?

The Island First Account can be opened with as little as £1.

How much can I deposit in an Island First Account?

That's completely down to you. There's no limit on how much you can hold in your account. So whether your child is simply putting away their weekly pocket money or saving their birthday cash gifts, the Island First Account is a great way to get started.

What currency can I open an Island First Account in?

The Island First Account is available in Sterling only.

When is interest paid on the Island Future Account?

Interest is paid four times a year on 9th March, 9th June, 9th September and 9th December.

Who can I speak to if I need extra information?

For Jersey residents please call 01534 845155, Isle of Man residents 01624 638279, Guernsey residents 01481 706347 or Alderney residents 01481 822340.

How to apply:

Visit us in branch

Find out more

You can speed things up by downloading and completing our application form

  • Complete the form (optional, 10 minutes)
  • Bring it to a branch
  • Make sure you bring ID (driving licence, passport)

Call us

  • 01534 845 155 Jersey
  • 01481 706 347 Guernsey
  • 01624 638 279 Isle of Man
  • 01481 822 340 Alderney

CONTACT US.

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