Barclays Children's Savings
This account is no longer available to new customers.
Current interest rates
|Rates effective from||Balance||Gross rate pa%||AER%|
|1 June 2009 - present||£1+||0.25||0.25|
For information on previous rates on this account, please see the previous interest rate tab.
Previous interest rates
This previous interest rates tab sets out all rates that have applied to Barclays Children Savings in the past 5 years. To find out how much interest you are currently earning on your money, please click on the 'Current interest rates' tab.
|Rates effective from||Balance||Gross rate pa%||Net rate pa%||AER%|
|2 March 2009 - 31 May 2009||£1+||0.50||0.40||0.50|
|Interest rate:||Rates are variable. Interest is paid monthly on the first working day of the month.|
|Gross:||The rate of interest payable without tax taken off.|
Interest is paid gross. Children are entitled to income tax allowances and the Personal Savings Allowance (PSA) in the same way as adults. If a child is liable to pay tax, any tax due on interest earned will need to be paid to the appropriate tax authority.
For further information & guidance, please refer to HMRC’s website
Please note that if a parent gifts money to a child that produces more than £100 gross interest in a tax year, the income is normally taxed as belonging to the adult.
|AER:||Annual Equivalent Rate. This illustrates what the interest rate would be if interest was paid and compounded once each year.|