The Bank of East Asia

Personal Banking

Children's Account

We offer Smart Savings Accounts that are specifically designed for our young savers to help them learn the basics of money management. The accounts are customised in such a way that only basic features are offered to our younger savers. However, as they grow and become more financially independent, their account features will grow with them. For example, cheque books and online payment facilities are only available to those who are 16 years old or over.

Apart from Smart Savings Account, customers aged between 13 and 15 may be eligible for Teen Account. This type of account comes with the BEAUK Visa Debit Card (‘’Teen Card’’). However, the Teen Account will not attract any credit interest.

Summary Box - Key Product Information

Account Name

Smart Savings

What is the interest rate?

 

Balance

Interest Rate (Gross)

Interest Rate (AER) 

 £10 - £3,000

 3.00%

 3.034%

 £3,000 or above

 0.125%

 0.125%

  • A tiered interest rate structure applies to this account and the interest rate, which is variable, will depend on the amount of funds you have deposited into this account.
  • Interest is calculated daily and will be paid quarterly.

Can BEA change the interest rate?

Yes, the interest rate can go up or down e.g. in response to market conditions. If the rate goes down, we will give you two months' notice unless the change is triggered by a transaction that moves your balance into a different interest rate tier. Please refer to clause 10 of our General Terms and Conditions for more details.

What would the estimated balance be after 12 months based on a £1,000 deposit?

 

Balance

Interest earned

Balance after 12 months

£1,000

£30.34

£1,030.34

For the purpose of this calculation, it is assumed:

  • Initial deposit of £1,000
  • No further deposits
  • No withdrawals
  • No change to the interest rate during the 12 months

The above projection is provided for illustrative purposes only and does not take into account individual circumstances.

How do I open and manage my account?

Eligibility:

Aged 16 or under:

  • If you are under 13, the account must be opened and operated by a parent or legal guardian on your behalf.
  • At the age of 13, you may operate the account on your own with consent from your parent or legal guardian. The parent or legal guardian that opened the account on your behalf will no longer operate the account.

How to open the account:

You can open the account in branch.

Minimum/maximum balance:

  • The minimum opening sum and interest earning balance is GBP10. You must maintain this minimum balance throughout the term of the account.
  • There is no maximum balance.

How to manage the account:

You can manage the account in branch.

Can I withdraw money?

Yes, you have instant access to your account and withdrawal can be made in branch.

Additional information

  • The account is available in GBP only.
  • Please refer to Smart Savings Account Terms and Conditions for further information on this account.
  • Customers aged between 13 and 15 may be eligible for "Teen Account" in GBP only, with the consent of their parent or legal guardian. This type of account comes with the BEAUK Visa Debit Card ("Teen Card"). However, the Teen Account will not attract any credit interest.  Please refer to Teen Account Terms and Conditions for further information on this account.

Definitions:

  • AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
  • Gross is the rate payable without tax taken off.

Rates correct as at 22nd May, 2017

For current interest rates, please click here, or refer to the variable interest rate leaflet available at your nearest BEA branch, or call 0808 180 3838.

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