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Leap Account Issue 3

Saving for the future has never been more important, making it essential for young children to learn about the value of saving. With a Leap Account Issue 3, available from our range of children's savings accounts, it couldn't be easier.

In summary

  • 2.25% gross pa/AER.
  • You must be under 18 to open this account and can hold the account until your 18th birthday.
  • Joint accounts are not permitted.
  • Open the account with a minimum of £1 by cash (branch only), debit card, cheque, or an internal transfer from another Skipton Building Society account.
  • Subsequent payments can be made the same way and by electronic payment from another UK bank or building society.
  • Maximum investment of £50,000.
  • Withdrawals are permitted.
  • Receive a passbook to help keep track of your savings.
  • Great book offer with our savings collector card when you open an account in branch - find out more about this offer on the details tab.

A Leap Account meets your needs if

  • you like the idea of a variable rate of interest which can move up and down, rather than a fixed rate which is guaranteed for the term of the investment,
  • your child would like to operate their account from the age of 8, unlike a trust account, where a trustee holds the money until the child is 18. If your child is below the age of 8, an adult can open the account on behalf of the child.
More details

Summary Box

Account Name Leap Account Issue 3
Interest Rate
(AER)
2.25% gross pa/AER
Tax Status Interest is paid net unless you are eligible for gross interest, in which case an HM Revenue & Customs form R85 is required
Conditions for Bonus Payment None
Withdrawal Arrangements There are no penalties or notice periods for withdrawals
Access Branch/post

Important information

To open a Leap Account, you must be under the age of 18 and you are able to hold the account until your 18th birthday.

Please be aware that if the child is under 8 years old, an adult must open the account for them and will be called the ‘operator’. They’ll need to sign a withdrawal slip anytime the child wants to take money out of their account.

Over the age of eight, children will be able to manage and withdraw funds for themselves.

With our Leap Account you not only have the flexibility to withdraw funds without any penalties, you are also able to make multiple subsequent investments enabling you to manage your funds easily.

As soon as money is deposited in your Leap Account, you can start to earn interest. That means, the more money you save, the more interest you’ll earn.

Interest will be paid into your account on the anniversary of the account opening each year. 

Most young savers don’t have to pay any tax. If this applies to you, you’ll need to complete and hand in an HM Revenue & Customs Form R85. If you are under 16, your parent or guardian must fill it in for you. If you’re over 16 you can do it yourself.
As soon as you reach 18, your Leap Account will be transferred to an adult easy access account until you decide what to do with your money. Any interest due will be credited to your account and any existing operator will be removed. We’ll be in touch before your birthday to explain the product to you and let you know of any other options available to you.

Every time you save £20 in your Leap Account in branch, you'll receive a Leap Account sticker for your collector card. So, when you've completed your collector card you can choose one of these five fantastic books. Carry on saving and complete a second collector card to choose a second book. Please note, there is a maximum of two books available to each child.

Busy Farm age: 0-3 years

Follow Farmer Phillip as he works on the busy farm. From milking the cows to herding the sheep, there is always so much for a busy farmer to do. With simple rhyming text, robust flaps to lift, labelled pictures and a ladybird to spot on every page, there is plenty to keep young children entertained.

The Magic Porridge Pot age: 3+ years

Based on the traditional folk tale ‘The Magic Porridge Pot’, this vibrantly illustrated story is sure to become a favourite in every home. Ideal for reading aloud and sharing with your little one.

Esio Trot age: 8+ years

Mr Hoppy really loves his neighbour Mrs Silver, and Mrs Silver really loves her tortoise, Alfie. One day Mrs Silver asks Mr Hoppy how to make Alfie grow, and suddenly Mr Hoppy knows the way to win her heart. With the help of a magical spell and some cabbage leaves, can Mr Hoppy be happy at last?

Stig of the Dump age: up to 12 years

Nobody believes Barney when he says he’s discovered a boy living wild in the dump. But for Barney, Stig is totally real. They become great friends, learn each other’s ways and embark on a series of exciting adventures.

The Secret Diary of Adrian Mole age: 12+ years

At thirteen years old, Adrian Mole has more than his fair share of problems - spots, ill-health, parents threatening to divorce, rejection of his poetry and much more - all recorded with brilliant humour in his diary.

It is important that your read the Leap Account Issue 3 Further Terms and Conditions (PDF) carefully.

For full details about our savings accounts you should also read our Investment Account Terms and Conditions (PDF).

These contain the details of your agreement with us for this account and we will rely on them for our dealings with you.

Keeping our members happy is what really matters to us. So if you think we could improve our products or services, or if you have a complaint, please let us know. If you'd like to find out more about our internal complaints procedure, please ask for details at any branch or from our Principal Office.

Alternatively, please call 0345 850 1700* or contact us at the address below:

Customer Relations
Skipton Building Society
The Bailey
Skipton
North Yorkshire
BD23 1DN

Complaints we can't settle may be referred to the Financial Ombudsman Service.

Apply

This account can be opened in branch or via a postal application.

Please ensure you read the Key Features, Further Terms and Conditions and the Investment Account Terms and Conditions, before proceeding with the account opening. The Investment Account Terms and Conditions contain important information, including details about how you can complain.

Visit your local branch for further information and to open this account.

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This account can be opened by post, download the paper application form below and return with your cheque to the address shown.

Return your form to:

Investment Operations
Principal Office
The Bailey
Skipton
North Yorkshire
BD23 1DN

Need help?

Phone Call Skipton Direct 0345 850 1722*

Mon-Thurs
8am - 8pm
Fri
8am - 5.30pm
Sat
9am - 12pm
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