What are you looking for? - Site Search

• Home
• Mortgages
• Savings & Investments
• Insurance
• Financial Advice
• Life Planning

A great place for your children's savings
2.75% gross pa / AER Variable (for the first 12 months, followed by a rate of 2.25% gross pa / AER variable).

Interest will be paid into your account at midnight on the day before your birthday each year.

Paying Tax

Most young savers don't have to pay any tax. If this applies to you, you'll need to complete a Form R85 from HM Revenue and Customs, which you can pick up at any branch or our Principal Office. Alternatively, a verbal disclosure can be accepted when the account is opened at a branch or at our Head Office Contact Centre once the account has been opened. 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.

Please note:

Before opening an account, please ensure that you read:

• the further terms and conditions as below; and
• the separate Investment Account Terms and Conditions.

These contain important information about our accounts.

If you are a new customer please bring some form of identification and verification of address as detailed in the Proving Your Identity leaflet. For further assistance, call your local branch or our Principal Office.

Further terms and conditions for Leap Account

1. These Conditions must be read in conjunction with the Society’s Investment Account Terms and Conditions which apply to all the Society’s Investment Accounts.
2. Interest rates are variable.
3. Only one account allowed per child The named child on the account must be under 17 years of age on opening of the account and a permanent UK resident.
4. You (the child) are the account holder and the rightful owner of all monies held in the account.
5. The operator is the adult responsible for opening and operating the account where the child is under 8 years of age. The operator has no interest in or entitlement to any monies in the account. Should the child wish for an operator to be added or changed after they have reached 8 years of age this will be done at our sole discretion.
6. We will recognise and act on your instructions if we are satisfied that you have attained eight years of age and once you have satisfied our requirements (i.e. proof of age and identification). Where an existing operator exists, you can transact without the operator’s permission subject to our requirements being met. The operator can continue to transact as well as you unless you specifically request that the operator be removed.
7. You can only have an account for personal use by individuals. Trustees cannot open or otherwise operate this account.
8. Investments can be made by cash (branch only), electronic payments, cheque or debit card or transfer.
9. Subsequent investments can be made from £1 at branch or at Head Office. The minimum opening and operating balance is £1. Minimum single withdrawal of £1.
10. The maximum balance per account is £50,000, which can only be exceeded with capitalised interest.
11. Withdrawals, including closures, can only be made at a branch or at Head Office. All transfers to and from other Skipton accounts (where applicable) are subject to the terms and conditions of those accounts, and in particular any notice period or other restrictions on withdrawals or payments in.
12. Interest will accrue on your account on a daily basis and will be credited annually to the account on the anniversary of the account opening. The opening date is the day funds are received into your account. Interest can be added to the account, transferred to another suitable Skipton account or paid by bank transfer to another UK Bank or Building Society account.
13. After the end of the initial 12 month bonus period, you cannot transfer funds into a new Leap Account Issue 2, or close your account and open a new Leap Account Issue 2, to maintain the bonus interest rate. Transfers from Leap Account Issue 2 (No Bonus) are not permitted.
14. On the child’s 18th birthday, eligibility for the Leap Account Issue 2 ends and the account will be transferred to a Skipton easy access account available to adults. Interest due will be added at the time. The account holder will be written to advising of the new product nearer to the time.
15. The Leap Account Issue 2 is a share account which confers membership rights. Under the Rules of the Society, members must be 18 years or over and must have a minimum balance of £100 in order to receive voting rights. Copies of the Rules can be obtained from any branch or from our Principal Office.
16. To have your interest paid gross (i.e. without having tax deducted) you need to complete an HM Revenue and Customs Form R85. This can be done by either sending a paper form or we can accept a verbal disclosure from you either at a branch when the account is opened or at our Head Office Contact Centre once the account has been opened. If an R85 is not submitted then interest will be paid less tax at 20%. If you have a query concerning this please ask a member of staff.
17. This account is not a Payment Account for the purposes of the Payment Services Regulations 2009. Because your account is not a Payment Account, the provisions relating to changes to interest rates stated to apply to Payment Accounts, which appear in Part F of our Investment Account Terms and Conditions, will not apply to your account.
18. Maximum two books per customer.

Your tax treatment will depend on your individual circumstances and may be subject to change in future.

Let us know what you think

Making sure our members are happy 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. Complaints we cannot settle may be referred to the Financial Ombudsman Service.

Print off an application form