Peter Pan children's savings account
Interest paid Opening balance AER Gross rate
Annual £10 1.60% 1.60%
Monthly £10 1.60% 1.59%
Interest paid Annual Monthly
Opening balance £10 £10
AER 1.60% 1.60%
Gross rate 1.60% 1.59%

Key facts

Children's account - under 18s only Children’s account – under 18s only
Variable interest rate Variable interest rate
Unlimited withdrawals Unlimited withdrawals
Open by post or in branch Open by post or in branch
Min operating & opening balance £! Minimum opening and operating balance £10
No minimum age No minimum age
Deposit options available Deposit by cheque, standing order or bank transfer
Your money is protected Your money is protected up to £85,000

Summary box


This summary box contains the specific terms and conditions for this account and, where applicable, supersedes our Savings general terms and conditions.

Account name

The Peter Pan children’s savings account

What is the interest rate?

Rates effective 20 October 2015:

Annual Interest gross p.a.*

1.60% (£10+)

Monthly Interest gross p.a.*

1.59% (£10+)

AER*

1.60% (£10+)

*Gross p.a. is the rate of interest paid without the deduction of tax per annum. Please note that the automatic deduction of tax on savings interest ceased with effect from 6 April 2016. 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 advertisement for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

Interest is calculated daily and can be credited to the account or transferred to your elected account.

Annual interest is paid on 5 April each year. Monthly interest is paid on the last working day of each month.

Can Kent Reliance change the interest rate?

The interest rate on this account is variable and can change at any time. Up to date information on our interest rates can be found on our interest rates page, in branch or by calling our head office.

If your account balance is £100 or over, when we make a rate reduction we will personally notify you of the change at least 14 days in advance of the change taking effect.

Please refer to Condition 7 of our Savings Terms and Conditions for full details on interest rate changes.

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

Annual Interest

£1,016.00

Monthly Interest

£1,016.00

These projections are based on interest being credited to the account, no interest rate changes, no withdrawals and no additional deposits.

The above projections are provided for illustrative purposes only and do not take into account individual circumstances.

How do I open and manage my account?

This account can only be opened by customers under the age of 18. Accounts opened for customers under the age of 7 will require an adult aged 18 or over to open and operate the account on their behalf. Once the child reaches the age of 7, the child may operate the account themselves with the operator’s authority, subject to the withdrawal limits set out in the section below.

The account can be opened and operated in branch or by post.

Minimum opening deposit £10.

Maximum deposit £25,000.

Minimum operating balance £10.

Additional deposits can be made by cash (only available in branch), cheque or bank transfer.

Can I withdraw money?

Withdrawals are permitted without notice or penalty. The following withdrawal limits apply:

  • Up to the age of 7, only the operator of the account may withdraw money.
  • Children aged 7 and up to 12 years of age may withdraw up to £100 per day.
  • For account holders aged 12 years and over, normal withdrawal limits apply (please see Savings Terms and Conditions).

If you hold a branch account, take your passbook and a form of ID to your local branch and a member of our team will action your request. For postal accounts, send us a signed withdrawal request to Head Office.

There are different payment cut-off times depending on the method of withdrawal you require. For further details please visit our withdrawals page or call our Head Office.

Additional information

Once the account holder reaches the age of 18, the operator will be removed from the account and the account holder will be free to operate their own account. ID may be required before the account holder can transact on the account.

Kent Reliance donates the equivalent of 0.25% of the average monthly balance held across all Kent Reliance Peter Pan Children’s Savings accounts to Great Ormond Street International Promotions Limited, which passes its net profits by way of Gift Aid to Great Ormond Street Hospital Children’s Charity. Kent Reliance has guaranteed to raise a minimum of £25,000 per annum across the range of charity-linked products on offer.

We pay interest without deducting income tax, unless HM Revenue and Customs (HMRC)/the law requires otherwise. However, depending on your personal circumstances, you may be liable to pay income tax on the interest you have earned.

Please visit www.gov.uk for further information.

Good to know

Terms and conditions Where applicable, the account terms and conditions on this webpage supersede our Savings Terms and Conditions.
Application form Click here to download an application form for this account.

How to apply

By post

Complete the application form and send it to:

Kent Reliance
PO Box 601
Chatham
ME4 9DX

Download form

In branch

Download and complete an application form and take it to any of our branches together with two forms of official ID.

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