Features & benefits
Variable rate regular savings Sterling account for 16 to 21-year-olds
Earn £100 cashback if no withdrawals are made
Save a minimum of £25, up to a maximum of £500, per month for 12 months
Fund the account with a standing order from an Island Gold Account
Interest will be calculated daily and paid at the end of the term, tracking the Bank of England Base Rate
At the end of the 12 months we’ll transfer your balance into your Island Gold Account
Withdrawals are allowed as long as you maintain the minimum account balance of £1
Key information
- You will need to be aged between 16 and 21 years at the time of account opening
- Only one account per individual can be opened
- You will need to open an Island Gold Account and set up a standing order into the Island Regular Savings Tracker Account
- Information about the documents that we require to open a bank account can be found here
- A minimum of £25 and a maximum of £500 can be paid into the Island Regular Savings Tracker Account each month for a period of 12 months
- To qualify for the £100 cashback no withdrawals can be made during the term of the account
- At the end of the 12 months your capital, interest and cashback (if applicable) will be paid into your Island Gold Account
- Cheque books or debit cards are not available
- Standing orders or Direct Debits are not permitted
- Please refer to the Island Regular Savings Tracker Account - Young Savers (Issue 1) - Key Facts Document
Interest rates
Island Regular Savings Tracker Account - Young Savers - Issue 1
Effective 28 February 2025
The interest rate is a variable interest rate which tracks the Bank of England Base Rate. The interest rate will update the next working day after a change to Base Rate.
| Minimum/Maximum balance to earn interest rate | Link to UK Bank of England Base Rate | Gross rate p.a. (variable) Interest paid quarterly | Annual Equivalent Rate (AER) (variable) |
| £1 - £6,000 | Equal to Base | 4.50% | 4.50% |
| £6,001 + | 0.00% | 0.00% | 0.00% |
If you save £250 per month for the whole 12 months, you will get back the original amount you put in plus £73.42 in interest, assuming there was no change to the current interest rate during the 12 months and no withdrawals are made. This illustration is only an example and does not take into account your individual circumstances.
AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the rate payable where interest is paid without the deduction of tax.
Ways to apply
In branch
Online
Post
Phone
In branch
Jersey
Santander Work Café
13-15 Charing Cross
St Helier,
Jersey
JE2 3RP
Channel Islands
View on Google Maps
Isle of Man
Santander Work Café
Market Hall,
North Quay
Douglas,
Isle of Man,
IM1 2BQ
View on Google Maps
Phone
Call us on 08000 84 28 88, if calling from a UK landline or mobile, or +44 (0) 1624 641 888, if calling from overseas
Lines are open 9am – 5pm UK time, Monday to Friday (except Wednesday when we open at 9.30am)
