- How old does my child have to be to have a Youngster Bond
Extra?
-
Your child can be any age up to 18 years when the plan
starts.
- Can I invest on behalf of more than one
child?
-
Yes - you can invest in separate plans for as many children as
you like, whether they're related to you or not. A parent or
guardian of the child must sign the application form, if the child
is under age 16.
- Can I make monthly payments by cash or
cheque?
-
No - we can only accept payments by Direct Debit.
- Can I change the amount I save or how long I save
for?
-
Because of the tax advantages offered by Youngster Bond Extra,
once the plan begins you can't change the amount you pay in or the
length of time the plan runs for.
- What happens to the plan if I want to stop paying into
it?
-
This depends on how long you've been paying in before you stop.
If you stop before making 2 years' payments the plan will have no
value. If you stop later than that, there'll be a value which will
be "frozen" for payout at the end of the chosen period. The longer
you've paid for, the larger this value will be, but it will always
be less than the guaranteed amount. We'll continue to add bonuses,
but based only on this lower figure.
If you – or the child, if they are 16 or over – prefer, you can
cancel the plan altogether. The amount we pay out – which belongs
to the child – could be much less than has been paid in. For more
information see the document below.
Youngster Bond Extra
Key Features
PDF, 91KB (opens in a new window)
- Who receives the money when the plan ends?
-
If the child is 18 or older when the plan ends, we'll pay the
money directly to them. If they're under 18, we can pay to the
child or to a parent or guardian on their behalf, but the money
still belongs to the child.
- Can the child withdraw money before the plan
ends?
-
Only if the plan is cancelled – but this may mean they get back
less than you paid in, especially in the early years.
- How do I apply for Youngster Bond Extra?
-
Simply request our Information and Application pack or call us
on 0800 585 474, lines are open Monday to Friday 8am to 6pm.
- A relative or friend would like to set up a Youngster
Bond Extra plan for my child – who needs to sign the application
form?
-
Regardless of who sets up the plan, the child's parent or
guardian must sign the application form on their behalf if they are
under 16, and also any other forms that might need to be completed
(for example, to claim the payout at the end of the plan) before
the child reaches 16.
- One of my children qualifies for Child Trust Fund (CTF) -
what can I do for them?
-
As experts in savings for children, we offer 3 Child Trust Fund
accounts for you to choose from. Learn more about our Child Trust Fund accounts.
You could still take out a Youngster Bond Extra for them as well,
if you wish.
- Any questions and more information
-
If you would like more information or have any questions why not
request our Information and Application pack or you can
contact us. Please
note that we can't offer advice about whether the plan could be
suitable for your circumstances.