If you're looking for an account where you can put some money to one side for your child, the 1|2|3 Mini Account (in Trust) will really help. This account is exclusively available to Santander current account customers who open the account in trust for children under the age of 11.
Why choose the 1|2|3 Mini Account (in Trust)
Our 1|2|3 Mini Account (in Trust) offers an in-credit interest rate and allows you to control the account on behalf of your child.
Rewarding interest rates paying 3% AER/2.96% gross (variable) on balances from £300 up to a maximum of £2,000
An adaptable way to save for your child
You have complete control as the trustee on the account
24/7 access to the account for your child in branch, online, mobile banking and phone
You choose when to transfer into our 1|2|3 Mini Current Account and give your child control anytime after their 11th birthday.
The 1|2|3 Mini Account (in Trust) is subject to availability. Please read full product details and terms & conditions before applying.
Please read the full product details and terms & conditions before applying. Other
1|2|3 Mini Account (in Trust) features:
Earn a competitive interest rate on the account balance:
|Interest rate||Account balance|
|1.00% AER/gross (variable)||£100+|
|2.00% AER/1.98% gross (variable)||£200+|
|3.00% AER/2.96% gross (variable)||From £300 to £2,000|
From 6 April 2016, interest is received gross, with no income tax deducted. Take a look at our information pages to learn more
This means that once there is £100 in the account you will start to earn interest and this is earned on the first £2,000 that is in the account.
Interest is calculated daily and paid into the account on the same day each month.
The flexibility to manage the account 24/7 through the trustees Online, mobile and telephone banking.
Your account journey
At account opening, you will receive:
An information pack to help you understand the features of the account.
Your new account number and sort code so you can set up any standing orders or payments into the account.
When the child reaches age 11 and until their 18th birthday:
You can come into any Santander branch and transfer the account to the 1|2|3 Mini Current Account, subject to the trust being removed, which means the account will then be in the child's name for them to operate. The account number and sort code will remain the same and any payments set up on the account will remain unaffected.
Once the account is transferred from the 1|2|3 Mini Account (in Trust) to the 1|2|3 Mini Current Account it cannot be transferred back.
Once the child reaches age 18:
Thereafter any money in this account can only be withdrawn and it will not be possible to transfer this account to an alternative account. Your child will be able to open their own adult bank account in their own name.
Children under 18 can only hold one account, which may be either the 1|2|3 Mini Account (in Trust) or the 1|2|3 Mini Current Account (but not one of each). If they already have either of these accounts and another application is made we will not accept it and we will tell the person who applied that an account already exists. Please see our 1|2|3 Mini Account (in Trust) factsheet for more information.
The mini account with grown-up features
The 123 Mini Current Account (in Trust) lets you keep track of your child's money in the same way you would with an adult account. This means that they, with your help, can check the account with a phone, tablet, computer or in person.
So log on with a device or computer to see what recent payments have been made into the account. Use a mobile to check the balance, and if you're near a branch, pop in and we'll help with any questions you or your child may have.
Receiving your statements
After May 2017, we'll be sending paper current account statements once every 3 months, unless you ask us to provide you with one monthly, or you require an alternative format such as Braille or large print.
Need a helping hand? Use Send Me the Link to send yourself our mobile apps, videos, guides, & factsheets
Send me the link allows you to send yourself links for our mobile apps, videos, guides, & factsheets which can help you with your Online & Mobile Banking needs. Access Send Me the Link here.
Here are just a few of the things you can do:
Our fastest growing way to bank. Use your phone or device to:
And much more
24/7 banking on your desktop or laptop computer. Everything you can do on mobile, plus:
And much more
Come in and see us for:
Protect yourself from fraud
It’s very important that you keep your banking details private and secure.
For more information about our approach to security as well as more useful information to help you stop the threat of fraud visit our Security Centre.
Everything you need to know before you apply
We recommend reading the information in the documents below before you apply. You should print or save copies of these documents for your records and future reference.
1|2|3 Mini Account (in Trust) Key Facts Document (pdf) including FSCS Information Sheet and Exclusions List
General Terms & Conditions including Terms of Business
To view these documents, you may need to download Adobe Reader.
Apply today if:
the account is opened in trust for a child under the age of 11
the child must be a UK resident
the trustee must be a UK resident aged 18 or over
the trustee must hold a Santander current account
To apply go into your local branch. An appointment may need to be booked. Find your nearest branch
Remember, you'll need to bring some proof of your name and address and ID for the child the account is being opened for.
There is a limit of 1 trustee and 1 child per account.
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.
Gross rate explained
The gross rate is the interest rate we pay where no income tax has been deducted.
Rates may change and we pay interest each month.
Interest payments made on or after 6 April 2016 will be paid using the gross rate and the registration for gross interest won’t be required. Take a look at our information pages to learn more
Information correct as at 6 April 2016.
Santander UK plc. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England and Wales. www.santander.co.uk. Telephone 0800 389 7000. Calls may be recorded or monitored. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 106054. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register. Santander and the flame logo are registered trademarks.