Any account opened after 25 May 2018 cannot be operated in the sole name of a child.
Available for children up to the age of 9 years old. If the account is in the sole name of the young saver rather than a trustee, the Society will not allow any withdrawals unless it is satisfied the young saver is capable of understanding the transaction.
When the young saver reaches the age of 18, the Society will write to the saver and arrange for the balance to be transferred to another suitable savings account. If no instructions are received the Society will automatically transfer the funds to an Easy Access Pyramid Share account.
When the young saver reaches the age of 13, the trustee can ask to be removed from the account and the young saver can operate the account in sole name from this point.