Savings Account
Young saver
Key features
| Account Name | Young saver |
|---|---|
| Interest rates (AERs) |
|
| Tax status | Gross/Net |
| Conditions for bonus payment | n/a |
| Withdrawal arrangements |
Easy access.
|
| Access | Branch/Post |
Product Info Follows
Current Interest Rate
1.65% Gross / AER
This rate is for balances from £1.
Apply Now
Complete this form and return to your local branch. You should also read Identification for customers and Savings terms and conditions to ensure you understand the features and conditions of what you are buying.
Download the application form here
Additional information
Minimum opening balance
£1
Minimum operating balance
£1
Maximum balance
£1,000,000 (although another account may be more suitable for large balances).
New investors
Yes
Age requirements
Available to those aged 17 and under.
Restricted deposit
Unlimited (up to maximum balance).
Charges
Not for the normal operation of the account (see our Savings terms and conditions PDF for more details).
Additional benefits
This is the only account designed exclusively for savers aged 17 and under.
Important information
Young savers can open and operate their own account once they reach seven years old. Accounts for children under seven years must be opened and operated by an adult.
We will contact you when you reach age 16 to see if you can still receive gross interest.
When you reach 18 we will automatically transfer the money in your Young saver to an Instant premium account. Instant premium is a (variable interest) easy access account. We will write to you to confirm this and invite you to attend a savings review at your branch to discuss whether this is the best account for your money. The most suitable account will depend on the level of savings you have with us and elsewhere and the level of access you need to your money.
If we suspect the funds in the Young saver account do not belong to the child, we reserve the right to close the account and send a cheque made payable to the child.
Account holders are members of the Society but do not hold voting rights.
Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE
Minimum opening balance
£1
Minimum operating balance
£1
Maximum balance
£1,000,000 (although another account may be more suitable for large balances).
New investors
Yes
Age requirements
Available to those aged 17 and under.
Restricted deposit
Unlimited (up to maximum balance).
Charges
Not for the normal operation of the account (see our Savings terms and conditions PDF for more details).
Additional benefits
- Welcome gift
- Member Loyalty Card enabling discounts and special offers from local traders who participate in our scheme.
- Cheque withdrawals as low as £5.
This is the only account designed exclusively for savers aged 17 and under.
Important information
Young savers can open and operate their own account once they reach seven years old. Accounts for children under seven years must be opened and operated by an adult.
We will contact you when you reach age 16 to see if you can still receive gross interest.
When you reach 18 we will automatically transfer the money in your Young saver to an Instant premium account. Instant premium is a (variable interest) easy access account. We will write to you to confirm this and invite you to attend a savings review at your branch to discuss whether this is the best account for your money. The most suitable account will depend on the level of savings you have with us and elsewhere and the level of access you need to your money.
If we suspect the funds in the Young saver account do not belong to the child, we reserve the right to close the account and send a cheque made payable to the child.
Account holders are members of the Society but do not hold voting rights.
Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE
