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If you are aged between 7 and 16 years of age, we have an account just for you. Whatever money you are saving, whether it is your pocket money or birthday money the Young Savers account enables you to save your money as little and as often as you wish and we will then add more money to it called interest. You may be saving for your holidays or your first car or for university; whatever the reason you can also take your money out whenever you need it.
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Summary Box
Key Product Information for our Savings Account(s) |
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Account Name |
Young Savers |
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Interest Rates (AERs) |
See separate interest rate table |
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Tax Status |
Net of Income Tax unless you have registered to receive interest gross |
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Conditions for Bonus Payment |
n/a |
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Withdrawal Arrangements |
Instant access |
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Access |
Branch, agency or post |
how much do I need to open an account?
You can open an account with a minimum of £5 and can save up to £50,000 (not including interest). A Young Savers account can only be opened in your sole name and any money in the account will belong to you and not any counter-signatories to your account. A counter-signatory is normally a parent, grand-parent or guardian registered to your account upon opening.
how do I make withdrawals?
You can make withdrawals from your account without notice or penalty by visiting a branch of agency of the Society (subject to the limits explained in our investment terms and conditions ) or by forwarding your passbook with your written instructions to us.
For all withdrawals over £50 a counter-signatory is required to sign with you to enable the withdrawal to take place.
when do I receive interest on my account?
Interest is added to your account on 1 March each year. The interest rates are variable.
what happens when I reach 16?
When you are 16 years of age you must move your money out of the Young Savers account. Unless you tell us otherwise, we will transfer your account to an Instant Access Share account, and the terms and conditions of that account will apply at that time.
| balance |
interest paid |
gross interest |
gross AER |
net interest |
net AER |
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| from 6 Apr 2011 |
| £5+ |
Annually |
0.60 |
0.60 |
0.48 |
0.48 |
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