Young Saver

Interest Rate: 

2.00% AER/GROSS
 

 

Interest is calculated daily and added to the account annually on the 31st of March.

 
Can Swansea Building Society change the interest rate?
Interest rates are variable and may be amended at any time. We will give you 14 days prior written notice by post of any proposed change in our interest rates. They will also be posted on our website at www.swansea-bs.co.uk, you may telephone our Investment Department on 01792 739100 ’or call into one of our branch offices. Details of other Swansea Building Society savings accounts interest rates are available in our Range of Savings Accounts leaflet.
 
What would the estimated balance be after 12 months?
 
Projected Balance = £1,020
 
This figure is for illustration purposes and is based on a deposit of £1000 with no additional deposits, withdrawals or changes in interest rate within the 12 month period.
 
How do I open and manage my account?
To open an account you must be resident in Wales. Simply call at one of our branches or complete an application form and post it to us together with appropriate identification (see our Proving Your Identity leaflet for further details) and a cheque made payable to Swansea Building Society a/c (your name)’. The account is open only to persons under 18. A maximum of five Young Saver accounts can be opened per person. Minimum investment/balance is £1.00. The maximum investment is £85,000 per person across all accounts held at the Society

 
If the young saver for whom the account is intended is under the age of 11, then the account must be opened and solely operated by the child’s parent/legal guardian. When the child reaches 11, the child’s parent/legal guardian may request a change to the operation of the account to either allow the child to operate the account solely, or to require both the child’s parent/legal guardian and child to operate the account requiring either or both signatures for account withdrawals. Until such notification is received, the operation of the account will be restricted to the child’s parent/legal guardian only. 

If the young saver is aged 11 or above, then the account can be operated by the child’s parent/guardian only, the child only, or it can be operated requiring either or both signatures for withdrawals. Where a request is received to open an account in the child’s name only (and the child is aged below 16) with no parent present, the account cannot be opened unless the parent accompanies the child at account opening or become a party to the account. 

The account will be opened in the name of the child only who is the sole beneficial owner of all funds held or invested in the account and of all dividends or interest accruing there from in all circumstances.

Deposits can be made by cheque, electronic bank transfer, transfer from another account held with the Society (subject to the terms and conditions of that account) or cash (cash deposits are limited to £3,000 per customer per day). 

Can I withdraw money?
You can withdraw money from your account at any time without notice or penalty by visiting us at a branch or sending us your written instructions. You must always present your passbook to make a withdrawal or close your account. The maximum cash withdrawal per customer per day is £1,000. Minimum withdrawal is £1 (or less if closing). Minimum balance to be held in this account is £1.
 
Specific Terms and Conditions for the Young Savers Account
 
1. Account Opening & Account Holder:

This account can only be opened by, or on behalf of, persons under the age of 18. When the account holder reaches the age of 18, the account balance will be transferred to a suitable Swansea Building Society account unless otherwise instructed. We will write to the account holder before this time explaining the options available which include closing the account and withdrawing the funds. 

If the young saver is aged 11 or above when the account is opened, then the account can be opened and operated by the child’s parent/legal guardian only, the child only or it can be operated requiring either or both signatures for withdrawals. 
 
Where a request is received to open an account in the child’s name only (and the child is aged below 16) with no parent present, the account cannot be opened unless the parent accompanies the child at account opening or becomes a party to the account. 

The account will be opened in the name of the child only who is the sole beneficial owner of all funds held or invested in the account and of all dividends or interest accruing there from in all circumstances. 

2. Investment Limits:
The minimum investment/balance is £1. The maximum investment/balance is £85,000. The maximum number of Young Saver accounts that may be opened in the child’s name is five and the maximum investment / balance across all accounts held is £85,000.  
 
3. Further Investment:
You may add to your savings at any time, just call into your local branch with your passbook and deposit. If it is more convenient, you can post the deposit or save through a standing order from a UK bank account. 
 
4. Withdrawals:
You can withdraw from your account without giving notice subject to Society limits. Details of our cash and cheque withdrawal limits are displayed in our branch offices, on our web-site and from our Head Office. 
 
5. Interest:
Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account following the close of business on March 31 each year.
 
6. Terms and Conditions:
These specific Terms and Conditions apply to this account in addition to our General Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.

 

Additional information
For General Terms and Conditions applicable to this account see “General Terms and Conditions for the operation of Savings Accounts" available from our branches or online at www.swansea-bs.co.uk.

Interest is paid gross without tax deducted.
 
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
 
Please note, the tax treatment and rate of interest payable depend on the individual circumstances of each customer and may change in the future.

 

Forms

You can download any of our application forms or related documentation here. If you need any help with completing one please give us a ring on 01792 739100 where one of our team will be happy to help you.