Savings Products

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This account is designed specifically for customers aged 21 or under (or parents/grandparents/legal guardians of the child who wish to open an account on behalf of the child - no other family members can open the account such as brother, sister, aunts, uncles etc.) who are looking to deposit monies with instant access.
(This account is no longer available for new account applications.)

Summary Box - Key Product Information:

Account Name Cygnet
What is the Interest Rate?
  • 4.75% GROSS/4.81% AER (Variable) – from 01/12/23

  • Interest is variable and calculated daily on the balance in the account and paid to the account annually on the 31st of December.

  • Interest is paid gross without tax deducted. If the total amount of interest you earn exceeds your Personal Savings Allowance then you may have to pay tax directly to HMRC. For more information visit and search ‘Personal Savings Allowance’.

  • 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.

Can Swansea Building Society change the interest rate?
  • Yes - Interest rates are variable which means the interest rate can go up and down and may be amended at any time. 

  • We will give you 14 days written notice by post of any proposed change in our interest rates. They will also be posted on our website or you may visit or telephone any one of our branch offices. Details of other Swansea Building Society savings accounts interest rates are available in our ‘Range of Savings Accounts’ leaflet which is available by visiting or telephoning one of our branch offices or online here.

  • To understand why rates may be reduced please refer to our General Terms and Conditions for the Operation of Savings Accounts. 

What would the estimated balance be after 12 months
  • Projected Balance = £1,048.20 (This figure is for illustration purposes and is based on a deposit of £1,000 with no additional deposits, withdrawals or changes in interest rate within the 12-month period.)
How do I open and manage my account?
  • This account is no longer available for new account applications.

  • The account must be in the name of the child if the child is between the ages of 7 and 17 inclusive when the account is opened. The account must be operated by an adult on behalf of the child if the child is under 7 years old when the account is opened and all references in these Product Specific Terms and Conditions to “account holder” shall include the adult. Once the child reaches the age of 7 the adult must transfer the account into the child’s name. If the adult fails to do this we reserve the right to automatically convert the account to the nearest equivalent account, and the new account terms and conditions will then apply.

  • If the account is opened in the name of the child (i.e. where the child is 7 or over) then in the event of the account holder’s death, the balance on the account and accrued interest will be paid to the child’s personal representatives. Where the account is held on behalf of the child, then in the event of the death of the child the account will be converted to an equivalent account in the name of the account holder(s).

  • Where the account is registered in the sole name of an adult on behalf of a child, then on the death of that person the balance on the account and accrued interest will be paid to the deceased’s personal representatives. The deceased’s estate shall reimburse us in the event of any claim by the child concerning the payment of such sums to the deceased’s personal representatives.

  • Where the account is registered in the name of adults jointly, then in the event of the death of a joint account holder, the balance on the account and accrued interest will be paid either to the surviving account holder or the account will be vested in the surviving account holder’s name on behalf of the child.

  • The minimum investment is £1. The maximum balance that can be held across all accounts held with the Society is £1m*, or £500k where the customer first opened an account with the Society on or after 01.03.23.  *Please note that where an existing customer(s) who opened an account on or before 28.02.23 has an aggregate savings balance in excess of £500k, they will not be allowed to deposit further monies where their combined balances are in excess of these amounts. 

  • 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).  

  • Manage your account in branch, e-mail, post or online via secure message (subject to Swansea Online Account eligibility criteria, available when you click ‘Register Now’).

Can I withdraw money?
  • Yes, you do not have to give notice to close your account or make a withdrawal.

  • You can withdraw money from your account at any time without notice, loss of interest or penalty by visiting us at a branch. Alternatively, you may send us your signed written instructions by post, by  Email or via our online service Swansea Online using the secure messaging service.  

  • Minimum withdrawal is £1 (or less if closing the account). Minimum balance to be held in this account is £1. 

  • The maximum cash withdrawal per customer per day is £1,000. 

  • All cheque/electronic payment withdrawals must be made payable to the child who is the Account Holder. Please note, the Society does not allow cheque/electronic payment withdrawals to be made which are payable to third parties. However, where there is a request for a withdrawal by the parent/grandparent/legal guardian who is linked to the account, a cheque/electronic payment may be made payable to the parent/grandparent/legal guardian upon request subject to the individual confirming that the withdrawal is for the direct benefit of the child. The Society reserves the right to decline a withdrawal if it believes this not to be the case.

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 here.

  • The Society is part of the Financial Services Compensation Scheme (FSCS). Details of the scheme and who is covered by it can be found at

  • Service charges and costs may apply to your account. These are outlined in our Savers Tariff. 

  • In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined in our General Terms and Conditions for the Operation of Savings Accounts. 

  • The account is for personal use, not for business, unless it’s one of our special accounts for organisations.