1. Account opening and Investment Limits:
This account can only be opened by persons between the age of 18 and 30 in their sole name. No joint applications are allowed.
When the account holder reaches the age of 31, 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.
2. Investment Limits:
The minimum investment/balance is £1. The maximum investment/balance is £30,000. The maximum number of First Adult Saver accounts that may be opened is five and the maximum investment/balance across all First Adult Saver accounts held is £30,000. The maximum balance that can be held across all Swansea Building Society savings accounts held at the Society is £85,000 where the customer became a member on or after 01 January 2017. Where the customer was a member prior to this, the maximum balance that can be held across all Swansea Building Society savings accounts held is £500,000.
3. Further Investment:
You may add to your savings at any time, just call into your local branch with your deposit. If it is more convenient you can post the deposit or save through a standing order from a UK bank or building society account.
You can only withdraw from your account by giving seven days’ notice (except for exceptional circumstances). You are allowed a maximum of three withdrawals a year (Between April 1 and March 31) and no further withdrawals will be allowed except for closure of the account. Details of our cash and cheque withdrawal limits are displayed in our branch offices, on our web-site and from our Head Office.
Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account half yearly following the close of business on June 30th and December 31st. Statements are sent out annually on December 31st.
6. Terms and Conditions:
These specific Product Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the specific Product Terms and Conditions, the specific Product Terms and Conditions will apply.