• 3.75% GROSS / 3.79% AER (variable) - from 01.03.2025.
• Interest is calculated daily and added to the account half yearly on June 30th and December 31st.
• 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 www.gov.uk 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.
• The interest rate for this account will be displayed via our website at www.swansea-bs.co.uk for customers to access and monitor from time to time as required.

• 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 at www.swansea-bs.co.uk or you may visit or telephone any one of our branch offices detailed on the reverse of this leaflet. 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. 

• Projected Balance = £1,037.90 (This figure is for illustration purposes, does not take into account the individual circumstances of the customer and is based on a deposit of £1,000 with no additional deposits, withdrawals or changes in interest rate within the 12-month period.)

• 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 along with a cheque made payable to '(your name)’. For further details on our identification process please see our Proving Your Identity leaflet available from branch offices or online here.

• The account is open only to persons aged 18 up to and including 40 years of age. (When the account holder reaches 41, 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).

• A maximum of five First Adult Saver accounts can be opened per person.

• The minimum investment is £1. The maximum investment / balance across all First Adult Saver accounts held is £40,000. 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, standing order, 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, Email, post or online via secure message (subject to Swansea Online Account eligibility criteria, available when you click ‘Register Now’).

• Withdrawals can only be made at the expiry of 7 days from receipt of your formal notice to the Society to withdraw. Your notice must specify the amount to be withdrawn and can be made by visiting us at a branch office. 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.
• Access to monies before the required 7 days notice will only be considered in exceptional circumstances.
• Minimum withdrawal is £1 (or less if closing the account). Minimum balance to be held in this account is £1.

• 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 www.fscs.org.uk.

• 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.

1. Account opening and Investment Limits:
This account can only be opened by persons between the age of 18 and 40 in their sole name. No joint applications are allowed.

When the account holder reaches the age of 41, 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 is £1. The maximum investment / balance is £40,000. 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 £40,000. 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. 

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, make a payment via electronic bank transfer or save through a standing order from a UK bank or building society account. *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. 

4. Withdrawals:
You can only withdraw from your account by giving seven days’ notice (except for exceptional circumstances). Details of our cash and cheque withdrawal limits are displayed in our branch offices, on our website 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 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 and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the specific Product Terms and Conditions, the specific Product Terms and Conditions will apply.