1. Account opening and Account Holder:
This account can only be opened by, or on behalf of, persons under the age of 19. When the account holder reaches the age of 19, 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/grandparent/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/grandparent/legal guardian present, the account cannot be opened unless the parent/grandparent/legal guardian 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 is £1. The maximum investment is £1m.
The maximum balance that can be held across all Swansea Building Society savings accounts held is £1m per customer.
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 withdraw from your account without giving notice subject to Society limits. Details of our cash, cheque and electronic payment withdrawal limits are displayed in our branch offices and on our web-site. Please note, the Society does not allow cheques drawn from our branch offices / electronic payments to be made payable to third parties. All cheques / electronic payments must be made payable to the child who is the Account Holder. However, where there is a parent linked to the account, a cheque / electronic payment may be made payable to that individual upon request subject to that individual completing a Young Saver Withdrawal Declaration Form (available on request from any of our branch offices) confirming that the withdrawal is for the direct benefit of the child. The Society reserves the right to decline a withdrawal request if it believes this not to be the case.
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 June 30th and December 31st annually. 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.