|Account Name||Young Saver|
|What is the Interest Rate?||
|Can Swansea Building Society change the interest rate?||
|What would the estimated balance be after 12 months||
|How do I open and manage my account?||
|Can I withdraw money?||
|Specific Terms and Conditions for the Young Savers Account||
1. Account opening and Account Holder:
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 maximum balance that can be held across all Swansea Building Society savings accounts held is £85,000 in sole names and £170,000 in joint names 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:
6. Terms and Conditions:
You can download any of our application forms or related documentation here. If you need any assistance, please contact your local branch where one of our team will be happy to help you. For details of how to contact your local branch, please see our ‘Contact Us’ page.