Are you a parent who believes in setting the foundation for your child's future success? Look no further! Swansea Building Society presents the Young Saver Account, a thoughtfully crafted savings solution designed to teach your child about financial responsibility from an early age.
As a parent, you understand the importance of instilling strong financial values in your child. With the Young Saver Account, you're providing them with a valuable opportunity to learn about saving money and the world of banking, setting them on a path towards financial empowerment.
Attractive Interest Rates: Start growing your child's savings with competitive interest rates, giving their money a chance to work for them.
Flexible Saving Options: Whether your child receives pocket money, birthday gifts, or small allowances, our Young Saver Account lets them save their earnings with ease.
Interactive Banking Experience: Teach your child about the world of banking through interactive features, fostering their curiosity and understanding.
Real-World Financial Skills: With the Young Saver Account, your child will learn how to manage their money wisely, setting the stage for financial confidence in the future.
Invest in your child's future with the Young Saver Account from Swansea Building Society. Give them the tools they need to grow into financially savvy individuals, confident in their ability to manage their money.
Unlock a world of possibilities for your child's financial future. Visit our website for more information about our Young Saver Account or contact one of our friendly team at your local branch office.
Can a Grandparent Open a Young Savers Account for a Child?
Yes, a grandparent can open a savings account for their grandchild under the child's name. However, they need to provide documentation, such as the child's birth certificate, proof of address etc.
How Much Money Can Grandparents Gift to Grandchildren?
Grandparents can gift up to £3,000 in one tax year without incurring inheritance tax. If the full £3,000 allowance isn't used, it can be carried over to the next tax year, up to a maximum of £6,000. Additionally, small gifts of up to £250 can be given to as many people as desired, but not more than £250 to any one person within a tax year. This rule prevents combining the £250 gift with other allowances.
Are Children's Accounts Tax-Free?
Children's accounts, excluding Junior ISAs, are not tax-free. Contrary to a common misconception, children are subject to tax on their savings just like adults. For more information, contact your local Tax Office.
If a parent gifts money to their child and the interest exceeds £100 annually, the interest contributes to the parent's personal savings allowance and may be taxable based on personal circumstances. This rule applies if the interest on the gift, added to any interest previously paid, surpasses a gross interest payment of £100. The rule is applied individually to each parent and considers all accounts held for the child, excluding parental contributions to a Junior ISA.
Can I Open an Account for a Baby?
Absolutely, you can open a savings account for a baby under your own name. Starting early provides a means to save for your child's future financial needs.
Note: This account is designed specifically for customers aged 18 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. Our Savings products are only available to new applicants residing in Wales or existing members (living in the United Kingdom).
|Account Name||Young Saver|
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|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:
3. Further Investment:
6. Terms and Conditions:
The information provided is a summary of the key features of the savings account and is not intended to be a substitute for reading the Terms and Conditions that apply to the account.
Hard copy - If you would prefer to print off or save the information on this page you can download a PDF here.
Need help - If you would like to speak to one of our friendly team about opening an account and / or to answer any questions you may have, please click here to request a call back or go to our ‘Contact Us’ page for details of how to contact your local branch.
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.