Cygnet

Interest Rate: 

2.00% Gross/AER
 

 

Interest is calculated daily and added to the account annually on the 31st December.

 
Can Swansea Building Society change the interest rate?
Interest rates are variable and may be amended at any time. We will give you one week’s prior 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 telephone our Investment Department on 01792 739100. Details of savings interest rates are available in our Savings Accounts and Rates leaflet.
 
What would the estimated balance be after 12 months?
 
Projected Balance = £1,020
 
This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rate within the 12 month period
 
How do I open and manage my account?
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 together with a cheque made payable to ‘Swansea Building Society a/c (your name)’. The account is open only to persons under 18 or who are in full-time education. Only one Cygnet Account can be opened per person. Minimum investment is £1.00. The maximum investment is £85,000.
 
The account must be opened in the name of the child if the child is between the ages of 7 and 17 inclusive when the account is opened. The account must be opened by an adult on behalf of the child if the child is under 7 years old when the account is opened and all references in these Product Specific Terms and Conditions to “account holder” shall include the adult. Once the child reaches the age of 7 the adult must transfer the account into the child’s name. If the adult fails to do this we reserve the right to automatically convert the account to the nearest equivalent account, and the new account terms and conditions will then apply. If the account is opened in the name of the child (i.e. where the child is 7 or over) then in the event of the account holder’s death, the balance on the account and accrued interest will be paid to the child’s personal representatives.
 
Where the account is held on behalf of the child, then in the event of the death of the child the account will be converted to an equivalent account in the name of the account holder(s).
 
Where the account is registered in the sole name of an adult on behalf of a child, then on the death of that person the balance on the account and accrued interest will be paid to the deceased’s personal representatives. The deceased’s estate shall reimburse us in the event of any claim by the child concerning the payment of such sums to the deceased’s personal representatives.
 
Where the account is registered in the name of adults jointly, then in the event of the death of a joint account holder, the balance on the account and accrued interest will be paid either to the surviving account holder or the account will be vested in the surviving account holder’s name on behalf of the child. Deposits can be made by cheque, 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 day).
 
Can I withdraw money?
You can withdraw money from your account at any time without notice or penalty by visiting us at a branch or sending us your written instructions. You must always present your passbook to make a withdrawal or close your account. Minimum withdrawal is £1 (or less if closing).
 

Additional information
For General Terms and Conditions applicable to this account see “General Terms and Conditions for the operation of Savings Accounts" available via the link below or from our branches.

Interest is paid gross without tax deducted.

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.

 

Forms

You can download any of our application forms or related documentation here. If you need any help with completing one please give us a ring on 01792 739100 where one of our team will be happy to help you.