Interest is calculated daily and added to the account annually on the 31st December.
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.
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. The maximum investment is £85,000.
You can withdraw money from your account at any time without notice or penalty by visiting us at a branch. Alternatively, you may send us your signed written instructions. You must always present the active passbook linked to the account to make a withdrawal or to close your account.
All cheque/electronic payment withdrawals must be made payable to the child who is the Account Holder. Please note, the Society does not allow cheque/electronic payment withdrawals to be made which are payable to third parties. However, where there is a request for a withdrawal by the parent/grandparent/ guardian who is linked to the account, a cheque/electronic payment may be made payable to the parent/grandparent/ guardian upon request subject to the individual conﬁrming that the withdrawal is for the direct beneﬁt of the child (by completing a Young Saver Withdrawal Declaration Form available on request from any of our branch offices). The Society reserves the right to decline a withdrawal if it believes this not to be the case.
Minimum withdrawal is £1 (or less if closing the account). Minimum balance to be held in this account is £1. The maximum cash withdrawal per customer per day is £1,000
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.