First Adult Saver
Interest is calculated daily and added to the account half yearly on June 30th and December 31st.
This account is designed specifically for customers aged between 18 and 30 who are looking for a savings account with a competitive rate with limited access and are saving for a particular occasion (such as buying a house/car).
Can Swansea Building Society change the interest rate?
Interest rates are variable and may be amended at any time. We will give you 14 days 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, you may telephone our Investment Department on 01792 739100 or call into one of our branch offices. Details of other Swansea Building Society savings accounts interest rates are available in our Range of Savings Accounts leaflet.
What would the estimated balance be after 12 months?
Projected Balance = £1,007.50
This figure is for illustration purposes and is based on a deposit of £1,000 with 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 with appropriate identification (see our Proving Your Identity leaflet for further details), together with a cheque made payable to ‘Swansea Building Society a/c (your name)’. This account can only be opened in the sole name of the applicant. No joint applications are allowed.
The account is open only to persons aged 18 up to and including 30 years of age. (When the account holder reaches 31, 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).
A maximum of five First Adult Saver accounts can be opened per person. Minimum investment/balance is £1 per account. The maximum investment/balance across all First Adult Saver accounts held is £30,000. The maximum balance across all savings accounts that can be held at the Society is £85,000 sole or £170,000 joint.
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 customer per day).
Can I withdraw money?
Withdrawals can only be made at the expiry of 7 days from receipt of your formal notice to the Society to withdraw. Your notice must specify the amount to be withdrawn and can be made by visiting us at a branch office. Alternatively, you may send us your written instruction by post or by e-mail. Access to monies before the required 7 days notice will only be considered in exceptional circumstances. You are allowed a maximum of three withdrawals a year (Between April 1 and March 31) and no further withdrawals will be allowed except for closure of the account.
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.
Specific Terms and Conditions for the First Adult Saver Account
1. Account Opening & Account Holder:
This account can only be opened by persons between the age of 18 and 30 in their sole name. No joint applications are allowed. When the account holder reaches the age of 31, 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.
2. Investment Limits:
The minimum investment/balance is £1. The maximum investment/balance is £30,000. The maximum number of First Adult Saver accounts that may be opened is five and the maximum investment/balance across all First Adult Saver accounts held is £30,000. The maximum balance that can be held across all Swansea Building Society savings accounts held at the Society is £85,000 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:
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 only withdraw from your account by giving seven days’ notice (except for exceptional circumstances). You are allowed a maximum of three withdrawals a year (Between April 1 and March 31) and no further withdrawals will be allowed except for closure of the account. Details of our cash and cheque withdrawal limits are displayed in our branch offices, on our web-site and from our Head Office.
Interest will be credited to the account half yearly following the close of business on June 30th and December 31st. Statements are sent out annually on December 31st.
6. Terms and Conditions:
These specific Terms and Conditions apply to this account in addition to our General Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.
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.