Young Saver

Interest Rate: 

2.25% GROSS, 2.26% AER
 

 

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 18 or under (or parents/grandparents/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.
 
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 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 visit or telephone any one of our branch offices detailed on the reverse of this leaflet. Details of other Swansea Building Society savings accounts interest rates are available in our ‘Range of Savings Accounts’ leaflet which is available by visiting or telephoning one of our branch offices or online at www.swansea-bs.co.uk.
 
What would the estimated balance be after 12 months?
 
Projected Balance = £1,022.63
 
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 period.
 
How do I open and manage my account?

To open an account, the child 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 available from branch offices or online at www.swansea-bs.co.uk) together with a cheque made payable to ‘Swansea Building Society a/c (the child’s name)’. 

Minimum investment is £1. Maximum investment is £85,000. The maximum balance that can be held across all Swansea Building Society savings accounts held is £85,000 in sole names or £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.

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).  

The account is open only to persons aged 18 or under. A maximum of five Young Saver accounts can be opened per person. 

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. 

If the young saver for whom the account is intended is under the age of 11, then the account must be opened and solely operated by the child’s parent/grandparent/guardian. When the child reaches 11, the child’s parent/grandparent/ guardian may request a change to the operation of the account to either allow the child to operate the account solely, or to require both the child’s parent/grandparent/guardian and child to operate the account requiring either or both signatures for account withdrawals. (Such a request needs to be notified to the Society in writing.) Until such notification is received, the operation of the account will be restricted to the child’s parent/grandparent/guardian only. 

If the young saver is aged 11 or above, then the account can be operated by the child’s parent/grandparent/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), the parent/grandparent/guardian must be present at account opening where the account is being opened at a branch office or they must become a party to the account.

Can I withdraw money?

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

 
Specific Terms and Conditions for the Young Savers Account
 

1. Account Opening & Account Holder:
This account can only be opened by, or on behalf of, persons under the age of 19. When the account holder reaches the age of 19, 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. 

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/guardian present, the account cannot be opened unless the parent/ grandparent/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 minimum investment is £1. The maximum investment is £85,000. The maximum number of Young Saver accounts that may be opened in the child’s name is five. The maximum balance that can be held across all Swansea Building Society savings accounts held is £85,000 in sole names or £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:
You may add to your savings at any time, just call into your local branch with your passbook and deposit. If it is more convenient, you can post the deposit, make an electronic bank transfer to the account or save through a standing order from a UK bank account. 

4. Withdrawals:
You can withdraw from your account without giving notice subject to Society limits. Details of our cash and cheque withdrawal limits are displayed in our branch offices, on our web-site and from our Head Office. Please note, the Society does not allow cheques drawn from our branch offices / electronic payments to be made payable to third parties. All cheques / electronic payments must be made payable to the child who is the Account Holder.  However, where there is a parent linked to the account, a cheque/electronic payment may be made payable to that individual upon request subject to that individual completing a Young Saver Withdrawal Declaration Form (available on request from any of our branch offices) confirming that the withdrawal is for the direct benefit of the child. The Society reserves the right to decline a withdrawal request if it believes this not to be the case.

5. Interest:
Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account following the close of business on June 30th and December 31st annually.

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.

 

Additional information
For General Terms and Conditions applicable to this account see “General Terms and Conditions for the operation of Savings Accounts" available from our branches or online at www.swansea-bs.co.uk.

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.