Young Savers Terms & Conditions

Specific Terms and Conditions for Young Savers Account

1 - Account Opening & Account Holder
This account can only be opened by, or on behalf of, persons under the age of 18. When the account holder reaches the age of 21, the account will be transferred to another alternative account with the Society. We will write to the account holder before this time explaining the options available.

2 - Investment Limits
The minimum investment is £10. The maximum investment is £500,000.

3 - Further Investment
You may add to your savings at any time, just call into your local branch or agent with your passbook and deposit. If it is more convenient you can post it or save through a standing order from your bank account. You can also make regular credits by direct debit.

4 - Withdrawals
As this is a savings account, you are only allowed up to 150 withdrawals during each year (ending 31 March). If you make more than 150 withdrawals, or a withdrawal reduces the balance to less than the minimum balance required, we will write to you to close the account.

You can withdraw from your account without giving notice subject to the limits of the branch or agency you use. Details of our cash and cheque withdrawal limits are displayed in branches, available from our Head Office or click here to view our withdrawal limits.

You can also make withdrawals by electronic transfer using the 'My Accounts' system. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions. Only account signatories aged 16 years and over can operate their account online.

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 31 March each year.

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.