Young Savers Account
You're never too young to open a Young Savers Account.
Our Account is for young people who wish to start a savings scheme of their own
|What is the interest rate?
- 3.90% AER / Gross * - Annual Interest
- Interest is variable and calculated on a daily basis on the balance in the account.
- Interest is paid annually following close of business on March 31st each year.
|Can Monmouthshire Building Society change the interest rate?
- Yes – the interest rate is variable, which means the interest rate can go up or down.
- If we increase the interest rate, we will display this information in our branch/agency offices and on our website.
- If we decrease the interest rate we will notify you by sending you a letter, email or other personal notice 30 days in advance of the change.
|What would the estimated balance be after 12 months based on a £1,000 deposit?
- We have worked this out assuming £1,000 is paid into the account, no further money is paid in or taken out over a 12-month period, the interest rate stays the same and the interest is added to the account.
|How do I open and manage my account?
Ways to open
Who can open
- A child under the age of 18.
- If the child is under age 14, the account must be opened by an authorised signatory.
- The signatory must be aged over 18.
- If the child is aged between 14 and 17, the child can open and use the account themselves and take ownership of an existing account by requesting a right to transfer form.
- Both child and signatory must be UK residents (excluding Northern Ireland).
- The minimum amount to open this account is £1.
- The maximum balance is £25,000.
Manage your account
- You can manage your account at any branch or agency, by post or online (if registered with our ‘My Accounts’ service).
|Can I withdraw money?
- Yes, you can take money out without losing interest or giving notice.
- Any money taken out by the signatory must be made for the child’s benefit, whilst the signatory has control of the account.
- If the child is aged 14 to 18, and has control of the account, they can take money out from their account themselves.
- When you take out £1,000 or more, these funds will be made in the form of a cheque in the child’s name or by faster payment to them.
|Additional Product Information
- You will only need to pay tax on any savings income you earn above your Personal Savings Allowance. The
- Personal Savings Allowance applies to the total savings income you earn from all banks/building societies and not just from Monmouthshire Building Society. Visit HMRC website at www.hmrc.gov.uk for more information.
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
- The gross rate is the rate of interest payable before the deduction of tax.
- The tax treatment depends on your individual circumstances and may change in the future.
- Rates and information correct as of 6th June 2023.
Terms and Conditions:
It is important that you read the following before deciding to open an account: