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Established in Newport in 1869 to help local people build homes, we now help people across Wales and England buy properties and save for their future.
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01633 844 330
Young Savers
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.

Summary Box - Key Product Information

Account Name Young Savers - Issue 4
What is the interest rate?
  • 1.50% AER/Gross - Annual Interest.
  • Interest is variable and calculated daily on the balance in the account.
  • Interest is paid 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.
  • In line with our General Terms and Conditions for savings accounts (6.9 -6.11) we may change the interest rate at any time if we reasonably believe the change is needed.
  • 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?
  • £1,015.00.
  • 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?
  • This account is for a Child under the age of 18.
  • The account can be opened by a Child aged 14-17, or on behalf of a Child from ages 0-17 by a designated signatory. The signatory must be aged over 18. Both Child and Signatory must be UK residents (excluding Northern Ireland).
  • The signatory must be one of the following:
    • the child’s parent
    • a person who has legally adopted the child
    • a person who has been granted parental responsibility by the Courts.
    • the Child’s grandparent (who will need consent from one of the above, for the Society to process their personal data)
  • If the Child is under age 14, the account must be opened by an authorised signatory.
  • 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.
  • This account is intended for a Child under the age of 18, the Child will remain the beneficiary and will be named as the account holder. All funds will belong solely to the Child.
  • The account can be opened at any branch, agency or by post.
  • The account can be opened and used online if you are aged 16 or over and complete the registration within “My Accounts”. The signatory can open and use this account online until the Child takes ownership of the account.
  • The lowest amount of money you need to have to open the account is £1.
  • The most money you can have in the account is £25,000.
  • The account must always have at least £1 in it.
  • You can add to your savings at any time by cash (at a branch or agency), cheque, bank transfer or standing order.
Can I withdraw money?
  • You can take money out without losing interest.
  • You can take money out from your account without giving notice subject to the limits of the branch or agency you use.
  • Any money taken out by the signatory can only 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 cheque issued in the Child’s name or by faster payment in the name of the Child.
  • When the Child reaches the age of 18, the account balance will be transferred to an Easy Saver account or the nearest equivalent account at that time, unless otherwise instructed. The account will be subject to the terms and conditions and interest rate of the Easy Saver or the nearest equivalent at that time. We will contact the Child before this time explaining the options available which include closing the account and withdrawing the funds.
Additional Product 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.
  • 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.
  • The tax treatment depends on your individual circumstances and may change in the future.
  • Interest rate effective from 17th March 2022.      

 

Terms and Conditions:

It is important that you read the following before deciding to open an account:

Product Terms and Conditions - Young Savers (Issue 4) 

1 - Account Opening & Account Holder

The Monmouthshire Building Society limits this account to one per Child (A person under the age of 18).

This account is for a Child under the age of 18. It can only be opened by a Child over the age of 14, or on behalf of the Child by an individual over the age of 18, including:

  • the Child's parent
  • a person who has legally adopted the child
  • a person who has been granted parental responsibility by the Courts
  • the Child’s grandparent (who will need consent from one of the above, for the Society to process their personal data)

At the age of 14, the Child can take over the operation of the account subject to signed authorisation by the signatory.

When the Child reaches the age of 18, the account balance will be transferred to an Easy Saver or the nearest equivalent account available at the time unless otherwise instructed. Even if the ownership has not been passed onto the Child. At the age of 18, ownership will be provided to the Child and will automatically be transferred to Easy Saver, where the Child needs to provide a proof of identity to access the account. We will contact the Child before this time explaining the options available which include closing the account and withdrawing the funds.

2 - Account Limits

The lowest amount you can pay in is £1 (there must always be at least £1 in the account to keep it open).

The most money that you can have in the account is £25,000.

3 - Further Investment

Additional deposits can be made as often as you like up to the maximum balance. Deposits can be made by cash (at a branch or agency), cheque, bank transfer or standing order.

4 - Withdrawals

You can take money out of or close your account without notice or loss of interest, but this must be for the benefit of the Child.

If taking money out reduces the balance to less than £1, you will have 30 days from the date we issue you with a notice to bring the balance up to £1 or more. If after the notice period has ended the balance remains below £1, we may close your account without further notice.

You can take money out of your account without giving notice subject to the limits of the branch or agency you use. Details of how much money you can take out by cash and cheque are displayed in our branches and agencies, available from Head Office or on our FAQ's page.

When you take out £1,000 or more, it will be a cheque made payable to the Child or by faster payment to a bank account in the name of the Child.

You can also take money out by electronic transfer using the 'My Accounts' system at www.monbs.com. Taking money out online using the 'My Accounts' system are subject to further terms and conditions. This option is only available if the person managing the account is aged 16 or over. 

We reserve the right to close the account where we suspect that the account is not being used for its intended purpose. This can include where we suspect signatories have deposited their own personal funds for their own benefit rather than that of the Child.

Account closure will be by cheque made payable to the Child or by faster payment in the name of the Child.

5 - Interest

Interest is variable and calculated daily on the balance in the account.

Interest will be added to the account following the close of business on March 31st each year.

An annual interest statement will be sent.

When the account holder reaches the age of 18, the account balance will be transferred to an Easy Saver or the nearest equivalent account available at the time and will be subject to the interest rate and terms and conditions of the account.

6 - Terms and Conditions

These Product Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Product Terms and Conditions, the Product Terms and Conditions will apply.

FSCS Scheme