About Us
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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Young Savers Account

Issue 4

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?
  • £1,039.00
  • 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?

Ways to open

  • In Branch or Agency

 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).

 Open from

  • 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.


FSCS Scheme