Interest Rate AER / Gross - Variable: 4.30%
Minimum - Maximum Balance: £1 to £25,000
Open and manage your account: In Branch or Agency
You must be:
An Authorised Signatory is:
May be suitable for you if:
You would like a savings account with instant access for a young person.
You would like to manage the account online or in person.
You would like to make additional deposits to your young persons’ savings.
You would like to open this account in person from Monmouthshire Building Society Branches / Agencies.
Not suitable for you if:
You are over the age of 18.
You would like a fixed rate of interest on your savings.
You would like to open this account over the phone or by post.
Additional Information :
Click below to expand the Young Saver Summary Box and Terms and Conditions.
|What is the interest rate?||
4.30% AER / Gross
The interest rate is variable, which means the rate can go up or down.
|Can Monmouthshire Building Society change the interest rate?||
Yes, the interest rate is variable.
|What would the estimated balance after 12 months based on £1,000 deposit?||
Based on £1000.00 being paid into the account, the interest rate doesn’t change and there is no other money into or out of the account over 12 months.
|How do I open and manage my account?||
Who can open
Who can open - Adults
An ‘authorised signatory’ of a child (under 14).
Who can open - Young Adult
You must be aged 14 – 17.
How to open
In branch or agency
The minimum balance is £1.
The maximum balance is £25,000.
How to manage
Online on ‘my accounts’, in branch or agency.
|Can I withdraw money?||
Yes, there is no cost to you accessing your money.
The gross rate means before tax.
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Gross is the rate of interest payable before any tax is taken off.
Fixed interest means the rate stays the same until the account matures.
Variable interest means the rate can go up or down at any time. We will always publish our rate changes and give you with at least 30 days notice if the rate on one of your accounts is due to go down.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Business day is Monday to Friday excluding bank holidays.
The information provided in the summary box is a summary of the key features of the Young Saver Account and is not intended to be a substitute for reading the terms and conditions above that apply to the account.
If you have read and understood all the information provided, and you would like to apply for a Young Saver Account. you can visit one of our branches or agencies in person.