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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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Young Saver 

Issue 4

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:

  • A UK resident (excluding Northern Ireland)
  • Aged 14 – 17 to open this account for yourself, or
  • At least 18 years old to be an Authorised Signatory for a child under 14.
  • Using the funds for the benefit of the account holder.

An Authorised Signatory is:

  • 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).

May be suitable for you if: 

Green Check Mark PNGs for Free Download You would like a savings account with instant access for a young person.

Green Check Mark PNGs for Free Download You would like to manage the account online or in person.

Green Check Mark PNGs for Free Download You would like to make additional deposits to your young persons’ savings.

Green Check Mark PNGs for Free Download You would like to open this account in person from Monmouthshire Building Society Branches / Agencies.

Not suitable for you if:

 File:Cross red circle.svg - Wikimedia Commons  You are over the age of 18.

 File:Cross red circle.svg - Wikimedia Commons  You would like a fixed rate of interest on your savings.

 File:Cross red circle.svg - Wikimedia Commons  You would like to open this account over the phone or by post.

Additional Information :

  • Unlimited withdrawals can be made without notice or loss of interest, subject to the minimum balance being maintained.
  • At the age of 14, the child can take over the operation of the account subject to signed authorisation by the signatory.

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.
Interest is calculated daily and paid once a year after 5pm on 31 March.

Can Monmouthshire Building Society change the interest rate?

Yes, the interest rate is variable.
We can change the rate at any time if we feel it’s needed, this is in line with our General Terms and Conditions for Savings Accounts.
If we put the rate up, this is shown on our website, and information will be available in our branches and agencies.
If we put the rate down, we’ll let you know as soon as we can - with at least 30 days notice.

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).
You must be aged 18 or over.
You must both be UK residents (excluding Northern Ireland).

Who can open - Young Adult

You must be aged 14 – 17.
You must be a UK resident (excluding Northern Ireland).

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.
You can pay money into the account whenever you want, up to the maximum balance.

Can I withdraw money?

Yes, there is no cost to you accessing your money.
You don’t need to give us notice if you want to access your money or close your account.
Children aged 14 – 18, who can manage their own account, can take their own money out.

Additional Information

The gross rate means before tax.
You only pay tax on savings above your Personal Savings Allowance. Visit www.hmrc.gov.uk for more information.
AER is the Annual Equivalent Rate and shows what the rate would be if interest was paid and added on each year.
Rates and information correct from the 31 July 2023.

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

Young Saver Terms and Conditions

Young Saver Summary Box

Other Important Information:

FSCS Information Sheet

General Terms and Conditions for Savings Accounts

Savings Service Tariff

Important Information About Your Personal Data

My Accounts Terms and Conditions

Savings terms:

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.

Next Steps

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. 



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