Issue 6
Interest Rate AER / Gross - Variable: 3.70%
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:
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 :
- 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? |
3.70% 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? |
£1,037.00 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 Minimum The minimum balance is £1. Maximum 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. |
| Additional Information |
The gross rate means before tax. |
It is important that you read the following before deciding to open an account:
Young Saver Terms and Conditions
Other Important Information:
General Terms and Conditions for Savings Accounts
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.
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.
