Young Savers Account
All rates are variable
|Summary Box - Key Product Information|
|Account Name||Young Savers Account|
|What is the interest rate?||
1.25% Gross* / AER** for balances under £25,000
Balances over £25,000 will attract the lowest rate from the the Instant Access Account.
As soon as as young person reaches the age of 21, the lowest interest rate from the Instant Access Account will apply.
Interest is calculated daily and added annually on 31st December at close of business.
|Can Beverley Building Society change the interest rate?||
Yes, all of our interest rates are variable.
Refer to our Terms and Conditions for full details.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
This figure is for illustration purposes only, and assumes no further deposits, withdrawals or interest rate changes.
|How do I open and manage my account?||
Available to UK Residents and UK Tax Residents aged under 21.
Complete the application form, relevant declaration(s) and provide necessary identification then forward together with the initial deposit (payable to the account holder) to the Society's office.The minimum opening deposit is £1, and the maximum balance is £25,000.
Account can be managed via post and branch.
|Can I withdraw money?||
Yes, notice and penalty free withdrawals are permitted.
You can normally make a withdrawal on demand of cash up to £500 and any amount by cheque or Faster Payment, subject to adequate cleared balance and written instruction signed by the relevant signatory(ies)
Refer to our Terms and Conditions for more information on withdrawals
*Gross rate – the contractual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability
**AER - stands for Annual Equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year