The combination of an attractive interest rate and a passbook makes our children’s account ideal for encouraging a savings habit from an early age. Children can open and operate an account themselves, depending on the age and type of account, or adults can open and look after an account for a young family member from birth. Ask our team for details.
The Society is required by the Financial Conduct Authority to provide you with certain key information about this account in the form of a Summary Box. You should read this to enable you to make an informed decision and compare our product with those of other providers. Below, you have the option to download and print or save the full summary box, view elements of it one-by-one, or expand the accordion further down this page and view the full product details in one go.
This might suit you if
- You are seven or above and want somewhere to save up your pocket money towards a special purpose
- You are an adult and wish to save for the future of a young family member
- Please note that there are strict rules governing how children’s accounts can be managed, including who is allowed to make withdrawals and when. Ask our team for details
- You’d like a passbook, so that you can watch the savings grow
Young Savers Account
1.00%
Variable / Gross*/AER**
Save between £1 & £25,000
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*Gross rate – the contractual rate of interest to be paid on a savings account without any deduction being made in respect of potential 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.
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Summary Box
Young Savers.
1.00% Gross* / AER** for balances under £25,000.
Balances over £25,000 will attract the lowest rate from the Instant Access Account on the portion of the balance that is above the £25,000 limit. As soon as a young person reaches the age of 21, the account transfers to an Instant Access Account.
Interest is calculated daily and added annually on 31st December at close of business.
Yes, the interest rate for this account is variable.
Refer to the General Savings Terms & Conditions and the The Framework Contract for Payment Services for full details.
£1,010.00
This figure is for illustration purposes only, and assumes no further deposits, withdrawals or interest rate changes.
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 young person (account holder) to the Society’s office.
The minimum opening deposit is £1, and the maximum balance for the Young Saver interest rate is £25,000.
Account can be managed via post and branch.
When the young person reaches the age of 21, the account can no longer be operated by a controller and will be in the sole name of the young person. We will add any interest due to the account and then automatically transfer the full balance to the Instant Access account.
We will write to the young person in advance of their 21st birthday with full details of their account, paperwork to assume control of the account and with information about alternative accounts available.
Please contact the Society for information regarding Third Party Assistance.
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 Controller(s).
Refer to our General Savings Terms & Conditions and the Framework Contract for Payment Services 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 potential 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.
How to apply
To apply, please complete the application form below and either call in to our branch or send the completed form with your opening deposit to the Beverley Building Society at 57 Market Place, Beverley, East Yorkshire, HU17 8AA
Forms, guides and Ts & Cs Download Application FSCS Information Sheet and Exclusions List
