Account opening
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What could you get?
The estimated interest is for illustrative purposes only and assumes your savings are paid in on the 1st January and no further deposits or withdrawals are made. It doesn’t consider any individual circumstances. All interest rate information should be read in conjunction with the full product information and general terms and conditions for savings accounts. For products with a tiered interest rate – the calculation displayed is based solely on the highest interest rate available shown within the product. Please refer to the individual product terms and conditions for full details regarding tiered interest rates and withdrawals.
This account is for you if:
You’re a child, young person or opening an account for a person aged 0–18
You are in need of a dedicated, flexible account for pocket money or gifts
You want easy access to your savings, with withdrawals available whenever you need them
You want a low opening deposit – many require as little as £1 to open
Summary Box
This account can remain open until the account holder reaches 18 years of age. If the account is intended for someone under the age of 13, it will need to be opened by their parent or guardian.
Here’s more information about the product.
Young Savers Instant Access (0-18 years)
2.75% Gross PA/AER* variable.
Interest is calculated on a daily basis and added to your account on 30th June and 31st December.
Yes, we have the right to vary the rate of interest. If we decrease the interest rate, we will notify you 14 days in advance of the change.
Please refer to Condition 7 of our General Terms and Conditions for Retail Savings Accounts (available in our branches and our website) which sets out the reasons for which we may change the rate and the procedure for doing so.
The estimated balance after 12 months based on an initial deposit of £1,000 would be £1,027.50.
This projection is provided as an example only and doesn’t take into account your individual circumstances. We have worked this out assuming a £1,000 deposit is made on account opening and no further deposits or withdrawals are made throughout the year.
A young person may only hold one account of this type. This account can remain open until the account holder reaches 18 years of age. If the account is intended for someone under the age of 13, it will need to be opened by their parent or guardian.
This account can be opened in branch or by post.
Minimum balance: £1
Maximum balance: £50,000.
Please note that you must fund the account with the minimum balance of £1 within 30 days of account opening, otherwise your application may be cancelled.
Please follow the guidance in our ‘Identification Requirements’ document available in branch and online.
You can manage this account in our branches, by post or online (subject to the terms and conditions of Harpenden Online). Deposits can be made by cash (up to £3,000 per day) and cheque, in our branches and by post, or by bank transfer.
Yes, you do not have to give notice to make a withdrawal or close your account. Withdrawals can be made without loss of interest. If the account holder is under 13 years of age, the parent/guardian who opened the account can withdraw up to £500 per day in cash. Once the account holder is over 13 years of age they can withdraw up to £50 in cash per day over the counter, providing the parent or guardian has provided a signed letter of authority. Between £50 and £500 can be withdrawn over the counter when the account holder is accompanied by the parent or guardian associated with their account.
Upon reaching the age of 18 years, the account holder will need to close the account or transfer the monies into another account that they would be eligible for at the time.
If the Society does not receive any instructions from the account holder then the whole amount in the account plus interest will be transferred to a holding account available at that time and the rate of that account may be lower.
You will not be permitted to reduce the balance in your account to less than the minimum balance unless you are closing your account.
Interest is paid gross without tax deducted. Some savers may be required to pay tax on their savings interest – this should be arranged directly with HMRC through your tax return.
Your tax treatment will depend on your individual circumstances and may be subject to change in the future. The Society reserves the right to withdraw this product without notice at any time.
* The gross rate (PA) is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually.
The information contained in this table forms part of the terms and conditions of the account and should be read in conjunction with our General Savings Account Terms and Conditions for Retail Savings Accounts.
Frequently Asked Questions
Here’s some helpful advice and guidance
We will write to the account correspondent prior to the account holders 18th birthday and at this time you will be given the choice of receiving a cheque for either part or all of the funds (together with interest) or any of the Society’s other savings accounts.
If the Society does not receive any instructions from the account holder within 60 days of writing then the whole amount plus interest will be transferred to a holding account available at that time and the rate of that account may be lower.
Please check with your local branch or call our Member Services Team on 01582 765411 to confirm product availability.
It is important that you read the FSCS information sheet. It provides you with information about the protection of your savings deposits. Eligible deposits with the Society are protected by the Financial Services Compensation Scheme (FSCS).
These savings products are covered by the FSCS.
Please complete the application form, making sure you indicate which savings account you wish to open.
Sign and return the completed form, along with the required identification (as detailed in our Identification Requirements document), to one of our branches or directly to our Member Services Team at Harpenden Building Society, FREEPOST, SB165, Harpenden, AL5 4BR
If you have reason to complain about the service that you receive you should contact the Branch Manager at your local branch or our Savings Operations Manager at Head Office either by telephone or in writing.
You can email us via: memberservices@harpendenbs.co.uk
Full details of the complaints procedure can be found in the General Terms and Conditions for Retail Savings Accounts.
If you open a new account and then change your mind, then as long as you tell us at any of our branches or our Head Office within 14 days after the contract is entered into (or, if later, 14 days from the day you first receive, on paper or electronically, the terms and conditions and other information relating to it) you can
• have your money back; or
• switch to another available account
In this case, you will not have to
• give any period of notice;
• lose any interest on the account you are closing; or
• pay any other charges
- Data Protection regulations require Harpenden Building Society (the Society) to inform customers about how their personal data will be processed
- Personal data includes customer’s name, addresses, financial information and other personal information needed for opening an account
- The Society will restrict its processing of your personal data to the minimum required to open and manage your account, update you on your account status and inform you of any new savings products
- Your personal information will be processed to comply with the Society’s legal and regulatory obligations, to ensure that we continue to operate in a way to safeguard your investment
- The Society will not send you marketing material on any other services and will not share your personal details with any other organisation for marketing purposes, without your consent
- Your personal details will be stored securely by the Society and its specialist suppliers, in countries that have equivalent data protection rules, and will only be used to communicate with you whilst you have an account with the Society
- Further information on how the Society handles your personal data is available under the ‘Privacy’ menu option on the website
- You are entitled to request the Society to restrict its use of your personal data. If you have any questions about how we manage your personal data, or wish to complain about this, please contact the Data Protection Officer in the first instance at: privacy@harpendenbs.co.uk
- If you are not satisfied with the handling of your complaint by the Society, you can also make a complaint to the Information Commissioner’s Office on: ico.org.uk
You can view our Privacy Policy in full here: Privacy Policy – Harpenden Building Society
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