Young Savers Club
Young Savers Club
It's a proud moment when you open your own first savings account. You can start from as little as £1 and enjoy seeing it build up bit by bit with some of your pocket money or give it a nice boost with some birthday present cash.
You'll be surprised how quickly it all mounts up. It's a great feeling to watch your savings grow as quickly as you!
Children's Instant Access Young Savers Club
What is the interest rate?
|**Gross PA %||*AER %(Gross)|
Variable rate of interest paid half yearly.
Interest is calculated on a daily basis and added to your account half yearly on the 30th June and 31st December.
*AER stands for Annual Equivalent Rate and illustrates what the rate would be if interest was paid and compounded once a year.
**Gross P.A. is the rate of interest paid without the deduction of tax.
|Can Harpenden Building Society change the interest rate?||
We have the right to vary the rate of interest. When the interest rates reduce, and the change is material, we will personally tell you about it before we make the change. Please refer to Condition 7 of our General Terms and Conditions for Retail Savings Accounts, which sets out the reasons for which we may change the rate and the procedure for doing so.
You will find copies of these terms and conditions in all of our branches or you can download them from our website: harpendenbs.co.uk/savings/savers-terms-and-conditions
What would the estimated balance be after 12 months based on a £1,000 deposit?
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.
|How do I open and manage my account?||
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.
This account can be opened in branch or by post. Complete the attached application form and drop it into one of our branches or use our freepost address: FREEPOST SB165, Harpenden Building Society, 14 Station Road, Harpenden, Herts AL5 4BR.
Minimum balance: £1
If the applicant is a new customer we will need proof of your identity (ID). Please follow the guidance in our ‘Identification Requirements’ document available in branch and online. Visit: harpendenbs.co.uk/identification
If the account is intended for someone under the age of 13, it will need to be opened by their parent or guardian. The adult will be required to sign the application form on the child’s behalf once they have presented documents to verify their own ID, and provide the required ID for the child.
When making cheques payable to Harpenden Building Society you should also include the name of the child into whose account the money is being paid (e.g. Harpenden Building Society – Account holder’s name).
To operate this account you can talk to us in branch or contact us by post. Cash (up to £3,000 per day) or cheques can be paid in over the counter.
Cheques can also be paid in by post.
You can ask your bank to arrange a direct transfer once the account is open.
|Can I withdraw money?||
If under 13 years of age the parent/guardian who opened the account can withdraw up to £500 per day in cash. Instant access up to the total balance on your account is available by cheque or electronic payment. 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 agreed. 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.
Interest is paid gross without tax deducted. A small proportion of savers may be required to pay tax on their savings interest - this should be arranged directly with HMRC through your tax return. Please ask for further information.
Your tax treatment will depend on your individual circumstances and may be subject to change in the future.
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.