With a minimum opening balance of £1, the Junior Saver is the ideal introduction to independent money management for young people. If you are under 18, this account gives you competitive interest rates on lower balances, enabling you to have easy access to your money for those essential items and yet encouraging you to leave your savings in place and watch them grow.
Minimum balance £1
Maximum balance £25,000
Download an application form for a Junior Saver
OPERATING THE ACCOUNT
The account can be opened either in the young person’s name or in trust by a parent, grandparent or other guardian. Please be aware that for a child under 7 the account must be operated by the parent or guardian.
Any number of further deposits can be made into the account subject to the maximum investment.
Withdrawals can be made at any time with no notice or loss of interest.
Cash withdrawals are subject to daily branch cash limits. Upon application, specify either the trustee or the account holder to be able to withdraw funds.
The account can be operated either in person at our branches or by post.
INTEREST RATES
Interest can be paid annually at 31st December or at the end of each month either into the account or to another bank account. Different interest rates apply for each method.
Interest rates are variable and we may change them at any time. We maintain interest rates at a competitive level.
Ask us for an R85 form to ensure that interest is paid gross (unless the account holder is a tax payer, there will be no need to pay any income tax on this account). A parent must sign this form if the child is under 16. Please note that, by law, the Society has to supply annual details to HMRC of all interest paid or credited to investors.
IDENTIFICATION
Go to the Important Information page for full details of the identification required for the young person and any trustee operating the account. Please be aware that, for legal reasons, we are unable to open an account unless valid identification is provided.
OTHER INFORMATION
This account is available to under 18s only. On reaching the age of 18 the account will be transferred to the most similar in our range.
Upon opening a Junior Saver account you will automatically become a member and be bound by the Society’s rules. Investing members under 18 cannot vote at Society meetings, although they can receive statutory information on request.
All new savers opening share accounts must agree to assign any future windfall rights to the Charities Aid Foundation. The application form has further details.
The Society operates a 14 day cooling off period, so if you change your mind about opening this account you will receive all your original capital plus any interest accrued.
The Society reserves the right to suspend or amend an issue of shares at any time and potential investors should check that the required issue is still available.
This account is subject to the Society’s General Terms & Conditions.
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