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  • Junior Saver

    • Overview
    • Interest Rates
    • How to Apply
    Full Details
    • Account name

      Junior Saver

    • What is the interest rate?

      £1 plus   1.60% gross pa / AER*

    • Can Buckinghamshire Building Society change the interest rate?

      Yes, interest rates are variable and we can change them at any time. We will inform you before we do this. Section 7 of our General Terms and Conditions has further details.

    • What would be the estimated balance after 12 months based on a £1,000 deposit?

      The estimated balance after 12 months based on an initial deposit of £1,000 would be £1,016.00.
      This estimation assumes that £1,000 is deposited on 1 January with no deposit or withdrawal transactions made and interest subsequently paid gross on 31 December. These figures are for illustrative purposes only.

    • How do I open and manage my account?

      Open an account with a minimum of £1 in person or by post. The maximum balance in the account is £50,000.

    • Can I withdraw money?

      Yes, you can withdraw your money immediately by cash, cheque or transfer. 

    • Additional information

      You must be aged under 16 to open this account. 

    Effective: 01 July 2018
    Balance Gross PA/AER
    £1 1.60%
    Previous rates effective: 01 October 2016
    Gross PA/AER
    1.25%

    Download the application form for the Junior Saver and then complete and return the form to us, with the following;

    • if paying by cheque it should be made payable to the child; 
    • identification for the child and if an adult is signing on the account, we also require identification for the adult.

    Financial Services Compensation Scheme

    You must read the Information Sheet which gives all the details of the FSCS and how you are covered.

    The FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA).

    Identification Required for Opening an Account

    In order to help you to keep your money safe from fraud we verify the identity of all customers opening a new savings account with the Society. Click here to see the list of required ID documents.

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to 2 decimal places. Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC.

How much can I save?

You can save up to £50,000 and any number of deposits can be made up to this maximum amount.
If the balance falls below the minimum balance a nominal interest rate will apply.

What do I need to know before opening this account?

  • This account is open to anyone up to the age of 16 in a single name only who is a UK resident.
  • A parent, guardian, or other adult may open and operate this account on behalf of any child up to the age of 16. 
  • When the account holder reaches the age of 16 the account must be transferred into one of our adult accounts to be operated by the former child on their own.
  • The accounts may be operated by a child alone provided the child is 7 years old or more
  • For children under 7 the account must be operated by an adult.

How can I take my money out?

  • You can take your money out at any time by cash, cheque or bank transfer.
  • Cash withdrawals are subject to daily branch limits - £500 per day or £3000 with 3 days notice.
  • The child is the beneficial owner of the money and therefore we reserve the right to query if withdrawals are for the child’s benefit.

Can I cancel?

We operate a 14 day cancellation period from the date you open the account. If you change your mind you will receive back your original capital plus any interest accrued.

Tax Residency

We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.

How will my interest be paid?

The interest rates are variable and we can change them at any time.  Interest will be paid annually at 31 December into the account.

Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC.

  • Basic rate taxpayers can earn up to £1,000 interest on savings tax free.
  • Higher rate taxpayers can earn up to £500 interest on savings tax free.
  • Additional rate taxpayers will pay tax on all savings interest earned.

 

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* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to 2 decimal places. Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC.

How much can I save?

You can save up to £50,000 and any number of deposits can be made up to this maximum amount.
If the balance falls below the minimum balance a nominal interest rate will apply.

What do I need to know before opening this account?

  • This account is open to anyone up to the age of 16 in a single name only who is a UK resident.
  • A parent, guardian, or other adult may open and operate this account on behalf of any child up to the age of 16. 
  • When the account holder reaches the age of 16 the account must be transferred into one of our adult accounts to be operated by the former child on their own.
  • The accounts may be operated by a child alone provided the child is 7 years old or more
  • For children under 7 the account must be operated by an adult.

How can I take my money out?

  • You can take your money out at any time by cash, cheque or bank transfer.
  • Cash withdrawals are subject to daily branch limits - £500 per day or £3000 with 3 days notice.
  • The child is the beneficial owner of the money and therefore we reserve the right to query if withdrawals are for the child’s benefit.

Can I cancel?

We operate a 14 day cancellation period from the date you open the account. If you change your mind you will receive back your original capital plus any interest accrued.

Tax Residency

We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.

How will my interest be paid?

The interest rates are variable and we can change them at any time.  Interest will be paid annually at 31 December into the account.

Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC.

  • Basic rate taxpayers can earn up to £1,000 interest on savings tax free.
  • Higher rate taxpayers can earn up to £500 interest on savings tax free.
  • Additional rate taxpayers will pay tax on all savings interest earned.

 

Further Information

Download the application form for the Junior Saver and then complete and return the form to us, with the following;

  • if paying by cheque it should be made payable to the child; 
  • identification for the child and if an adult is signing on the account, we also require identification for the adult.

Financial Services Compensation Scheme

You must read the Information Sheet which gives all the details of the FSCS and how you are covered.

The FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA).

Identification Required for Opening an Account

In order to help you to keep your money safe from fraud we verify the identity of all customers opening a new savings account with the Society. Click here to see the list of required ID documents.