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Young Adult Instant Access

  • Only for 16-18 year olds
  • Instant access
  • Take money out in cash, by cheque or bank transfer
  • Summary
  • Important InformationInfo
  • How to Apply

  • Account Name

    Young Adult Instant Access

  • What is the interest rate?

    £1 + 1.35% Gross PA/AER
    £5,001 + 0.25% Gross PA/AER
    Interest rates on this account are banded. This means you’ll earn the higher rate of interest on the first £5,000 of your balance, and the lower rate of interest on your additional balance over £5,000.

    Interest is calculated daily and paid annually at 31 December into this account.

  • Can Buckinghamshire Building Society change the interest rate?

    Yes, interest rates are variable and we can change them at any time. Any changes will be made in accordance with Section 7 of our General Terms and Conditions which sets out when we can vary the interest rate and how and when we will notify you.

  • What would be the estimated balance after 12 months based on a deposit of £1,000 and deposits for each band of interest?

    The estimated balance after 12 months based on an initial deposit of £1,000 would be £1,013.50.

    The estimated balance after 12 months based on an initial deposit of £6,000 would be £6,070.00.

    This estimation assumes that the amounts above are deposited on 1 January with no deposit or withdrawal transactions made and interest subsequently paid gross at 31 December.

    This projection is provided for illustrative purposes only and does not take into account your individual circumstances.

  • How do I open and manage my account?

    • You must be a UK resident and between the ages of 16 and 18.
    • You can open an account by post or in person with a minimum of £1 and save up to £50,000.
    • You can open and operate the account yourself or a parent or other adult can be an additional signatory. In this case both signatures will be required for all withdrawals. The Young Adult will remain the beneficial owner of all money in the account.
    • Only 1 account per person is permitted.
    • Accounts can only be opened in the name of 1 young adult. Joint accounts are not permitted.
    • We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.
    • You can make a cash deposit by visiting the branch, post us a cheque made payable to the account holder or make a bank transfer.

  • Can I withdraw money?

    • Yes you can take out your money at any time. You can withdraw cash at our branch, or by cheque or bank transfer to your nominated bank. You will need to bring in or send us your passbook to make a withdrawal.
    • Cash withdrawals are subject to a daily limit of £500 and £3,000 on 3 days notice.

  • Additional Information

    • Gross Rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. We will pay interest at the gross rate. It is your responsibility to declare any interest you earn to HMRC. The Society also has a legal obligation to supply HMRC with particulars of interest paid.
    • 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.
    • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
    • We have no current plans to withdraw this product although it can be withdrawn without notice.

You should read this information carefully in conjunction with our General Savings Terms and Conditions to ensure you understand them.

Upon opening  this account you will automatically become a member and be bound by the Society’s Rules, a copy of which is available on request.

The Society operates a 14 day cancellation period, so if you change your mind about opening an account you will receive back all your original capital plus any interest accrued.

Accounts cannot be operated solely by a third party unless a Power of Attorney is in place.

To apply please download the forms below

Young Adult Application Form

Financial Services Compensation Scheme

Identification Requirements

Open an Account

Download and complete the application form and return it to us by post or to the branch.

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 the 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).

Verifying your Identity

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