Young Adult Instant Access

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.

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.

• 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.

• 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.

• 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.