Cookies on the Bucks Building Society website

We use cookies to help provide you with the best possible online experience. By using this site, you agree that we may store and access cookies on your device. Click here to find out more.

Thank you for subscribing to our newsletter.

  • Young Adults instant access

    • Overview
    • Interest Rates
    • How to Apply
    Full Details
    • Account name
      Young Adult instant access
    • 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 full 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 between 16 and 18 years old to open this account.
    Effective: 01 July 2018
    Balance Gross PA/AER
    £1 1.60%
    Previous rates effective: n/a
    Gross PA/AER
    If the balance falls below £1, a variable rate of 0.10% Gross / AER will be paid.

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

    Download the application form for the Young Adults accounts and then complete and return the form to us, with the following;

    • cheque in the name of the account holder only; 
    • identification for the account holder and for any adult named as an additional signatory.

    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 of £1, a nominal interest rate will apply.

What do I need to know before opening this account?

  • This account is open to anyone between the ages of 16 and 18 who is a UK resident.
  • 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 (account holder) will remain the beneficial owner of all money in the account.
  • There can only be one named account holder.
  • When the account holder reaches the age of 18 the account must be transferred into one of our adult accounts to be operated by the former child on their own.

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.

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.

* 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 of £1, a nominal interest rate will apply.

What do I need to know before opening this account?

  • This account is open to anyone between the ages of 16 and 18 who is a UK resident.
  • 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 (account holder) will remain the beneficial owner of all money in the account.
  • There can only be one named account holder.
  • When the account holder reaches the age of 18 the account must be transferred into one of our adult accounts to be operated by the former child on their own.

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.

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 Young Adults accounts and then complete and return the form to us, with the following;

  • cheque in the name of the account holder only; 
  • identification for the account holder and for any adult named as an additional signatory.

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.