Young Supersaver
Do you want to give your kids more control?
Our Young Supersaver Account is available to open for everyone aged 18 years and under. You can then continue to hold the account up to your 23rd birthday. You can open your Young Supersaver account with as little as £10, and have penalty free no notice access to your balance.
Anyone under the age of 18 can have a Young Supersaver account.
For accounts operated through our branches, any child under the age of seven wishing to open a Young Supersaver will need a parent or guardian to open and operate their account as trustee(s) for them. The trustee(s) operating the account will be responsible for amending the operating instructions on the account when the child reaches the age of seven, if required.
For accounts operated through Investments Direct, any child under the age of sixteen wishing to open a Young Supersaver will need a parent or guardian to open and operate their account as trustee(s) for them. The trustee(s) must remain in place until the child reaches the age of sixteen, after which, if required, the account may be transferred into the child's sole name. Trustee(s) operating the account on behalf of a child are required to choose the order of names of the trustee(s) on the account. The Society only recognises the first names trustee(s) on the account as being eligible to vote.
What rate of interest will I get?
Rates effective at 1 May 2008.
| Annual Interest Rates | |||
|---|---|---|---|
| Balance | Gross P.A.* | Net P.A.* | AER** |
| £10 - £10,000 | 4.75% | 3.80% | 4.75% |
Rates are variable. |
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How much can I invest?
You can make additional payments into your account at anytime, up to the maximum limit of £10,000 (including interest).
What access to my money do I have?
You can make withdrawals from your Young Supersaver account at anytime without notice or penalty, subject to retaining the minimum balance of £10. You can close your account at any time.
When will I receive my interest?
Interest will be paid annually and will be credited to your account on 1 May. The Society reserves the right to change the date on which interest is credited to your account.
If the balance of your Young Supersaver Account falls below £10, the interest rate payable for the period that the balance remains below £10 will be the Society's variable base savings rate applicable at the time.
What happens to the account when I reach the age of 23?
When you reach the age of 23, your Young Supersaver Account will be transferred to an Easy Saver Account for customers using our branches and an Easy Saver Direct Account for Investments Direct customers, or other account that the Society considers is similar and is available at that time.
Do I have to pay tax?
If you are under 16 and eligible to have your interest paid gross, a parent or guardian will need to complete Inland Revenue Form R85 to avoid tax being taken off your interest. Alternatively, if you are over 16 and eligible, and operating your own account, you will need to complete the Inland Revenue Form R85 to avoid tax being taken off your interest.
Related terms & conditions
Please ensure you have read all the above terms & conditions, as well as all terms and conditions contained within the terms and conditions section.
How can I apply for an account?
- Please ensure you have read and understood all of the above terms & conditions.
- Then either complete our application form or call in to your nearest branch or telephone Investments Direct on 0845 634 3760†.
- Young Supersaver is available through the Society's Branches and Investments Direct and may be withdrawn at any time without notice.
* The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate (the net figures quoted assume liability at a tax level of 20% for illustrative purposes only).
** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Please note that the account specific Terms and Conditions may preclude you from earning these rates.