Children’s Savings Accounts
Savings accounts designed for children under the age of 16.
| Product name | Minimum balance | Interest paid | Gross interest % | AER % | Withdrawals | Add to brochure download | |
|---|---|---|---|---|---|---|---|
| £5+ | Monthly | 3.00 | 3.04 | 30 days' notice to withdraw | |||
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Savings accounts for under 16s. Encouraging your children to save some pocket money or birthday money is a great way to pass on the ‘saving habit’. If you want to encourage your children to save, we have two savings accounts designed for young savers.
Our Young Savers account is an easy-access children’s savings account that means you can access your money when you need it. Young Savers is straightforward, giving you the flexibility to pay money in and take money out when you need it.
Our Wild Ones Young Savers Issue 2 account is a 30-day notice account. This account offers a higher rate of interest than the easy-access Young Savers account but you need to give us 30 days’ notice if you wish to make a withdrawal. The Melton is giving away special Wild Ones Packs to children aged 0 to 16 years who open a Wild Ones Young Savers Issue 2 account at any of our branches.
Here to help
Not sure which account is right for you? Get in touch and our experienced staff will gladly talk you through your options and help find the best savings account for you.
How safe are your savings?
You may be worried that if you tie up your money in a savings account, it won’t be protected. However, the Financial Services Compensation Scheme is an independent body that serves as a last resort to cover most deposits, including savings up to the value of £85,000. So, if for some reason your building society failed, your money would be protected by the FSCS.
The Society’s bank account details, which are used for paying money in to your account electronically, are as follows:
Sort Code: 40-05-30
Account number: 74574915
Account type: Personal
Reference: Your Melton Building Society account number
Name on account
Gross rate is the contractual rate of interest payable without tax taken off.
AER stands for annual equivalent rate and shows what the rate would be if interest was paid and compounded each year. Because every advert for a savings product that quotes an interest rate will contain an AER, you can compare the return you can expect from your savings over time.
