Young savers
If you’re aged 16 or under, we have an account just for you. Whatever money you are saving, whether it’s your pocket money or birthday money, the Young Savers account enables you to save your money as little and as often as you wish.
This account is currently closed to new customers
| Account name | Young Savers | |
|---|---|---|
| What is the interest rate? |
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Annual interest, payable on 1 March each year, will be added to your account. |
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| Can the Melton Building Society change the interest rate? | The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society. We’ll give you fourteen days’ notice before any change that would disadvantage you. For full details, please read our Terms and Conditions. |
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| What would the estimated balance be after 12 months based on a £1,000 deposit? | Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,025.00. This figure is only an estimate, based on:
This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances. |
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| How do I manage and open my account? | This account is only for UK-resident individuals between birth and 16 years of age. The account may be opened and operated by a maximum of four account holders. Accounts can be opened with a minimum of £5 and the maximum that can be held in this account is £50,000 not including interest. A Young Savers account can only be opened in your sole name and at your registered address. Any money in the account will belong to you and not any counter-signatories to your account. Counter-signatories are normally a parent, grand-parent or guardian registered to your account upon opening. To open an account, see How to apply below. Manage your account by visiting a branch of the Society or by forwarding your written instructions to us. |
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| Can I withdraw money? | Easy access – you can make withdrawals from your account without notice or penalty, by visiting a branch of the Society or by forwarding your passbook with written instructions to us. A parent or guardian must authorise all withdrawals until you reach 7 years of age. For withdrawals over £50 a counter-signatory is required to sign with you, where you are aged between 7 and 16, to enable the withdrawal to take place. Withdrawals are subject to the limits explained in our savings terms and conditions. |
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| Additional information | When you are 16 years of age you must move your money out of the Young Savers account. Unless you tell us otherwise, we’ll transfer your account to an Online eSave account, the terms and conditions of that account will apply at that time. This is a summary of the key features of this account. You will still need to read the savings terms and conditions. |
This account is currently closed to new customers
AER
- The Annual Equivalent Rate (AER) shows you what interest rate your savings account will earn over a year.
Annual interest
- Interest is money that we pay to you based on the amount of savings you hold with us. The rate of interest you will earn is given as a percentage. If your interest is paid annually, this means that you will receive it on a yearly basis. The date you receive this payment will be in the terms of your account.
Cash ISA (Individual Savings Account)
- This is a type of savings account that is tax-free meaning you don’t pay tax on any interest you earn.
Easy access account
- This is a type of savings account that allows you to withdraw your money without providing notice.
Financial Conduct Authority (FCA)
- The FCA are a regulatory body in the UK, operating independently from the government. They are responsible for regulating the financial services industry in the UK, which includes protecting customers and keeping the industry stable.
Financial Services Compensation Scheme (FSCS)
- The FSCS is a government scheme that protects savings you may hold with us, up to the value of £120,000. It is there to provide compensation if the Society was to fail, and you were to lose money.
Fixed rate
- A rate of interest that remains the same for a set period of time, as outlined in the terms of your account.
Gross interest
- This is the interest rate that is payable without the tax taken off.
Maturity date
- This is the end date of your savings account, if your account has a maturity date this will be specified in your product terms. Once you reach this date, we will contact you to see what you’d like to do with your money.
Monthly interest
- Interest is money that we pay to you based on the amount of savings you hold with us. The rate of interest you will earn is given as a percentage. If your interest is paid monthly, this means that you will receive it on a monthly basis. The date you receive this payment will be in the terms of your account.
Notice account
- This is a type of savings account that requires you to notify us a set number of days before you wish to make a withdrawal, the amount of notice you need to give will normally be detailed in the terms of your account.
Penalty
- This is a charge you may incur if you don’t stick to the conditions of your account. For example, you may incur a penalty if you make a withdrawal from a notice account without serving the full notice period.
Personal Savings Allowance
- This is the total amount of interest you can earn across all your savings accounts, not including ISAs, over the course of a year without paying tax. This includes all savings accounts that you may hold across different providers. More information can be found here: https://www.gov.uk/apply-tax-free-interest-on-savings
Prudential Regulation Authority (PRA)
- The PRA form part of the Bank of England. They are a regulatory body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
Regular savings account
- This is a type of savings account where you can make deposits into the account on a monthly basis. Some regular savings accounts may have limits on how much you can deposit per month and how many withdrawals you can make.
Variable rate
- A rate of interest that can go up or down during the lifetime of your savings account.
