Wild Ones Young Savers Issue 2
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, with rewards at various milestones. The Wild Ones packs contain a fabulous selection of merchandise, including an initial goodie bag at account opening. This is then followed by further incentives when the account balance reaches £500, £1,000 and £1,500.
Call in to your local branch to find out more.
The Wild Ones Young Savers account is suitable for 0 – 16 year olds. Whatever you are saving for, this account offers a higher rate of interest than the easy access Young Savers account but has a 30 day notice period attached to it in respect of withdrawals.
| Account name | Wild Ones Young Savers Issue 2 | |
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| What is the interest rate? |
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Interest, payable at the end of each month, will be added to your account. If an interest payment date falls on a non working day, for example a weekend or public holiday, interest payments to your bank account will be made on the next working day. |
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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 will 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? | If you deposited £1,000 in this account, after 12 months you would have £1,030.42. • the current rate of interest 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? | New and existing customers can open an account in one of our branches. You will need to complete and return an application form along with necessary identification and opening cheque. This account is only for UK resident individuals between birth and 16 years of age living in Leicestershire, Nottinghamshire, Lincolnshire, Cambridgeshire or Rutland or to customers who have been members with the Society for 5 years or more. Accounts can be opened with a minimum amount of £5 and the maximum that can be held in this account is £10,000 not including interest. The account may be opened and operated by a maximum of two account holders. Limited to one account per person. 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, grandparent or guardian registered to your account upon opening. |
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| Can I withdraw money? | Yes, you can withdraw money as long as you give us 30 days’ notice in branch. You can make withdrawals by visiting a branch. A parent or guardian must authorise all withdrawals until you reach 7 years of age. Between the ages of 7 and 16 years old, for withdrawals over £50, a counter-signatory will also need to sign for the withdrawal to be made. 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 Wild Ones Young Savers account. Unless you tell us otherwise, we will transfer your account to a variable rate account, the terms and conditions of that account will apply at that time. Terms and conditions for Wild Ones Young Savers Issue 2 account incentives:
This is a summary of the key features of this account. You will still need to read the Savings Terms and Conditions. |
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.
