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Wild Ones Young Savers Issue 2

Wild Ones - Young Savers - Rewards for every savings milestone reached

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 combination of Melton Building Society and Leicestershire Rutland Wildlife Trust merchandise, including an initial goodie bag at account opening. This is then followed by further incentives when the account balance reaches £500 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
What is the interest rate?
5.30% gross / 5.43% AER
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Monthly interest, payable at the end of each month, will be added to your account.

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.

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 £1000 in this account, after 12 months you would have £1054.31.

(This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.)

How do I manage and open my account?

To open an account, please visit one of our branches.

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 £5,000 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.

Limited to one account per person.  Manage your account by visiting a branch of the Society or by forwarding your written instructions to us.

Can I withdraw money?

30 Days’ Notice – You will need to give 30 days’ notice of your intention to withdraw funds. You can make withdrawals 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.

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:

  • Anyone who opens a Wild Ones Young Savers Issue 2 account with a minimum of £5 will be eligible for an account opening pack.
  • There will be further incentives when the account balance reaches £500 and £1,500.
  • These incentives can only be claimed once per customer.
  • Once you have qualified for each milestone, availability of the incentives is dependent on stock levels and may be subject to delivery times to your local branch.
  • No cash alternative will be offered.
  • We reserve the right to change or withdraw the account incentives.

This is a summary of the key features of this account. You will still need to read the Savings Terms and Conditions.

Tax treatment depends on individual circumstances and may be subject to change in the future
  1. Gross rate is the contractual rate of interest payable without tax taken off.
  2. It is your responsibility to declare any interest you earn over your Personal Savings Allowance directly to HMRC
  3. Net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the rate specified, currently 20%.
  4. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year (as every advert for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time).
  5. The tax free rate is the contractual rate of interest payable where interest is exempt from income tax.
  6. The Melton Mowbray Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000.
  7. Rate of interest payable depends on individual circumstances and may be subject to change in the future.
  8. Tax treatment depends on individual circumstances and may be subject to change in the future.