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Young Savers

children's savings accounts

If you are 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.

Account Name Young Savers
What is the interest rate?
1.25% gross / 1.25% AER
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Annual interest, payable on 1 March each year, 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 thirty 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 £1012.50.

(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?

This account is only for UK resident individuals between birth and 16 years of age.

Accounts can be opened with a minimum amount 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, simply complete an application form (available from branches or within the How to Apply section below). Manage your account by visiting a branch of the Society or by forwarding your written instructions to us.

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.

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 will 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.

Tax treatment depends on individual circumstances and may be subject to change in the future
How to apply

Simply download, print and complete the application form using the link below. Please return your completed form, necessary identification and opening cheque to your local branch or post it to The Melton, Mutual House, Leicester Road, Melton Mowbray, Leicestershire LE13 0DB. Cheques should be made payable in the name of the account holder.

You should also read our savings terms and conditions to ensure you understand the features and conditions of this product.

Interest Rates

  1. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%.
  2. 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%.
  3. 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).
  4. The tax free rate is the contractual rate of interest payable where interest is exempt from income tax.
  5. The Melton Mowbray Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000.
  6. Rate of interest payable depends on individual circumstances and may be subject to change in the future.
  7. Tax treatment depends on individual circumstances and may be subject to change in the future.
Click here for our handy guide to making the most out of your savings

Get In Touch

Call one of our friendly advisors on 01664 414141. Opening hours 9am to 6pm Monday to Friday and 9am to 12pm on Saturday.

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