Home Savings at The Loughborough Which savings account is right for me? Younger Generation

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Young Generation

It's never too early to start saving, so we're making it easy for your child or grandchild with the Young Savers+ Account at The Loughborough.

  • Open an account with just £1
  • Free Piggy Bank for the under 16's
  • Easy Access

We don't forget the young adults either - when they reach 16 years we have a great Future First account to encourage them to continue saving for their future.

  • Open an account with just £1
  • Available from 16 to 25 years old

You may find our jargon buster and FAQ's useful

Junior ISA

Summary Box - Key Product Information for our Savings Accounts

Account Name

Junior ISA

Interest Rates (AERs)
  • See a full list of our current interest rates
  • Interest is variable and is paid on the 5th April each year.
  • Annual interest cmust be credited to the account.

Tax Status

• Tax free subject to current legislation which may change in the future.

Conditions for bonus payment

• N/A

Withdrawal arrangements

• No withdrawals are allowed until the child reaches 18.

Access

• Branch / Post.Download an application form to complete and send or bring into a branch with relevant ID and initial deposit.

• Minimum Opening Balance: £1.
• Maximum: £3,600 per tax year

  • Available to young people who:
  • Will be under the age of 17 at 5th April 2012
  • Do not have a Child Trust Fund account
  • UK Resident
  • Upon maturity at the child's 18th birthday, the Society will write to investors with details of the options available to them.  If no instructions are received at that time, the JISA will be transferred to a holding account, which is also tax free under current legislation, but may not be the same interest rate.
  • Available only to investors residing in the LE, DE and NG postcodes and existing members

Young Savers + Account

Take a look at our account for those from birth to 16 years old

 

Summary Box - Key Product Information for our Savings Accounts

Account Name

Young Savers + Account

Interest Rates (AERs)

• See a full list of our current interest rates

• Interest is variable and is paid annually on 31st October.
• Interest must be added to the account, it cannot be paid.
• Interest will be paid net of tax at the prescribed rate unless a form R85, signed by a parent or guardian, is registered on the account.

Tax Status

• If you are under 16, the form R85 (if appropriate) must be completed and signed by a parent or guardian. On reaching the age of 16, a new form R85 (if appropriate) must be signed by you. If we do not receive this, interest will be paid net of tax.

You should refer to HM Revenue & Customs rules and the R85 Helpsheet before registering an R85 on a child’s account
• A tax statement may be requested each year free of charge.
• A charge will be made if a duplicate statement is requested.

Conditions for bonus payment

N/A

Withdrawal arrangements

• Instant access subject to the Society's normal withdrawal limits

Access

Branch / Post.  Download an application form to complete and send or bring into a branch with relevant ID and initial deposit.  Please read the important Guidance Notes for Operators of young savers accounts.

 

• Minimum Opening Balance: £1.00
• Maximum: £20,000
• Available to savers up to 16 years.
• Only one saver can be linked to an account.
• A passbook will be issued when the account is opened.
• We will contact you around your 16th birthday to advise you of the options available.
• Available only to new members residing in the LE, DE & NG postcodes and existing members. 

Future First Account

Future First Account for 16-25 years

Summary Box - Key Product Information for our Savings Accounts

Account Name

Future First Account

Interest Rates (AERs)
  • The variable interest rate for this account is currently 2.20% Gross/AER*.
  • See a full list of our current interest rates
  • Interest is variable and is paid annually on 31st December.
  • Interest must be added to the account, it cannot be paid.

Tax Status
  • Interest on your account will be paid ‘net’ (after taking off tax at the basic rate) unless you are entitled to receive it ‘gross’, and you complete and let us have HM Revenue and Customs Form R85.
  • Even if interest is paid net, you may be liable to pay additional tax depending on your income. For further details, please see the booklet “Taxation of Building Society Interest”, a copy of which is available on request.
  • A tax statement may be requested each year free of charge.
  • A charge will be made if a duplicate statement is requested.

Conditions for bonus payment

N/A

Withdrawal arrangements
  • 4 withdrawals per calendar year are allowed without notice or penalty (subject to the Society's normal withdrawal limits). Once 4 withdrawals have been made, no further withdrawals will be allowed that calendar year.

Access

Branch / Post.  Download an application form to complete and send or bring into a branch with relevant ID and initial deposit.
  • Minimum Opening Balance: £1.00
  • Maximum: £50,000
  • Available to all existing members aged 16 to 25 years and to new members aged 16 to 25 years residing the LE, DE & NG postcode areas only.
  • Interest will be added to the account annually on 31st December.
  • Only one saver can be linked to an account.
  • A passbook will be issued when the account is opened.
  • We will contact you around your 25th birthday to advise you of the options available.


 

How to apply

Opening an account with The Loughborough could not be easier – in the product information above is an application form, download and complete this form and take or post it to your nearest branch.

You will also need to bring along identification and your initial investment. All postal applications need to be sent to our Head Office

Alternatively, you can call us on 01509 631 960 or request a call back at a time convenient to you.

 

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