Under 16’s can begin saving with our Young Savers + account

Click here to download our latest Interest rates in a PDF format.

Summary Box - Key Product Information for our Savings Accounts
Account Name Young Savers + Account
Interest Rates (AERs) • For a full list of our current interest rates, either go to www.theloughborough.co.uk, call 01509 631960 to request an interest rates booklet or visit your nearest branch.
• 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

 

• 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.

 

Where People Make The Difference

Could you claim tax back on your savings? www.hmrc.gov.uk/taxback/

Child Trust Fund The Loughborough introduces to The Children’s Mutual who are experienced in providing products for saving for children and who have developed a Child Trust Fund account which meets all the government requirements. For further information about the Child Trust Fund, please contact your local branch office, our Investment Team on 01509 631960 or visit our website at www.theloughborough.co.uk