Younger generation

Young Monthly Saver

Balance	Age Range	AER	Gross
£1 or more	Under 16	2.00%	2.00%

Helpful Information

Key Features

Minimum monthly deposit: £1.
Maximum monthly deposit: £100.
Total maximum investment per account year: £1,200 (lump sum deposits are not allowed).

Available to savers up to the age of 16 years.
Available to new members and existing members residing in the United Kingdom.
This account can be operated via branch and post.
A passbook will be issued when the account is opened.

Summary

Summary box
Account Name	Young Monthly Saver
What is the Interest Rate?	Interest is variable and the rate is currently 2.00% Gross/AER*. Interest is calculated daily and paid on the anniversary of the account opening. If fewer than 10 monthly deposits or more than two withdrawals are made per account year the interest rate will be reduced to the Society's variable rate Young Persons Account for that year. For a full list of our current interest rates click here.
Can Loughborough Building Society change the Interest Rate?	We may change interest rates at any time For further information about why we may change the rate and how we will tell you about a change, please refer to section 7.4 of the Society’s General Terms and Conditions.
What would the estimated balance be after 12 months?	Based on the current interest rate, if you deposited £100 into the account on the 25th of every month over a period of 12 months, you would have £1,213.05. If you deposited £100 into the account on the 25th of each month for only the first 6 months of a 12 month period, you would have £606.19. Please note that these projections are provided for illustration purposes only and assume that no other changes take place on the account.
How do I open and manage my account?	To open an account you need to provide a completed application form, the minimum investment of £1.00 and proof of the child's identity. Where there is an 'operator' on the account, proof of their identity ad address is also required. You can vary the amount you save each month subject to a maximum monthly deposit of £100. Total maximum investment over a 12 month period: £1,200 (lump sum deposits are not allowed). Each account can only be for the benefit of one child. Available to savers up to the age of 16 years. Available to new members and existing members residing in the United Kingdom. This account can be operated via branch and post. A passbook will be issued when it is opened.
Can I withdraw money?	Two withdrawals are allowed without notice or penalty per account year, subject to the Society's normal daily limits which are £500 cash or £99,999 cheque per day at any branch or agency office. Larger amounts of cash up to £2,000 and cheques over £99,999 require at least 24 hours' notice. If more than two withdrawals are made per account year, the interest rate will be reduced to that of the Society's variable Young Persons Account for that year. If the account is closed within the anniversary year, the interest rate will be reduced to that of the Society's variable rate Young Persons Account applicable at that time and must be closed at the Society's Head Office. A passbook must be present when a withdrawal or closure is requested.
Additional information	Only one single deposit can be made each calendar month and must reach the Society by the 28th, reminders will not be sent for missed/late deposits. Deposits can be made by cash or cheque at any branch or agency, by standing order, by post or by internal transfer from another Society account. The account can be operated by an adult ('operator') on behalf of the child however all monies invested belong to the child. Interest is payable gross (no tax is deducted). However, you may be liable to pay tax depending on your income, for further details go to www.GOV.UK and search Personal Savings Allowance. We will contact you before your 16th birthday to advise you of the options available to you and requests must be processed at the Society's Head Office. The account will be transferred to a holding account if we don't hear from you by that time. *Gross means the contractual rate of interest payable on which you may be liable to pay income tax at the prescribed rate. AER illustrates what the interest rate would be if it were paid and added each year.

Important Information

Terms and Conditions

Before opening this account please read our General Terms and Conditions.

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. It’s important that you read the FSCS Information Sheet. It provides basic information about the protection of your savings deposits.

How to apply

Opening an account is easy and you can do that in any of our branches or by post.

Simply download, print and complete the application form of the account you choose. Then return the completed form, necessary identification and opening cheque to your preferred branch or post it to Loughborough Building Society, 6 High Street, Loughborough LE11 2QB.

If opening an account in the name of a child aged 0-16 years, you will need the child’s birth certificate. Where the account is to be opened with an adult registered as the operator we will also need identification for the adult or each adult where more than one operator is registered. We also need to verify the identity of the person with parental responsibility (as shown on the birth certificate).

Cheques must be payable to the account holder.

For postal applications we will accept photocopy identification documents as long as they are certified by an appropriate person such as a solicitor, accountant, bank or building society official or other financial services approved person and we are provided with sufficient information to be able to contact that person.

You should read all the product information to ensure this account is right for you and also the Financial Services Compensation Scheme Information Sheet and our General Terms and Conditions.