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Young Regular Saver – Issue 1

Home > Savings > Younger generation > Young Regular Saver - Issue 1
Product
Balance
Age Range
AER
Gross
 
Young Regular Saver – Issue 1
£10 or more
Under 18 years
3.25%
3.25%
Product
Young Regular Saver – Issue 1
Balance
£10 or more
Age Range
Under 18 years
AER
3.25%
Gross
3.25%
  • Open with just £10.00 and save up to £15,000.
  • Available to savers up to 18 years.
  • Available to new account holders and/or operators residing in postcodes LE, NG and DE and existing members residing in the United Kingdom.
  • A passbook will be issued when the account is opened
Summary Box
Account NameYoung Regular Saver – Issue 1
What is the Interest Rate?
    • Interest is variable and the rate is currently 3.25% Gross/AER*.
    • Interest is calculated daily and paid on the anniversary of the account opening.
    • For a full list of our current interest rates click here.
Can the 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 a £100 per month deposit?
    • Based on the current interest rate, if you deposited £100.00 into the account on the 25th of every month over a period of 12 months, you would have £1,221.15.
    • 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 will need to provide a completed application form together with proof of your identity and address. Where there is an ‘operator’ on the account, proof of their identity and address is also required.
    • Each account can only be for the benefit of one child.
    • Available to savers up to the age of 18 years.
    • Available to new account holders and/or operators residing in postcodes LE, NG and DE and existing members residing in the United Kingdom.
    • Minimum opening and operating balance: £10
    • Minimum monthly deposit: £1.00
    • Maximum monthly deposit: £100.00
    • One deposit per calendar month £1-£100 is permitted.
    • Total maximum savings over the 12 month period is £1,200 (lump sum payments are not allowed).
    • This account can be opened and operated in branch and by post.
    • This is a passbook account.
Can I withdraw money?
    • Instant access subject to the Society’s daily limits.
    • If the account balance falls below the minimum operating limit of £10, the account must be closed.
    • Closure/withdrawal requests can be made at a branch or agency or by post. The passbook must be presented for each withdrawal.
    • Withdrawals are subject to the Society’s daily limits.
Additional Information
    • The account can be operated by an adult (the ‘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 18th birthday to advise you of the options available to you. 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 before the deduction of income tax.  AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

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.

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.  Then return your completed form, necessary identification and opening cheque to your preferred branch or post it to Loughborough Building Society, 6 High Street, Loughborough LE11 2QB, alternatively, you can scan your completed, signed application and identity documents to [email protected]. An electronic payment can be made once the account is opened.

If opening an account in the name of a child aged 0-18 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 or scanned documents, not photographs. The copy must be a clear, readable version of the full original document.

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.

Download an application form