Young Saver Easy Access

3.85% Gross*/AER*

Interest is calculated daily and added to your account annually on the 31^st March.

Yes, the rate is variable. That means we can move it, up or down.

Section 10 of our ‘General Savings Account Terms and Conditions’ explains when we can do this, and how we’ll let you know.

£1,038.50

This projection is provided for illustration only and does not consider individual circumstances. This assumes an initial deposit of £1,000, no further deposits or withdrawals being made over a 365-day period starting from the 1^st April, and that the interest rate does not change.

Eligibility

This account is only available to UK residents aged 17 or below, living in the following postcodes: BL, CH, CW, M, OL, SK, WA or WN.

This account is also available for foster children with SMBC, living in the above postcodes, and can be opened by a foster carer or family member.

Opening the account

You can open an account in branch or by downloading an application form from our website and emailing or posting it to us.

Managing the account

You can operate your account in branch and through our Online Services.

A minimum deposit of £1 is required to open the account. The maximum balance is £85,000.

Deposits can be made in branch by cash or cheque, standing order or online banking.

There is no minimum withdrawal amount for this account however a balance must remain to keep the account open.

If the account holder is under 10, a parent or guardian needs to sign the withdrawal form.  Upon reaching the age of 10, it is at the parent or guardian’s discretion whether to pass control to the young saver.

Withdrawals from the account can be made in branch or through our Online Services. Online withdrawals can only be made by the young saver into a nominated bank account in their own name. Account signatories (such as a parent) cannot use this service.

Please also refer to section 12 of the General Savings Terms & Conditions brochure for further information.

Funds saved into this account belong to the young saver. The balance and all transactions should only be for their benefit.

This account can only be operated by either the parent/guardian or the account holder at a time. It cannot be operated by both at the same time.

When the young saver turns 18, they will assume ownership of the account and it will automatically transfer to an Easy Access account. Any parent or guardian signatory will be removed.

The information contained in this summary box forms part of the terms and conditions of the account and should be read in conjunction with our General Savings Account Terms & Conditions.

*Interest rate terms explained:

AER

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Gross

The interest rate without tax deducted.

Personal Savings Allowance (PSA)

You may need to pay tax on any interest that takes you over your PSA. The treatment of your account for tax purposes will depend on your individual circumstances. All tax information is based on our understanding of current law and HM Revenue & Customs practice, both of which may change. For more information, visit hmrc.gov.uk