| Summary Box | |||||||
| Account Name | Young Saver (3rd issue) | ||||||
| What is the interest rate? |
Interest is calculated on the daily balance of the account. Interest payable annually on 31 December and on maturity at age 18. |
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| Can Mansfield Building Society change the interest rate? | This is a variable rate savings account and we have the right to vary the interest rate at any time. The interest rate is variable and the rate can go down as well as up. If we change interest rates to your disadvantage on a variable rate account we will notify you in writing at least 14 days prior to the rate change. For more information on changing interest rates please see Section 7 of our General Account Terms and Conditions. |
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| What would the estimated balance be after 12 months based on a £1,000 deposit? |
This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This assumes that the account is opened on 1 January with a £1,000 cash deposit and that no further deposits or withdrawals are made during the first 12 months. The projected balance is based on the annual rate (AER1). |
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| How do I open and manage my account? | The account can be opened up to and including age 17 by those resident in Nottinghamshire, Derbyshire or South Yorkshire, or existing members. Accounts that are outside of the geographical area above will also be accepted where a parent, grandparent or legal guardian of the child is an existing member. Limited to 1 Young Saver account per customer. Simply complete an application form and send it to us or take it to your local branch. If the child is younger than 13 years of age the account must be operated by an account operator (parent, grandparent or legal guardian) on behalf of the child. From the age of 13 years old the account can be opened and operated either by the child independently or with an account operator. All funds in the account belong to and are invested for the benefit of the child. A minimum of £1 must be deposited in order to open the account. The account can be added to at any time, subject to a maximum investment of £25,000. You can manage your account in branch or through the post. |
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| Can I withdraw money? | A maximum of 6 withdrawals per calendar year can be made without notice or loss of interest. Additional withdrawals are subject to the loss of 30 days interest on the amount withdrawn. Closure is subject to the loss of 30 days interest on the closing balance if 6 or more withdrawals have been made in the same year. Young savers under 13 must have their withdrawal/closure/transfer form signed by the account operator who signed the application form when the account was opened. Withdrawals or closure can be made without notice and can be by cash (in branch only) and/or cheque (either in branch or by post). All cheque withdrawals must be made payable to the child. Transfers to another account with us can be made without notice. Cash withdrawals are subject to a maximum limit of £500 per day. |
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| Additional information | A variable rate account for young savers, up to and including the age of 17 years at the date of opening the account. Within 14 calendar days before the account owner’s 18th Birthday, we will write to the child and the account operator (if applicable) to let them know that their Young Saver is coming to maturity. We will also inform them that the funds in the account will be automatically transferred to a Loyalty Saver account (or the most appropriate easy access account available at the time) in the name of the child and that the child will operate this account independently. We calculate interest on an amount deposited in cash from and including the day we receive it. Interest on an amount deposited by cheque is calculated from and including the day after we receive it. We calculate interest on an amount withdrawn up to and including the day before withdrawal. Interest is paid gross without tax deducted. Interest can be added to your account, credited to another account with the Society, or sent direct to your bank account. |
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Our General Account Terms and Conditions, which is available to download from our website, provides full details of the terms and conditions applied to this and other accounts offered by us.
Where there is a conflict between information displayed on the product and the General Account Terms and Conditions, the terms of the product will apply.
The General Account Terms and Conditions are provided to all new account holders and are also available on request.
You can send your application form through the post or visit one of our branches to speak to a member of staff who will be able to talk you through the application process.
In common with other financial organisations we will need evidence of identification and proof of residency. Please see the You and Your Savings Account leaflet for details.
If you change your mind about your choice of account, you may cancel it within 14 days of the day the account is opened or the day on which you receive the terms and conditions of the account and other information on paper or electronically, whichever is later.
We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any penalties relating to withdrawals or closure of the account.
All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.
Authorised push payment (APP) fraud happens when you are tricked by a criminal into sending money by bank payment to an account that they control and which you do not.
From 7th October 2024, under the APP Fraud Reimbursement Rules, victims of APP fraud have rights relating to the reimbursement of money lost as part of an APP fraud. The rules cover payments made within the UK that are made using Faster Payment or CHAPS.
You can find out about your rights to reimbursement from our website or by picking up a leaflet from out branches.
If you think you’re a victim of APP Fraud, you must report it to us ASAP and you can make a claim online, by visiting us in branch or calling us on 01623 676350. Lines are open, Mon-Fri, 9am-4.30pm (Weds from 10am) and Saturdays, 9am-12 noon.
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to each year. AERs on the Monthly Income accounts assume interest is added to the account each month although in practice the option to have interest added in this way is not available.
2. The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.
^Tax free means you won’t pay UK tax on any income or capital gains your ISA makes.
Our savings accounts are exclusively available to UK Residents only.
These account details apply to personal investors only unless stated in the detailed information.
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 30/12/2024 05:30:44 pm
Page last updated: 16/10/2024 11:43:18 am
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