Young Saver (3rd issue)

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.

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.

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).

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.

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 Additional withdrawals are subject to the loss of 30 days interest on the amount withdrawn.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.

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.