Young Saver

At a glance

• Ideal savings account to help you start to build your savings for the future if you're aged 0-25 years old.
• Initial deposit of only £10.
• Annual interest
• Interest is paid on 30 September each year.
• No notice required for withdrawals.

Interest rates effective from 28 February 2009

More detail

A savings account for 0-25 year's old that has unrestricted access to your funds. Minimum savings balance is £10 and minimum withdrawal is £10.

Special Conditions

1. Young Saver is only available to individuals and is restricted to one account per young saver.
2. The account is available to be opened for the benefit of an individual who is aged 0 and 25
3. Where a Young Saver account is opened by a trustee, the trustee may not benefit in any way from either the capital or the interest earned. The account holding trustee(s) agree to indemnify Bradford & Bingley International against any future legal action by the child regarding the operation of this account.
4. The minimum deposit into the account is £10 and the maximum is £25,000.
5. Additional deposits or withdrawals are allowed at any time without penalty, subject to a minimum of £10 per transaction.
6. The account can only be operated in £ sterling and deposits or withdrawals cannot be made in any other currency.
7. We will pay interest gross without the deduction of tax at source. If the young saver is resident in the European Union and a taxpayer, then retention tax will be deducted from the interest paid. If you are resident in the European Union and wish the interest to be paid without the deduction of tax, please contact us for an exchange of infomration form. Further details of the European Union Savings Directive can be provided on request or by visiting our website.
8. You may cancel your account within 14 days of opening it by writing to us at our registered office address.
9. The law governing this agreement both before and after completion is the law of the Isle of Man.

Small print

Deposit base rate 0.05%. Interest rates are variable and quoted gross % p.a. that is, without any deduction of tax (subject to changes in legislation). AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid to the account once a year. EU residents who are subject to retention tax as a result of the European Union Savings Tax Directive (EUSTD) will need to consider the effect of the retention tax. EU residents should refer to the the EUSTD section of this site if unsure as to whether or not they are affected. The above must be read in conjunction with the full account details and terms and conditions.