ADVANTAGE

Realising that many people are keen to plan ahead and achieve independence, we've designed a savings account for those between the ages of 16 and 20. You can save what you want, when you want, and have the reassurance that you can draw out money when you need to without notice or loss of interest.

Account name

Advantage

Interest rates (AERs)

	Gross	Net	AER
£5+	1.25%	1.00%	1.25%

The interest rate is variable. It is added to your account twice a year - on the 30th June and the 31st December

Tax status

Interest is normally paid net after deduction of income tax or gross, subject to an individual certifying their eligibility using the HMRC form R85. If you are unsure of your eligibility to receive gross interest you can visit the HMRC website to find out more and to obtain the form R85.

Conditions for bonus payment

Not applicable

Withdrawal arrangements

Withdrawals may be made without notice and without penalty by presenting your passbook at any branch.

Access

Post / branch

Minimum/ maximum limits

Minimum: £5

Maximum: £250,000

What happens when I reach 21?

The balance of your account will be automatically transferred to an Instant Access account. At this stage you might also like to consider the other account options open to you.

How To Apply

Opening an account with the Vernon could not be easier – simply read through our Terms & Conditions, complete an application form and take or post it to your nearest branch along with your initial investment and identification documentation. Click here for details of our identification requirements.

Please note that as a Society which aims to deliver products and services to local people we only accept applications from investors who live within a 25 mile radius of Stockport.

The Vernon building society has a quality of service long lost in most banking organisations.
Mr M, Cheshire

Need help? Call us

0161 429 6262

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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

Vernon Building Society is authorised and regulated by the Financial Services Authority (registration number 195475). It holds the following authorisations: to advise on and arrange mortgage business; to arrange general insurance business; and to introduce mortgage, general insurance, life assurance and investment business. You can check this on the FSA's website www.fsa.gov.uk/pages/register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

For independent information about financial products and services visit www.moneymadeclear.org.uk

Vernon Building Society • 19 St Petersgate • Stockport • SK1 1HF

Tel: 0161 429 6262 • Fax: 0161 429 6996 • Email: info@thevernon.co.uk