Simple and easy to use with plenty of access to savings, our Young Savers accounts allow plenty of flexibility and promote good savings habits early.
| Account | Interest rate | Open from | Withdrawals | Useful information | |
|---|---|---|---|---|---|
| Young Saver Easy Access | 4.00% Gross p.a4.00% AER |
£1 | Unlimited |
|
View |
The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
The AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
You will need a signed letter from SMBC, which a supervising social worker can provide in place of proof of address. You will also need a copy of the child's birth certificate to open the account.
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Did you know that your eligible deposits with the Vernon are protected up to a total of £85,000 (£170,000 for joint accounts) by the Financial Services Deposit Scheme (FSCS), the UK's deposit guarantee scheme?
Learn more about the FSCS