Helping parents teach their children about money from an early age, our Junior Regular Saver encourages regular saving with a free moneybox, an activity book, and an annual chance to win £100. (see ‘Additional Information’ below).
Junior Regular Saver
3.75% Gross*/AER*
Interest is calculated daily and added to your account annually on the 31st July.
Yes, the rate is variable. That means we can move it, up or down.
Section 10 of our ‘Terms and Conditions for Savers’ explains when we can do this, and how we’ll let you know.
If you paid in £50 on the 1st of each month, after 12 months you would earn £12.18 in interest. Your total balance would be £612.18.
This is provided for illustration only and does not consider individual circumstances. It assumes no further deposits or withdrawals were made and that the interest rate does not change.
Young savers must be aged between 5-11 and live in the UK. You cannot hold more than one Junior Regular Saver account.
This account is also available for foster children with SMBC and can be opened by a foster carer or family member.
The account must be opened by a parent, or other responsible adult, in one of our branches. We can accept an application by post or email, but you would need to collect the moneybox and workbook from a branch.
The minimum deposit is £5. The total paid in each month cannot exceed £100. You do not have to pay in each month, but not doing so can mean you’re not in the prize draw (see ‘Additional Information’ below)
You can operate the account using any of our branches. Deposits can be made in branch by cash or cheque, or you can send money by standing order or online banking.
A responsible adult must operate the account. When the child reaches 10 the adult can choose to pass control to the young saver. Please note, it cannot be operated by both the young saver and the responsible adult at the same time.
The money in the account belongs to the young saver, so all transactions must be for their benefit.
If the young saver is managing their own account, they have the option to operate it through our Online Services.
When the young saver turns 18, the account will become an Easy Access account, solely operated by the young saver and the responsible adult will be removed.
Withdrawals from the account can be made in branch in cash or by Faster Payment to an account in the child’s or the responsible adult’s name, or through our Online Services. Online withdrawals can only be made by the young saver into a nominated bank account in their own name. The responsible adult cannot use this service.
There is no minimum withdrawal amount for this account however a balance must remain to keep the account open.
Please also refer to section 12 of the Terms & Conditions for Savers brochure for further information.
The information contained in this summary box forms part of the terms and conditions of the account and should be read in conjunction with our Terms & Conditions for Savers.
On opening the account, the child will receive a free moneybox and ‘Vernon Bear’s Book of Money’ - a fun activity book to help understand and learn about the value of money and the benefits of saving.
Every August, a prize draw will select 5 lucky savers to win £100 paid directly into their account. To qualify you must (at the time of the draw):
AER
(Annual Equivalent Rate) differs from the Gross annual interest rate if interest is paid more than once a year. If interest is added to the account, it also earns interest, and the AER reflects this by showing the rate as if interest were paid annually.
Gross
This means we do not take income tax off the interest.
Book an appointment to speak with one of our friendly advisers in branch or over the phone.
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Print and complete this form and email to: info@thevernon.co.uk or post to your nearest branch.
DOWNLOAD FORMDid you know that your eligible deposits with the Vernon are protected up to a total of £120,000 (£240,000 for joint accounts) by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme?
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