Young Saver Easy Access

The interest rate is variable. Interest is calculated daily and added to your account on 31st March. Interest is paid gross without tax deducted.

*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.

We have the right to vary the rate of interest at any time.

Please see section 10 of our General Savings Account Terms & Conditions for a more detailed explanation, which sets out when we can vary the interest rate and how and when we will notify you if this happens. A copy of the Terms and Conditions are provided when you open the account.

£1,015.00

This projection is provided for illustration only and does not consider individual circumstances. This assumes an initial deposit of £1,000, no further deposits or withdrawals being made over the 12-month period and that the interest rate does not change.

This account is only available to UK residents below the age of 18, that live within a 25-mile radius of our Stockport Head Office, i.e., the postcode noted on the account must be within 25-miles of postcode SK1 1HF.

This account is available for foster children with SMBC and can be opened by a foster carer or family member.

You can open and manage the account in-branch or you can complete an application, and either email or post it back to us. Your transactions and balance will be printed in your passbook. Additionally, you can keep up to date by registering for our Online Services.

An account must be operated by either the parent or guardian or the account holder. It cannot be operated concurrently by both.

A minimum deposit of £10 is required to open the account. 
The maximum balance is £85,000 plus any interest that is added to the account.

You can deposit by cash or cheque in branch or by standing order or online banking.

Withdrawals from the account can be made in branch or through our Online Services. Online withdrawals can only be made by the account holder. Account signatories cannot use this service.

If the account holder is under 10, a parent or guardian needs to sign the withdrawal form. Upon reaching the age of 10, it is at the parent or guardian’s discretion whether to allow the account holder to make withdrawals on their instructions and/or signature.

The minimum balance allowed on this account after a withdrawal to keep the account open is £1.

Please refer to section 12 of the General Savings Terms & Conditions brochure for further information.

Please note, that funds saved into a child’s account belong to that child, as they are the account holder. If the parent or guardian wants to retain full and complete control over the money given to the child beyond age 18, then this account may not be suitable. The balance and all transactions should only be for the benefit of the child.

When they reach 18, the balance of the account will be automatically transferred to an Instant Access account and any parent or guardian signatory will be removed. At this stage, other account options available might also be more suitable.

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 General Savings Account Terms & Conditions.