Young Saver Accounts

Young Saver Easy Access

APPLY NOW   OR call us now on 0161 429 6262

Account details

An account dedicated to young savers under the age of 18 who want immediate access to their funds. Here to promote healthy saving habits from a young age.

This account is available to UK residents only who live within a 25-mile radius from the postcode noted on the account to our Stockport head office postcode SK1 1HF and are 18 years or below. 

Key Features

  • Special high-interest account for young savers
  • Available to account holders up to the age of 18
  • Pay money in by cash or cheque in branch, or by standing order/direct transfer from your bank account
  • Open with just £10

Product Summary

Account Name

Young Saver Easy Access

What is the interest rate?

Annual Interest Gross Rate* Gross AER**
£0+ 1.25% 1.25%

 

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.

Can the Vernon Building Society change the interest rate?

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

Please see section 10 of our General Savings Account Terms & Conditions brochure 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 this brochure is provided when you open the account with us.

What would the estimated balance be after 12 months based on a £1,000 initial deposit?

£1,012.50


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

How do I open and manage my account?

This account is available to UK residents only who live within a 25-mile radius from the postcode noted on the account to our Stockport head office postcode SK1 1HF and are 18 years or below. 

You can open and manage the account in branch or by post. 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. 

Can I withdraw money?

Withdrawals from the account can be made in branch or through our Online Services.

A parent or guardian needs to sign the withdrawal form or give instructions through Online Services if the account holder is under 10. 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.

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

Additional 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 their account will be automatically transferred to an Instant Access account and any parent or guardian signatory will be removed. At this stage, they might also like to consider the other account options open to them.

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.

3 easy ways to apply

Apply in branch

APPLY IN BRANCH

Book an appointment at your local branch and speak to one of our friendly advisors

BRANCH FINDER
Apply online

Apply Now

Ready to apply? Download our application form here, complete it and email it to info@thevernon.co.uk

APPLY NOW
Apply by phone

GIVE US A CALL

0161 429 6262

Monday - Friday

08:45 - 17:00

Help Centre

Got a question about savings?

Jump over to our savings help centre and see if we can answer it for you.
READ MORE
Help Centre

Savings Jargon Buster

There are a few considerations to make when opening a savings account, so we've explained as many terms as we can.
READ MORE

Financial Services Compensation Scheme

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