Minimum Deposit


Interest Rate (Gross)


Interest Rate (AER)

4.00% AER



Product Overview

Promote healthy money management early on. 

This account is for young savers who want immediate access to their funds. 

Now available to foster children with SMBC and can be opened by a foster carer or family member. 

Key Features

  • Save up to £85,000
  • Ages 17 and under
  • Open in branch - postcode restrictions apply

Is this product right for you?

What are the key features of this product?

This product is for young savers who want immediate access to their funds.

This product has a passbook which shows your transactions and account balance.

You must be aged 17 or below to open this product.

This product pays a single rate of interest on all your money in the account.

Who is this product designed for?

The product is designed for customers who:

  • are aged 17 or below.

  • live in the Stockport area (postcodes BL, CH, CW, M, OL, SK, WA or WN).

  • want to access their money straight away without the need to give notice.

  • are happy with interest being paid annually.

  • understand the interest on the account is variable and therefore can go up or down at any time.

  • wish to use the branch network and/or Vernon’s Online Services.

Who is this product NOT intended for?

This product is not intended for customers who:

  • want to receive their interest monthly.

  • do not need access to savings straight away and are happy to have restricted access in exchange for a higher rate of interest.

  • want a guaranteed fixed rate of interest.

Does this product deliver "fair value" for customers?

Being a mutual building society, all our products are priced to balance the needs of our Member savers and borrowers and the Society’s operating costs to support the Society’s long-term future.

We deliver a friendly, personalised, person to person service through a local network of 6 high street branches in Stockport and East Cheshire. This is supported by online digital processes and a dedicated telephony service to quickly resolve any enquiries.

Our rates are competitive in comparison to similar organisations. Better rates may be available from other providers who do not offer the same personalised service.

We believe the rate of return and the customer support provided alongside this product, represents fair value for the customers it is designed for.

Product Summary

Account Name

Young Saver Easy Access

What is the interest rate?

4.00% Gross*/AER**

The interest rate is variable. Interest is calculated daily and added to your account annually on the 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 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.

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


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 a 365-day period starting from the 1st April, and that the interest rate does not change.

How do I open and manage my account?


This account is only available to UK residents aged 17 or below, living in the following postcodes: BL, CH, CW, M, OL, SK, WA or WN.

This account is available for foster children with SMBC, living in an SK postcode, and can be opened by a foster carer or family member.


Opening the account

You can open an account in branch or download an application form from our website and email or post it to us.


Managing the account

Your transactions and balance will be printed in your passbook. You can manage your account in branch and/or 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 at the same time by both.

A minimum deposit of £1 is required to open the account.

The maximum balance is £85,000 plus any interest that is added to the account.

Deposits can be made in branch by cash or cheque, standing order or online banking.

Can I withdraw money?

There is no minimum withdrawal amount for this account. However, the minimum balance allowed on this account after a withdrawal to keep the account open is £1.

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.

Please also 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 the account holder turns 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.

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.

It's easy to apply...

Apply in branch


Book an appointment to speak with one of our friendly advisers in-branch or over the phone.



Print and complete this form and email to: or post to your nearest branch.




0161 429 6262

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

Got a question about savings?

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


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.