An account designed for younger savers that allows easy and unlimited access to savings. Family members / guardians can open on behalf of the child, or the young saver can open and operate themselves from the age of 10.
Young Saver Easy Access
3.10% Gross*/AER*
Interest is calculated daily and added to your account annually on the 31st March.
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.
£1,031.00
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 a 365-day period starting from the 1st April, and that the interest rate does not change.
This account is only available to UK residents aged 17 or below.
This account is also available for foster children with SMBC, and can be opened by a foster carer or family member.
The account can be opened by family members / guardians on behalf of the child, or by the young person themselves, providing they are aged 10 or over. It can be opened in branch or by downloading an application form from our website and emailing or posting it to us.
You can operate your account in branch and through our Online Services.
If the account holder is under 10, a family member or guardian must operate the account. Upon reaching the age of 10, it is at the family member or guardian’s discretion whether to pass control to the young saver.
A minimum deposit of £1 is required to open the account. The maximum balance is £85,000. Deposits can be made in branch by cash or cheque, standing order or online banking.
Funds saved into this account belong to the young saver. The balance and all transactions should only be for their benefit.
This account can only be operated by either the family member/guardian or the account holder at a time. It cannot be operated by both at the same time.
When the young saver turns 18, they will assume ownership of the account and it will automatically transfer to an Easy Access account. Any family member/guardian signatory will be removed.
Withdrawals from the account can be made in branch or through our Online Services. Online withdrawals can only be made by the young saver into a nominated bank account in their own name. Account signatories (such as a parent) cannot use this service.
There is no minimum withdrawal amount for this account however a balance must remain to keep the account open.
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 pass control to the young saver.
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.
AER
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross
The interest rate without tax deducted.
Personal Savings Allowance (PSA)
You may need to pay tax on any interest that takes you over your PSA. The treatment of your account for tax purposes will depend on your individual circumstances. All tax information is based on our understanding of current law and HM Revenue & Customs practice, both of which may change. For more information, visit hmrc.gov.uk
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DOWNLOAD FORMDid 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?
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