Branches & agencies
Young Saver
This account is suitable for those who are looking to open a savings account on behalf of a child, or for children between the ages of 13 and 18 who wish to operate the account themselves.
The account is not available for those over the age of 18. It is also not suitable for those looking to save more than £10,000.
Receive a free Children’s Book when you open a Young Saver account!
We’ve launched a fun and educational book called ‘How Roommates Became Savers’. The book introduces children to the world of saving through the eyes of a group of woodland animals. Find out more and claim your free copy when you open a Young Saver account.
About this account
This account offers a variable rate of interest, as follows:
| Minimum Balance | ANNUAL Gross* | INTEREST AER** |
| £1 | 4.45% | 4.45% |
Interest will be paid to the account on 1 December each year.
We may change interest rates at any time if we reasonably believe that the change is needed, for any of the reasons outlined in the Savings Account Terms and Conditions booklet, Condition 7.
Based on an initial deposit of £1,000.00, after a 12 month period the estimated balance would be £1,044.50.
These figures are provided for illustrative purposes only and assume that no further deposits or withdrawals are made and there is no change in interest rate. They do not take into account your individual circumstances.
This account can be opened and operated in the young saver’s name on their behalf by a nominee – a parent, relative or guardian. This means the young saver can pay money in, but any withdrawals made must be made by the nominee for the young saver.
If the young saver is aged 13 or over but under 18, the account can be opened in the young saver’s own name. This means that the young saver can both pay money in and withdraw from their own account.
This account can be opened and managed by post or at any of our branches and agencies. Complete the application form and the declarations and consents. Take the completed documents, your deposit and identification to one of our branches or agencies, or post them to us at the address in this document. Please make cheques payable to the young saver’s name.
Please note, the minimum deposit must be credited to your account within 5 working days of the account being opened. If you fail to do so, you will be required to restart the application process.
The minimum deposit required to open and maintain this account is £1 and the maximum deposit is £10,000.
The overall maximum holding by any one member in respect of all savings accounts with the Society is £300,000.
Any withdrawals by the nominee can only be made for the young saver’s benefit.
Withdrawals can be made without notice or penalty. The cash withdrawal limit is £500 per day. Cheque withdrawals can be made for any amount if you have sufficient cleared funds in your account.
Money can be paid out against a cheque from the start of the sixth business day following the day of deposit. Business day means a day other than a Saturday, Sunday or Bank Holiday. Funds are available for immediate withdrawal for all other types of deposit.
We will write to you before the young saver turns 18 to advise that the account will automatically be changed to our Easy Access Account on their 18th birthday. This account offers easy access to funds subject to a minimum balance of £1 and the maximum balance of £300,000.00.
Personal Savings Allowance is the amount of interest you can earn before paying tax on it. If you are a basic taxpayer, you can earn up to £1,000.00 interest without paying tax. If you are a higher rate taxpayer, you can earn up to £500.00 interest without paying tax. If you are a additional rate taxpayer, you cannot earn any interest without paying tax.
If you have savings income over your Personal Savings Allowance, you are responsible for making sure you are paying the correct tax directly to HM Revenue & Customs.
* Gross rate – the annual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability.
** AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once a year (or monthly as the case may be).
Identification Requirements
We need to confirm the identity of every customer who applies for an account with the Society. We do this to protect you against the risk of identity fraud and to comply with money laundering regulations.
FOR YOUNG SAVERS UNDER 18 YEARS OF AGE
We will need to see either your birth certificate or passport, and a document confirming your address. This could be a bank statement or utility bill and can be in the name of a parent or guardian living at the same address if not available in your name. These documents need to be originals, not photocopies, and they will be returned to you as quickly as possible.
If a nominee is registered on the account the document to confirm your address is not required.
FOR PARENTS, RELATIVES OR GUARDIANS WISHING TO OPERATE AN ACCOUNT FOR A YOUNG SAVER
We use an electronic verification system when you open a savings account. If this is successful, you will not need to do anything. However, in certain cases you will be asked to provide additional proof of identity (for example if you are not listed on the electoral roll or you have recently moved house).
If you are required to provide additional identification, you must supply two items acceptable to the Society to verify your name and address. The Society will be unable to open your account until we have completed identification procedures.
If you think you will need to provide identification, please visit hrbs.co.uk/proving-your-identity/ for details of acceptable documentation or contact us to discuss.
Applying for an account
Complete the form below to request an application form which you can download and print.
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