Young Saver

This account offers a variable rate of interest, as follows:

Interest will be paid to the account on 1 December each year.

On the child’s 18th birthday the account will automatically become an Easy Access account or the nearest equivalent available at that time. You can find the current rate payable on this account by visiting our Interest Rate History page (hrbs.co.uk/interest-rate-history/).

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 £1,033.00.

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 in a child’s name and operated on their behalf by a nominee – a parent, relative, or guardian. This means the young saver can pay money in, but withdrawals can only be made by the nominee on the young saver’s behalf.

The account can also be opened and operated by a child on their own if aged 13 to 17. This means the account is in their sole name, and the young saver can pay money in and withdraw money from the account.

This account can be opened by post or at any of our branches and agencies. Simply complete the application form and take it with your opening deposit* and ID documents, or post them to us at the address in this brochure. Please make cheques payable to the child’s name.

*Your opening deposit must be paid in within 5 business days of the account being opened, or you will need to start the application process again. If you wish to pay this by electronic transfer, use the details that we will send you when the account is open.

The minimum deposit required to open (and keep in) the account is £1 and the maximum the account can hold (from deposits) is £10,000.

You can manage your account at any of our branches or agencies, or by post. A nominee can also view the account online, on our app or by using H&R Online on our website (after registering for the service – only available to customers aged 18 or over).

Yes, you can withdraw money without notice or penalty. It is important to understand that any withdrawals by a nominee must be for the young saver’s benefit.

You may withdraw up to £500 in cash at any of our branches or agencies. Requests for cheques must be submitted in writing or by visiting a branch or agency.

All withdrawals are subject to our daily limits, as outlined in our Savings Account Terms and Conditions booklet.

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 £500,000.