If you're under 18 then this is the savings account for you, with a maximum investment of £10,000, a combination of competitive interest rates and instant access to your money, this is the ideal place to start saving.
Interest rates are variable unless otherwise stated.
|AER||Gross p.a.||Net p.a.|
|£500 and over||1.51||1.50||1.20|
|£1 and over||1.36||1.35||1.08|
To open an account simply call into your local Furness branch or agency with your initial investment and identification. You can also access the application form by clicking "Apply now" on this webpage.
The young saver and any operator will need to provide some identification when the account is opened. Details of our identification requirements can be found on this website, by asking at your local branch or agency or by contacting Furness Direct on 0800 834312. If you are already a Furness customer, in most cases this will not be necessary.
You can start saving with just £1. Maximum investment is £10,000 in any one Furness Young Savers Account.. You can add to the
accounts at any time subject to the maximum investment limit of £10,000.
Payments can be made by standing order or by cash or cheque at your local Branch or Agency. You may also send a cheque through the post if required. Please ensure that cheques are made payable to the account name and quote the account number on the payee line.
The interest rate is variable and interest is paid half yearly on 30 June and 31 December and is added to the account.
You can find out about our interest rates on this website, by asking at your local branch or agency for a Current Interest Rate leaflet or by calling Furness Direct on 0800 834312.
You can withdraw your savings, providing the funds are for the benefit of the child. Withdrawals are available without notice or penalty in either cash or cheque. All cheque withdrawals should be made payable to the child, however, in appropriate circumstances may be made payable to a third party providing the funds are for the benefit of the child.
Please note that branch and agency limits apply to cash withdrawals.
A Furness Young Savers Account holder must be under 18 years old and at all times remains the sole owner of all money in the account. The purpose of the Furness Young Savers Account is to encourage the savings habit and financial responsibility at an early age. The child remains the account holder, however young savers under the age of 7 years must have their account operated by a parent or guardian. At the age of 7 a young saver can operate the account providing a change of signatory is signed by the previous operator to transfer the account.
An R85 form may be completed and signed by the parent in order that the interest may be paid to the account on a gross basis. In completing and signing an R85 form parents are reminded that this is a declaration to H.M. Revenue & Customs and it confirms that any interest amounting to £100* or more will be treated as the income of the parent and must be declared on their H.M. Revenue & Customs return.
At the age of 16 the account must be transferred to the sole name of the young saver and a new R85 form completed by the child in order to continue to receive gross interest. If this is not done and the account remains operated by an adult, the interest will be taxed and you may need to reclaim this from the H.M.Revenue & Customs.
Once age 18 is reached, the Furness Young Savers Account can be transferred to an alternative account as the Furness Young Savers Account cannot continue to be held beyond age 18. If the young saver is remaining in full time education the account can be transferred to the Society’s Student Savers Account. Once the child reaches age 18, the account must be transferred to the account holder’s sole name and the account can no longer be operated by the parent/guardian.
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