What is the interest rate?

Can Leek Building Society change the interest rates?

The interest rate on this account is variable, so it can go up or down. If the rate goes down, we’ll write to you around 14 days before the rate changes.

For more details about why we may change the rate as well as how and when we’ll let you know, please see our General Savings Terms and Conditions.

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

How do I open and manage my account?

Eligibility

• The young saver must be aged 9 or younger and a UK resident.
• An adult trustee must manage the account until the young saver is 13.
• When the young saver is 13, the trustee can ask to be removed.
• The account can be held up to the age of 18.
• The account is for personal use only. It is not for businesses, clubs or charities.

How to open and manage your account

• You can open and manage the account in branch or by post.
• If you're over the age of 13, you can also manage it online.
• You need to pay money into your account within 14 calendar days of opening it. If you don't we may close your account.
• A maximum of £250,000 can be held in the account.

How to put money into your account

• Pay in cash or cheques in a branch.
• Post us a cheque. Please make sure cheques are payable to the young saver and not Leek Building Society.
• Set up transfers from an account with another bank or building society or another account with us.

How to keep track of your account

• You can view your statement online. If you have a passbook, post it to us or pop into a branch to get it updated.

Can I withdraw money?

This is an easy access account. You can take money out whenever you wish.

All money in the account belongs to the young saver. If there is no trustee on the account, withdrawals will only be allowed if the Society is satisfied that the young saver understands the transaction.

If there is more than one trustee on the account, any withdrawals must be signed for by all trustees.

How to take money out of your account

• Transfer money to another Leek Building Society account or to your nominated bank account.
• Ask for a cheque in branch or by post.
• Visit a branch to ask for cash.
• Closure is allowed at any time without penalty

When the young saver turns 18

• We'll write to you nearer the time with details of how you can re-invest with us or take out some or all of the money.
• Unless you tell us that you'd like to do something different, we'll transfer the money to a Leek Building Society Easy Access Saver account for adults. This is an easy access account. Money can be taken out once acceptable identification has been provided.
• The new account will be in the young savers name only. This means that the young saver will manage the account and money in it.

Additional information