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 my account?

Eligibility

• You must be aged between 9 and 19 and a UK resident.
• If you're under the age of 13, we'll need an adult trustee on the account.
• If you're aged 13-19, you can manage the account yourself or have an adult trustee on the account.
• The account can be held up to the age of 20.
• 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 your 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 yourself (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 you reach 20

• We'll write to you nearer the time with details of how you can re-invest your savings with us or take out some or all of your money.
• Unless you tell us that you'd like to do something different, we'll transfer your money to a Leek Building Society Easy Access Saver account for adults. This is an easy access account. You can take money out once you have provided acceptable identification.
• The new account will be in your sole name. This means that if you had trustees they will no longer manage the account or money in it.

Additional information