Secure Online Services
Savings & Investments
The Vault
The Vault is an instant access savings account designed for serious savers aged 12-17.
Looking to save for the future? Want to save short term so you can afford that new MP3 player or elusive pair of shoes? Maybe you’ve just started your first part-time job and want to save your earnings! Whatever your lifestyle the Vault is the best way to keep your money safe.
| Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Account Name | The Vault |
| Interest Rates (AERs) | 1.50% Gross§ p.a./AER† (Variable) |
| Tax Status | The gross rate(s) of interest shown will be payable net of the appropriate rate of income tax (which may be reclaimed by non-taxpayers) or, subject to the required certification, gross. |
| Conditions for bonus payment | There is no bonus available on this account. |
| Withdrawal arrangements | One withdrawal per week up to £250 may be made by the account holder. Withdrawals over £250 and additional withdrawals in a week must be signed by both the account holder and a parent/guardian. |
| Access | Account can be opened and operated through any of our branches or by post. |
Rates correct as at 1 September 2010.
Other Product Features:
Minimum and maximum investment and operating balance:
The minimum investment and operating balance is £10 and the maximum investment and operating balance is £1,000,000.
When is interest paid?
Interest is paid annually on 1 January.
How is interest paid?
Interest can either be credited to the account or transfered either to another building society/bank account or to another account held with the Society, provided any such account is in the name of the account holder.
Age Qualification
You must be between 12-17 years old inclusive to open an account. At 18 years old your account will be transferred to a maturity account. We will write to you with account terms and conditions nearer the time.
