5.00% gross pa / AER Variable
But why bother saving at all?
You may be wondering why you need to start saving at all, but the fact is, the more you save now the more you will be able to do in the future.
You may want to save to go on holiday, or even travel the world. Perhaps you'd like a car as soon as you pass your test? How about saving to go to university or to put a deposit down to buy your first home?
These may not be something you need to think about today, but they may be important in the future. By making the effort to save now, you can watch your money grow and grow. So one day you can splash out knowing that all that money is yours!
Watching your money grow can be fun
Saving your money can be just as much fun as spending it - and you'll be surprised how quickly it mounts up. If you save regularly in your Leap Account, you're not quite as tempted to 'dip-in' to your precious savings if they are tucked away in your account.
Opening an account is easy
Simply visit any branch to open an account or send your application to Principal Office. You need to be 26 or under and have at least £10 to open your account. You'll then receive your own passbook to keep an eye on what you've paid in and taken out.
After that, you can pay as little as £1 in to your account each time - by cash, cheque or transfer from another Skipton Building Society account. You can save up to £6,000 to the age of 18 or £10,000 if you are aged 18 or over.
If you are under 8 years old, an adult must open the account for you and will be called the 'operator'. They'll also need to sign a withdrawal slip anytime you want to take money out of your account. Over the age of 8, you can open the account, pay money in and withdraw it yourself.
Whatever your age, we'll send all the details about your savings directly to you by post.
It's easy to get your money if you need to
At some point you may want to withdraw some of your money and with your Leap Account you can take money out whenever you like. All we ask is that you leave a minimum of £1 in your account so that we can keep it open for you.
Earn interest on your savings, too
Once you have money in your Leap Account, we'll pay you interest on it. The more money you have in, the more interest we'll give you.
Interest will be paid into your account at midnight on the day before your birthday each year.
Most adults have to pay tax on the interest they earn on their savings - but a lot of young savers don't have to pay any.
If you are eligible, you'll need to complete and hand-in a Form R85 from HM Revenue and Customs, which is available at any branch or our Principal Office. If you are under 16, your parent or guardian must fill it in for you. If you're over 16 you can do it yourself.
Ready to open a Leap Account?
For more information speak to your local branch by calling 08457 171777*
To apply, read the further terms and conditions, complete an application form and either:
Return it to your local branch or
Send your application details to:
First Class Unit
Skipton Building Society
The Bailey
Skipton
North Yorkshire
BD23 1DN