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Young Regular Saver

Earn 4.00% AER variable on your savings

  • 4.00% gross pa/AER variable for 12 months
Summary Box Apply Online

YoungRegSaver

This account might be right for you if you:

  • are aged 12 to 17
  • want to open this account with or without an adult aged 16 or above acting as an account operator
  • are happy with a variable interest rate that can go up or down.

Summary Box

It is important that you read all parts of the Summary Box before you apply.

Account Name

Young Regular Saver

What is the interest rate?

  • This account earns interest daily and it's added to the account the day before the anniversary of account opening and on the child's 18th birthday. There is no monthly interest option available.
  • If you ask us to pay interest to a different account, we'll pay it on the first business day after the day we'd have added it to this account. Business days exclude Saturday, Sunday and bank holidays.
  • Interest due in the first three days of the new tax year may arrived up to three business days later.

Can Skipton Building Society change the interest rate?

  • Yes, the interest rate is variable, so it can go up or down.
  • Section 8 of our Savings Account Terms and Conditions explains why we may change the interest rate.
  • If there is at least £100 in the account, we'll notify you in advance if we intend to reduce the interest rate.

What would the estimated balance be after 12 months based on a £100 deposit each month?

Opening balance:

£100

Estimated balance after 12 months:

£1,226

The estimated balance above assumes that:

  • the account is opened with £100 on the 1st of the month and starts earning interest straight away
  • £100 is deposited on the first day of each subsequent month by standing order, totalling £1,200 over a 12 month term
  • no withdrawals are made
  • the interest is paid annually and on maturity
  • the interest is added to this account.

Estimated balances are for illustrative purposes only. They may be less for accounts opened by debit card or cheque, because interest won’t be earned until the account receives the deposit.

How do I open and manage my account?

  • This account is only available to UK residents aged between 12 to 17.
  • This account can be opened:
    • by an individual aged 12 to 17, or
    • on behalf of a child aged 12 to 17, by an adult, over the age of 16. The adult will be known as the account operator.
  • The child is the account holder and the owner of the money held in the account. Any payments into the account, will be treated as a gift to them.
  • You can open and manage it in branch or by post. You may be required to set up appropriate security and access measures, and these might differ depending on how you choose to manage the account.
  • The minimum opening and operating balance for this account is £1. You must keep at least this account in the account to keep it open.
  • The minimum operating balance must be met for interest to be earned.
  • Subsequent payments in can be made from £1.
  • You can pay in as many times as you like each month, as long as you don't exceed the £100 monthly allowance.
  • The maximum balance for this account is £7,200.
  • You don't have to pay in every month and any unused monthly allowances can be rolled over to future months, up to a maximum of £1,200 over a 12 month term, excluding interest earned.
  • If you make a payment into the account which exceeds either of these limits, we'll return the money to you.
  • Joint accounts aren't allowed – only one child can hold the account.
  • Only one Young Regular Saver can be held in the child's name at any one time.

Can I withdraw my money?

  • Yes, as long as you've set up the relevant security and access measures, you can withdraw in branch or by post, subject to the minimum operating balance.
  • The money held in this account belongs to the child and any withdrawal must be for their benefit. We may ask for information or evidence where reasonably necessary to confirm this.
  • The minimum withdrawal amount is £1. You don't need to give us notice and there are no penalties.
  • When the child turns 18, which is known as 'maturity', the account will automatically transfer into an easy access account which has a variable rate of interest and any operator remaining on the account will be removed. You can find out more about the maturity process in term 8 of the further terms and conditions.

Additional information

  • The Annual Equivalent Rate (AER) shows what the interest rate would be if interest was paid and added each year.
  • We pay all savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future.
  • Accounts can be withdrawn from sale at any time and without notice.

How to apply

In Branch

Visit your nearest branch. To avoid disappointment, we recommend you call 0345 850 1722 to set up an appointment at a time and date to suit you.

By Post

To open this account by post, please complete one of the following application forms:

Young Regular Saver application form [PDF]

Return your completed application form and cheque to:

Savings Operations
Skipton Building Society
The Bailey
Skipton
BD23 1DN

You're protected up to £120,000

Your eligible deposits with Skipton Building Society are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Learn more about the FSCS

FSCS protected