|Account Name||Young Saver (2nd issue)|
|What is the interest rate?||
This rate will be reducing from 2.10% to 1.40% on 1 June 2020.
Interest is calculated on the daily balance of the account.
Interest payable annually on 31 December and on maturity at age 18.
|Can Mansfield Building Society change the interest rate?||
This is a variable rate savings account and we have the right to vary the interest rate at any time.
If we change interest rates to your disadvantage on a variable rate account we will notify you in writing at least 14 days prior to the rate change.
For more information on changing interest rates please see Section 7 of our General Account Terms and Conditions.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This assumes that the account is opened on 1 January with a £1,000 cash deposit and that no further deposits or withdrawals are made during the first 12 months. The projected balance is based on the annual rate.
|How do I open and manage my account?||
The account can be opened up to and including age 17 by those resident in Nottinghamshire, Derbyshire or South Yorkshire or existing members who have a minimum of 1 year’s continuous membership. Accounts that are outside of the geographical area above will also be accepted where a parent, grandparent or legal guardian of the child is an existing member with a minimum of 1 year’s continuous membership. Limited to 1 Young Saver account per customer.
Simply complete an application form and send it to us or take it to your local branch. If the child is younger than 13 years of age the account must be operated by an account operator (parent, grandparent or legal guardian) on behalf of the child. From the age of 13 years old the account can be opened and operated either by the child independently or with an account operator.
All funds in the account belong to and are invested for the benefit of the child.
A minimum of £1 must be deposited in order to open the account.
The account can be added to at any time, subject to a maximum investment of £25,000.
You can manage your account in branch or through the post.
|Can I withdraw money?||
A maximum of 6 withdrawals per calendar year can be made without notice or loss of interest. Additional withdrawals are subject to the loss of 30 days interest on the amount withdrawn. Closure is subject to the loss of 30 days interest on the closing balance if 6 or more withdrawals have been made in the same year.
Young savers under 13 must have their withdrawal/closure/transfer form signed by the account operator who signed the application form when the account was opened.
Withdrawals or closure can be made without notice and can be by cash (in branch only) and/or cheque (either in branch or by post). All cheque withdrawals must be made payable to the child. Transfers to another account with us can be made without notice.
Cash withdrawals are subject to a maximum limit of £500 per day.
A variable rate account for young savers, up to and including the age of 17 years at the date of opening the account.
Within 14 calendar days before the account owner’s 18th Birthday, we will write to the child and the account operator (if applicable) to let them know that their Young Saver is coming to maturity. We will also inform them that the funds in the account will be automatically transferred to a Loyalty Saver account (or the most appropriate easy access account available at the time) in the name of the child and that the child will operate this account independently.
We calculate interest on a sum deposited in cash from and including the day we receive it. Interest on a sum deposited by cheque is calculated from and including the day after we receive it. We calculate interest on a sum withdrawn up to and including the day before withdrawal.
Interest is paid gross without tax deducted.
Interest can be added to your account, credited to another account with the Society, or sent direct to your bank account.
Before applying for one of our savings products, please read this in conjunction with our General Account Terms and Conditions, which provides full details of the terms and conditions applied to this and other accounts offered by us.
Where there is a conflict between information displayed on the product and the General Account Terms and Conditions, the terms of the product will apply.
The General Account Terms and Conditions are provided to all new account holders and are also available on request.
You can send your application form through the post or visit one of our branches to speak to a member of staff who will be able to talk you through the application process.
In common with other financial organisations we will need evidence of identification and proof of residency. Please see the You and Your Savings Account leaflet for details.
If you are not happy about your choice of account, you may cancel it within 14 days of: the day you enter into the contract, or the day on which you receive the contract terms and conditions and other information on paper or electronically, whichever is later.
We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any extra charges.
All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.
2. The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.
^Tax free means exempt from UK income and capital gains tax in the hands of the investor.
These account details apply to personal investors only unless stated in the detailed information.
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 30/05/2020 12:49:16 pm
Page last updated: 18/05/2020 03:45:27 pm
Page last updated: 18/05/2020 03:45:27 pm