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Suffolk Young Saver

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Account name	Suffolk Young Saver (for ages 0 – 20 inclusive)
Interest rate	2.60% Gross/AER* Interest is added to the account annually on 30 November.
Can the Society change the interest rate?	The interest rate on this account is variable and the Society may make changes to this rate at any time. We will notify you of any changes in accordance with the Terms & Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?	If you were to open this account with £1,000 and no further deposits or withdrawals were made, after 12 months you would earn £26 in interest. This would result in a total balance of £1,026. Please note this is an illustration only and does not reflect your specific circumstances.
How do I open and manage my account?	To be eligible for this account: • Be a young saver aged 0 – 20. • Be the parent or legal guardian of the young saver to assist in operating the account up to age 16. • Both the young saver and parent/guardian will be required to sign from age 11 – 15. • Be a permanent UK resident and tax resident. • Deposit a minimum of £10 up to a maximum of £25,000. You can open an account: • By completing the appropriate application form. • Visit any of our branches with your opening investment of cash or cheque or apply by post by sending the application form with an opening cheque. • Provide proof of identity. Acceptable forms of identification are detailed in our Verifying your Identity leaflet. Alternatively, our staff will give you full details. If you change your mind: If you are not happy with your chosen account within 14 days of opening it, we will help you switch accounts or return your savings with interest. How do I manage my account: You need to keep a minimum of £10 in the account. The maximum that can be held in this account is £25,000. You may invest up to the maximum balance by cash, cheque or bank transfer.
Can I withdraw money?	Yes, this is an instant access savings account so you can get access to the money when you need it. A parent or legal guardian will be required to sign for withdrawals while the child is aged between 0 – 10. From age 11, the child will be required to sign for withdrawals, and the parent or legal guardian will be asked to countersign any withdrawals over £100 until the child reaches age 16. Withdrawals to a nominated bank account are not available until the account holder reaches age 18. What happens when I reach 21: We will contact you 14 days before maturity. We will: • Provide information on how you can access your funds, close your account, or continue to save with us. • Transfer your savings into our instant access product available at the time if we don’t hear from you.
Additional Information	You might have to pay tax on any interest that exceeds your Personal Savings Allowance (PSA). How your account is taxed will depend on your personal situation. The tax information we provide is based on the laws and HMRC guidance as we currently understand them, but these may be updated in the future. For further details, please refer to the HMRC website. Gross* The rate paid with no income tax deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk. AER (Annual Equivalent Rate) A rate which illustrates what the gross rate would be if the interest was paid and added once each year. This helps you compare more easily the return you can expect from your savings over time. Changes to these terms Are detailed in Section 19 of our General Investment Terms and Conditions. Customer complaints Although we do all we can to provide a first-class customer service, sadly sometimes things do go wrong. Your concerns are important to us to improve quality of service and identify possible training needs. We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint, please let us know and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure, which you can request at any time. Financial Services Compensation Scheme** Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff.

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Our savings accounts are currently available to open in branch or by post. If you’re looking for more information on how to open your account we’ve put together a helpful guide.

If you’re ready to open your savings account by post you’ll need to do the following:

Download, read and accept the terms and conditions
Be an existing member or a new applicant resident in the UK.
Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
Download the application form by clicking this link. Complete it by typing into the boxes, then print and sign it (handwritten forms are also accepted). You can then email it to us or pop into branch.

We will require proof of your identity to open a new account if you are a new customer. For existing members we may request identification, for example if your records with us are incomplete.

You can either open your account:

In your local branch – please get in touch before you plan to visit us, so we can make sure we allow enough time to open your account and run through the items we will need you to bring.

By post – Completed application forms, along with copies of your identification, should be posted to: Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.