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Suffolk Young Saver

Summary Box
Account name	Suffolk Young Saver (for ages 0 – 20 inclusive)
Interest rate	3.60% 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 £36 in interest. This would result in a total balance of £1,036. 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. • Both be and existing member or a new member resident in postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG. 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	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. How we report interest to HM Revenue & Customs (HMRC) We report the total interest earned on your savings account without deducting any interest penalty that may have been applied due to a withdrawal or closure. This might have been because you were unable to give notice in line with the account terms and conditions. This may mean a higher portion of your personal savings allowance will be used up. You can find out more information about your Personal Savings Allowance at www.gov.uk Changes to these terms Are detailed in Section 19 of our General Investment Terms and Conditions. Customer complaints Although we do all we can at Suffolk Building Society to provide a first-class customer service, sadly from time to time things do go wrong. We are keen to be aware of your concerns as they help us to identify ways in which we can improve the quality of service and possible training needs. We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint, please let us know by visiting any branch or agency or call 0330 123 0723 and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure. You can request a copy of this 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.

To open a new account, you must be an existing member, or a new applicant living in our local postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG. Online accounts are available to those living anywhere in the United Kingdom.

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 our local postcode areas IP, NR, CO, CM, CB and PE
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.