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Suffolk Young Saver

Summary Box
Account name	Suffolk Young Saver (for ages 0 – 20 inclusive)
Interest rate	3.85% Gross/AER* Interest is added to the account annually on 1 December.
Can the Society change the interest rate?	The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society. We will give you 14 days’ notice before any change that would disadvantage you, providing you have a minimum balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?	Based on the current rate of interest, if you deposited £1,000 into this account, after 12 months you would have £1,038.50. (This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. This figure is for illustrative purposes only and does not take into account your individual circumstances.)
How do I open and manage my account?	To open this account: You need to be a young saver aged 0 – 20. A parent or legal guardian can open this account on behalf of a young saver up to age 10. From age 11 – 15 both the young saver and parent/ legal guardian will be required to open the account. From age 16, only the young saver will be required to sign. Provide an opening investment between £10 and £25,000. The young saver or parent/legal guardian needs to be an existing member or a new member resident in postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG. Be a permanent UK resident. To open an account, you must complete the Suffolk Young Saver application form. You can 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. You will be asked to provide proof of identity. This is to reduce the risk of fraud and is in line with anti-money laundering legislation. Acceptable forms of identification are detailed in our ‘Verifying your name and address’ 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 standing order.
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: The Society will write to you to confirm that the account has been transferred to an instant access account available at the time. The terms and conditions and interest rate applicable to that new account will then apply.
Additional Information	This represents the Terms and Conditions for Suffolk Young Saver and should be read in conjunction with our General Investment Terms & Conditions and our Customer Information booklet. Promotions From time-to-time promotions, charity affiliations, discounts and giveaways may accompany this account. These will be limited to while stocks last. 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 notional rate which illustrates what the gross rate would be if the interest was paid and compounded once each year. 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. Changes to these terms Any changes in terms will be displayed in our branch offices. At least thirty days’ notice will be given of any changes to your disadvantage. Financial Services Compensation Scheme Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff. Retail Banking Conduct of Business** Suffolk Building Society complies with the Retail Banking Conduct of Business which set standards of good practice for building societies and banks.

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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 resident in our local postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG.

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.