First Account
| Amount | *Annually Gross % PA | *Annually Net % PA | *Monthly Gross % PA | *Monthly Net % PA | *A.E.R Rate % PA |
|---|---|---|---|---|---|
| £1+ | 1.25% | 1.00% | N/A | N/A | 1.25% |
| Available To: | Exclusive to Young Savers between the ages of 0-16 years of age. Existing customers and new customers who are personal savers resident in the U.K. |
|---|---|
| Investment: | Minimum: £1 Maximum: £10,000 |
| Withdrawals | Instant access |
| Interest | Interest paid annually on 31st March. To receive your interest without having tax deducted it will be necessary for a parent or guardian to complete a HM Revenue & Customs Form R85. |
| Other Criteria: | An operator can operate the account until they decide to sign the account over to the child once the child reaches the age of 11. The account must be signed over once the young saver reaches the age of 16. If the account is initially opened under the child's signature and the child is over the age of 11 authorisation from an adult for this account to be opened will not be required. The account will automatically transfer to an Instant Tracker account or another selected account when the young saver has reached the age of 16. At the age of 16 the young saver will be required to complete a new application form and a new R85 from to receive interest paid gross (if eligible). Identification may be required to verify the name and address of the young saver before any transactions are permitted. If the account is not signed over to the young saver within fourteen days from the date of conversion the account will be closed and the funds transferred to our suspense account. |
Notes
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
- Gross is the interest paid before the deduction of income tax at the rate specified by law.
- Net is the interest paid after the deduction of income tax at the rate specified by law.
- Interest will be payable net of income tax at the rate required by law. Tax may be reclaimed from HM Revenue & Customs where the amount deducted exceeds an investor's liability to tax (if any). Individuals who are liable at the higher rate of income tax of 40% will have to pay additional tax on the interest to cover the difference between the tax deducted and the higher rate of tax due.
- If you are entitled to receive your interest gross, complete the HM Revenue & Customs form R85 in accordance with HM Revenue & Customs regulations and forward to your nearest Dudley Building Society branch.
- The interest rate is variable and not linked to any of the Society's other savings rates.
- This information should be read in conjunction with the account Terms and Conditions, Members Guide and the Interest Rate Guide.
- Full Terms and Conditions of Dudley Building Society savings accounts are available on request.