First Account
Interest Rates
| £1+ |
5.25
|
4.20
|
N/A
|
N/A
|
5.25
|
|
Effective from 01/03/2008
* Click
here for definitions and notes
|
|
Main Features
Exclusive
to Young Savers between the ages of 0 16 years of age.
Personal savers resident in the U.K.
Available to existing customers and new customers who live within
25 mile radius of a branch or agency. A minimum of £1,000
will be required to open an account and must be maintained if you
live outside of the 25 mile radius of a branch or agency. |
Minimum:
£1.00
Maximum: £10,000 |
| Instant
access |
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 an Inland Revenue
Form R85. |
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 Extra Special 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 the Inland Revenue 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
Inland Revenue form R85 in accordance with Inland Revenue 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 conjunciton with the account
Terms and Conditions, Banking Code, Members Guide and the Interest
Rate Guide.
- Full Terms and Conditions of Dudley Building Society savings accounts
are available on request.
- If your savings fall below the minimum investment required, the
rate of interest payable will be the same as the lowest tier of the
Extra Special Account.
- Full detailsof the Statutory Rules and Regulations applicable to
the Cash ISA are available on request.
- For accounts opened from 6th April 2005 the Government replaced
the CAT standards with the Stakeholders standards. For more information
on the stakeholders standard please contact the Savings Department.
- Further information about ISA's can be obtained on the Inland Revenue
website www.hmrc.gov.uk/leaflets/isa-factsheet.htm.
- A Maxi ISA is made up of one or more components and must include
a Stocks and Shares Component.
- If, in error, you open two ISA's in the same year and the Society
is advised by the Inland Revenue to close your ISA, no interest will
be paid.
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