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My Squirrel Saver

Young Savers
Annual Variable Interest % AER*
£10+
3.80%

If you are a new customer, your account must be opened at one of our local branches. Maturity customers can open their account via post.

Powering life for their futures

We are dedicated to promoting financial wellbeing to people of all ages, and have our resident savings professional, Sebastian the Squirrel, on hand to assist. Sebastian is here to help teach young people about the value of saving in the same way that squirrels would save acorns for the winter.

Our aim is to encourage good savings habits and help build the confidence of our young people in dealing with financial matters. 

Our My Squirrel Saver product encourages regular saving behaviours, as young people can receive a shiny new badge if they save for a certain number of months. We hope that these rewards, along with the activity packs, will help young people save for their futures and understand the importance of saving. 

Product details 

Account name

My Squirrel Saver

What is the interest rate? AER*

4.05% annual interest rate on balances £10+

Interest is paid annually on 31st March

(*AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year)

Can Dudley Building 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? 

If you were to open this account with the maximum opening balance of £150 and made the maximum investment of £150 on the 1st of each month, the total amount deposited over the one year period would be £1,800 earning you £39.40 interest. This would result in a total balance of £1,839.40.

Please note the illustrations provided are based upon a 12 month investment and do not reflect your specific circumstances. 

How do I open and manage my account? 

Who is eligible?

This account is available to existing and new customers between the ages of 0 - 11 years of age, who are personal savers resident in the UK. Only one account per person is permitted. This account requires an operator.

How do I operate my account?

Any queries regarding your account can be dealt with via branch, email or telephone. Instructions on your account are required in person, at branch or in writing. 

How do I open my savings account?

Your account must be opened at any one of our branches. Maturity customers can open their account via post. Original or certified identification must be presented for the child at the point of opening the account.

What is my minimum opening and operating balance?

£10

What is my maximum operating balance?

£30,000

What is my maximum investment

£150 per month

Can I withdraw money?

Instant access withdrawals permitted

Additional Information

There is no requirement to pay in every month. On the child’s 12th Birthday, the account will mature into the next savings account we have available for their age range. We will contact the operator in advance.

For maturity customers opening via post, an activity pack, children's passbook and reward badges, when eligible, can be collected from branch.

Young Money Partnership

We’ve partnered with financial education charity, Young Money, to create and develop our quality mark accredited financial education packs for key stage one and key stage two children, with supporting guides for their parents or carers.

From exciting games and activities including building society role play, to planning a family fun day out, the packs aim to help children understand the value of money and saving from an early age, no matter what financial background they may come from.

FAQs
Who is Sebastian the Squirrel?

Sebastian the Squirrel is our acorn saving professional, whose here to help young people understand the importance of saving.

What do we need to get started with Sebastian?

Visit your local branch and apply for our Squirrel Saver account. Our friendly advisors will help set up your account and provide you with a passbook, activity pack and parent guide. Every time you make a deposit into your account, we will stamp your passbook so you can start collecting your rewards!

How do we collect rewards?

Save for 3 months to get your bronze acorn badge, for 6 months to get your silver acorn badge and for 12 months to receive your gold acorn badge. As you collect the badges you can keep them safe on the badge holder.

What happens when we collect the bronze, silver and gold badge?

Bring your badge holder and completed activity pack into your local branch to receive your Sebastian the Squirrel badge and see your badge holder picture completed!

How much do we need to save into the My Squirrel Saver?

Your child can save as much or as little as they want into their Squirrel Saver, as long as they make a deposit each month. We want to encourage good savings habits and help build the confidence of our young people in dealing with financial matters in their future, so the amount does not matter.

Who are the activity packs recommended for?

There are two different packs, one designed for children in key stage one aged between 5-7 and the second aimed at key stage 2 children aged between 7-11.  Nevertheless, this product is available to customers between the ages of 0 - 11 years of age.

How can I support my child with the activities?

We have created detailed parent guides to help guide you through the packs if you or your child have any questions, so don’t forget to collect a guide alongside the activity pack. You can always contact your local branch if you require any further support.

What if I make a deposit by faster payment/bank transfer?

If you pay by faster payment or bank transfer, the next time you visit a branch we can review your deposits and update the passbook accordingly.

Visit your local branch and apply for our Squirrel Saver account. Our friendly advisors will help set up your account and provide you with a passbook, activity pack and parent guide. Every time you make a deposit into your account, we will stamp your passbook so you can start collecting your rewards!

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Application forms 

Identification Requirements for Private Individuals pdf icon Savings Application Form (Under 16's) My Squirrel Saver pdf icon

How to apply for our My Squirrel Saver

Branch

Find your nearest branch for more information or to make an appointment.

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Contact Us

If you wish to find out more information or get support with your application, contact our friendly Customer Service team.

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Useful links

Withdrawn savings products Useful documents Online Service FAQs Proof of Identification ISA Transfers