First Account

Young Savers
Annual Variable Interest % AER*
Product Details

Account name

First Account 

What is the interest rate? AER*

2.55% annual interest rate on balances £1+

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 £1,000 and no further deposits or withdrawals were made, you would earn £25.50 interest. This would result in a total balance of £1,025.50

Please note this is an illustration only and does 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 who are personal savers resident in the UK between 0-16 years of age. This account requires an operator if the saver is younger than 11 years old. 

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?

You may open your account at any one of our branches or 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?


What is my maximum operating balance?


What is my maximum investment?


Can I withdraw money?

Instant access withdrawals are permitted with this account. Parents or adults can sign for withdrawals until you are 16 or can sign it over to you from the age of 11 onwards. If you are 11 or older, you can open and operate your First Account in your own name. All withdrawals must be for the benefit of the account holder. You may sometimes be asked for additional information on any transaction relating to this account. We do this as an extra measure to make sure the account holder's interests are being protected. 

Additional Information

At the age of 16 your account will automatically transfer to an Instant Tracker account. At this time we will write to the account holder and operator (if applicable) with details of options available. 

Application forms

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

How to apply for our First Account


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


You can apply now by printing the relevant application form at home.

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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