Junior Saver


This instant access account is designed for children from birth to 18 years of age. The account can be operated through our branch and agency network or via post through our head office.

 

Summary Box - Key Product Information

What is the interest rate?

  • £1-£20,000      2.50% AER

  • £20,000+         0.00%  AER

  • From 1st May 2020

  • £1-£20,000      1.75% AER

  • £20,000+         0.00% AER

  • Interest is calculated on a daily basis and will be credited to the account annually on 31st December. 

  • Interest can be transferred into another Bath Building Society account, or paid by faster payment into a nominated account if preferred.

Can Bath Building Society change the interest rate?

  • The interest rate is variable, which means we may change it to respond to changes in the Bank of England base rate or changes in law, to meet regulatory requirements, or to respond to changes to codes of practice or changes to our costs.

  • We will give you 30 days’ notice in writing before any reduction to the rate is applied.

  • Full details of the reasons why we may change your interest rate can be found in the General Terms and Conditions leaflet, under Section 7.

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 in this account, after 12 months you would have £1,025.00

  • This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only.

How do I open and manage my account?

  • Available for UK residents only under the age of 18.

  • An adult must operate the account for children under seven.

  • For children aged seven or over, instructions can be given for either the child and/or an adult to sign.

  • Minimum opening balance £1.

  • For any balances held in excess of £20,000, an interest rate of 0.00% gross will be paid.

  • Maximum balance £100,000.

  • To open an account, simply complete an application form, available from any branch, agency office, or by contacting our Customer Support Department. Alternatively, this can be downloaded from our website.

  • A passbook is issued with this account.

  • It is also possible to view all the accounts you hold with Bath Building Society by registering through our website www.bathbuildingsociety.co.uk

Can I withdraw money?

  • This is an instant access account, which means that you can make withdrawals from your account without notice or penalty by visiting a branch, agency or by post.

  • Maximum cash withdrawal on demand £500 per day.

  • Maximum cheque withdrawal on demand is £50,000 (or the savings account maximum) at a Branch and £15,000 through an Agency office.

  • Alternatively, withdrawals can be made direct to a designated UK bank account by next day faster payment.

  • All withdrawals must benefit the child. Our staff will ask for proof that the funds are being withdrawn for this reason if it is not obvious from the transaction. Please do not be offended if you are asked to prove the purpose of any withdrawal. Please note that in some circumstances the Society may refuse to complete a transaction if we are unsure if the funds are being used for the benefit of the child.

  • For all withdrawals by post, the cheque will be made payable to the child

Additional Information

  • On reaching the age of 18 the account automatically transfers into an Instant Access account. Customers will be contacted at least 14 days before this date, and provided with re-investment options and details of the current terms and interest rate of the Instant Access account.

  • This account can be withdrawn from availablity to new customers by Bath Building Society at anytime and without notice.

  • Only one Junior Saver account can be held by each child.

  • Applicants are asked to confirm that they have read the FSCS information and exclusion sheets.

  • This account is a savings account and must not be used for multiple monthly transactions like a current account. It is not a Payment Account for the purposes of the Payment Services Regulations 2017.

  • This is a summary of the key features of the account. You should read both the Savings Accounts and General Terms and Conditions leaflets to ensure you fully understand how your account works.

Version: March 2020

Further Information