Please note, the Online Banking Portal will be unavailable from 7am - 2pm on Sunday 14th July due to site maintenance.

Please note, the Online Banking Portal will be unavailable from 7am - 2pm on Sunday 14th July due to site maintenance.

Please note, the Online Banking Portal will be unavailable from 7am - 2pm on Sunday 14th July due to site maintenance.

Young Savers (KID01)

Young Savers (KID01)

Maximum Balance

£50,000

Opening Balance

£10

Withdrawal Notice

No

Withdrawal Restrictions

No

Interest Rate

2.40%

Information

Interest Type: Variable

Account Opening: Branch Only

Account Operation: Branch & Post

Things you need to know - Summary Box

Account Name

Young Savers.

What is the interest rate?

Interest is variable, calculated on a daily basis and is paid annually on 31 August.

Young SaversCurrent Rates
Annual InterestRates effective from: 01/02/2024

BalanceGrossAER†
£10.00 and above2.40%2.40%

†Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to two decimal places.

Can Hanley Economic Building Society change the interest rate?

As the interest rate is variable, we may change the rate if we reasonably believe that the change is needed. If we reduce the interest on your account, we will write to you 14 days before we make the change. For full details on how and why we will change the interest rate on your account, please refer to Section 8 of the Savings Terms and Conditions.

What would be the estimated balance be after 12 months on a £1,000 deposit?

Based on the current interest rate, if you deposited £1,000 in this account, after 12 months you would have £1,021.50. This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rates within the 12 month period.

How do I open and manage my account?

To open an account you must be permanently resident in the UK. If you are between 7 and 17 years you can open and operate the account in your sole name.

The maximum age for holding this account is 25.

Alternatively, a parent, guardian or relative can open an account, and as trustee, will operate the account on your behalf. Simply call into your local branch and complete an application form. You will need to provide some identification when you open your account, details of our requirements can be obtained from the “before you apply section” on this page, your local branch or by calling us. If you are already a Hanley Member, in most cases, this will not be necessary.

Minimum investment is £10 – maximum investment £50,000. You can add to your account at any time subject to the maximum investment limit.

Once the account has been opened it can be managed either in branch and/or via the post.

Can I withdraw money?

You can withdraw without notice or penalty up to £500 in cash and £70,000 by cheque on demand from our branches or by sending us your written instructions.

Larger cash sums up to £5,000 are available by giving at least 24 hours notice. Cheque withdrawals over £70,000 can be obtained from our Registered Office. Following any withdrawals £10 should remain in the account.

To withdraw money in a branch, you must provide your passbook. If making a withdrawal through the post, you must send your passbook along with signed written instructions.

Additional Information

UK residents only.

The treatment of your account for tax purposes will depend on your individual circumstances and you may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please visit HM Revenue & Customs’ (HMRC) website: hmrc.gov.uk . The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.

Is this Product right for me?

Yes if

You want to open the account with £10.

You are happy that the interest rate may change at any time.

You are a parent, guardian or relative and want to operate the account until the child is 17.

You want to open and manage your account in branch or via the post.


No if

You want a fixed rate of interest for a fixed term.

You want to open and manage your account online.

Before You Apply

Before opening an account, it is recommended you read the information below.

Savings Terms and Conditions 2023

Download

Identification Requirements

Download

Service Charges

Download

FSCS Information Sheet

Download

FSCS Leaflet

Download

How to Apply

Apply for this savings account using the method below.

Image of Festival Park Branch

Find a Branch

Find your nearest branch and visit for expert support and assistance from our team during the application process.