These terms apply to your TSB Young Saver Account.

 

Young Saver terms and conditions

YOUNG SAVER ACCOUNT AND HOW TO OPEN IT.

What terms make up the Young Saver agreement?

The agreement is made up of these terms and those set out in the:


If there’s any conflict between any of the terms below and those referred to above, the terms below will apply.

What is a Young Saver Account?

It’s an account for children’s savings which pays a variable rate of interest.

Who is this agreement with?

This agreement is between us and the adult who opens and runs the account on behalf of the child.

Who does the money belong to and who runs the account?

The money belongs to the child, and the account is in the child’s name. An adult will open, run, and close the account on the child’s behalf. The adult must manage the account in the best interests of the child.

Who can open a Young Saver Account on behalf of a child?

The adult must be aged 18 or over, and must have a TSB personal current account.

How young does a child have to be for a Young Saver Account to be opened?

Under 16.

Where can a Young Saver Account be opened?

In any TSB branch.

How many Young Saver Accounts can a child have?

One. This means it will not be possible, for example, for a parent and a grandparent to help the same child save separately in different Young Saver accounts. An adult can open and manage Young Saver Accounts for more than one child.

MANAGING A YOUNG SAVER ACCOUNT

How is money paid into the account?

Anyone can make payments into the account, and this can be done in a branch, by online banking, mobile banking, telephone banking and standing order.

How is money withdrawn from the account?

The adult can withdraw money on behalf of the child in branch.  No other person can make withdrawals.  We may check that any withdrawals from the Account are made on behalf of the child.

How is the account otherwise managed – e.g. changing personal details, addresses etc?

The adult will need to go into a TSB branch.

INTEREST

How is interest paid?

We’ll pay interest and add it to any balance in the account once each quarter - on the 10th of March, June, September and December.

How do I know what the interest rate is?

You can find out by either asking in branch, looking online at www.tsb.co.uk, or by phoning us on 03459 758758.

Is tax taken off the interest that is paid on the account?

Yes - we pay interest less basic rate tax. But, if the child’s parent or guardian fills out and sends us a Her Majesty’s Revenue and Customs Form R85, then we will pay gross interest.

What is a variable interest rate?

The account pays a variable rate of interest – this means that we can change the rate of interest we pay on the money held in the account. For further details about how we do this, and how we notify changes, please read the Personal Banking Terms and Conditions.

CHANGES TO THE ACCOUNT

What happens when the child turns 16?

Before the child turns 16, we’ll write to the adult, and explain the choices that can be made about what to do with the money in the Young Saver Account when the child turns 16.


If we don’t hear from the adult, we’ll put any money in the account into a TSB instant access account in the child’s name when they become 16. The child will have complete control of that account and the money in it.

CLOSING A YOUNG SAVER ACCOUNT

Can the account be closed?

Yes – the adult can close the account at any time. Just come into a TSB branch and let us know.  We’ll pay any interest earned up to the date of closure and either help the adult to move any balance to another account we offer or return any balance to the adult to deal with on behalf of the child.

Easy Saver terms and conditions

Our agreement with you is made up of general conditions (contained in the Personal banking terms and conditions leaflet) and additional conditions. These include the conditions below and the Banking Charges guide. If there is any overlap or conflict between the additional conditions and the Personal Banking terms and conditions, the additional conditions apply.

The Easy Saver Account is an instant access savings account with a variable interest rate.

  1. Eligibility
    1.1 To have the Account you must be 16 or over.
  2. Deposits and Withdrawals
    2.1 You can pay money into the Account in branch, or by transferring money from another account with us or another bank.
    2.2. You can make withdrawals from this Account at any of our branches but you can only make payments from the Account to another TSB current or savings account in your name (or in the case of a joint account, in any of your names). You cannot set up standing orders on the Account to make these payments.
    2.3 You can ask us for an ATM Card to make deposits to and withdrawals from the Account.
  3. Interest
    3.1 The Account interest rate is variable.
    3.2 We will pay interest once a year on the anniversary of opening the Account.
    3.3 You can ask us to pay interest into a different account with us.
    3.4 You will find our current interest rates for the account in our UK branches, online at www.tsb.co.uk or by phoning us on 03459 758758.
  4. Cooling off
    4.1 If you are not happy with your choice of account or service, you can cancel it within 30 days of opening the account or taking the service. We will then help you to move to another account we offer or will return your money to you with any interest you have earned.