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Furness Young Savers Account

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									                                                                                                   SAVINGS & INVESTMENTS




        For more information or
                                                                                                   Furness
        details of our interest rates                                                              Young Savers
        • call in at your local branch or agency
        • ring our helpline free on: 0800 83 43 12
                                                                                                   Account
        • visit our website www.furnessbs.co.uk
        • email us at ask@furness-bs.co.uk




        Furness Building Society is authorised and regulated by the Financial Services Authority
        and is entered in its Register under number 159624.
        The Society is covered by the Financial Ombudsman Service and has a complaints
        handling procedure. A copy of the complaints handling procedure is available on request.
        Complaints we cannot settle may be referred to the Financial Ombudsman Service.
        A member of the Building Societies Association.
        Eligible for investment by Trustees.
        Your call may be monitored or recorded to maintain a quality service.




                                                                                                   For savers up to age 18
                                                                                                   See inside for further details




        Head Office:
        51-55 Duke Street, Barrow-in-Furness, Cumbria LA14 1RT
        Telephone: (01229) 824560
        Facsimile: (01229) 837043

 Inv/YS/01-11                                                                                                            Always with your interest at heart

Young Saver 4pp Leaflet.indd 1-2                                                                                                                  15/12/2010 15:29
        Furness Young Savers Account                                           any interest amounting to £100* or more will be treated as
                                                                               the income of the parent and must be declared on their Inland
                                                                               Revenue return.
        Opening an account couldn’t be easier                                  At the age of 16 the account must be transferred to the sole name
        To open an account simply call in to your local Furness branch         of the young saver and a new R85 form completed by the child in
        or agency with your initial investment and identifcation.              order to continue to receive gross interest. If this is not done and
        You can also access the application form on our website                the account remains operated by an adult, the interest will be taxed
         www.furnessbs.co.uk                                                   and you may need to reclaim this from the Inland Revenue.
        You will need to provide some identifcation when you open your         Once age 18 is reached, the Furness Young Savers Account can
        account. Details of our identifcation requirements can be obtained     be transferred to an alternative account as the Furness Young
        from your local branch or agency, by contacting the investment team    Savers Account cannot continue to be held beyond age 18. If the
        on 0800 834312 or on our website. If you are already a Furness         young saver is remaining in full time education the account can be
        customer, in most cases this will not be necessary.                    transferred to the Society’s Student Savers Account.
                                                                               Once the child reaches age 18, the account must be transferred
                                                                               to the account holder’s sole name and the account can no longer
        Savings limits and additional investments                              be operated by the parent/guardian.
        You can start saving with just £1. Maximum investment is £10,000
        in any one Furness Young Savers Account.. You can add to the
        accounts at any time subject to the maximum investment limit of        Withdrawals and Closure
        £10,000.                                                               You can withdraw your savings, providing the funds are for the
                                                                               benefit of the child. Withdrawals are available without notice or
                                                                               penalty in either cash or cheque. All cheque withdrawals should be
        Interest                                                               made payable to the child, however, in appropriate circumstances
        Interest is paid half yearly on 30 June and 31 December and is         may be made payable to a third party providing the funds are for
        added to the account.                                                  the benefit of the child.
        You can and out about our interest rates by asking at your local       Withdrawals on a regular standing order basis are NOT available on
        branch or agency for a Current Interest leaflet, by visiting our       this account for any purpose. Please note that branch and agency
        website or by calling us on 0800 834312.                               limits apply to cash withdrawals.


        Withdrawals and closure                                                Summary Box - Key Product Information
        A Furness Young Savers Account holder must be under 18 years old       Account name            Furness Young Savers Account
        and at all times remains the sole owner of all money in the account.   Interest Rate (AER) The interest rate is variable. Refer to the
        The purpose of the Furness Young Savers Account is to encourage                            current interest rate leaflet for up to date
        the savings habit and financial responsibility at an early age.                            information
        The child remains the account holder, however young savers under       Tax Status              Net interest can be paid gross on receipt of
        the age of 7 years must have their account operated by a parent or                             a signed valid R.85 form
        guardian.                                                              Conditions for          N/A
        At the age of 7 a young saver can operate the account providing a      bonus payments
        change of signatory is signed by the previous operator to transfer     Withdrawal              Instant Access
        the account.                                                           arrangements
        An R85 form may be completed and signed by the parent in order         Access                  Branch account/postal transactions are
        that the interest may be paid to the account on a gross basis. In                              permitted
        completing and signing an R85 form parents are reminded that this is
        a declaration to the Inland Revenue and it confirms that                      Please note that the Furness offers other Access Accounts and if you
                                                                                     would like details of these accounts, please ask at your local branch or
                                                                                                                    agency or give us a call on 0800 834312

                                                                                    You must read the “General Investment Terms and Conditions and Other
                                                                                     Important Information” leaflet to ensure you fully understand how your
                                                                                              account works and your responsibilities as an account holder




Young Saver 4pp Leaflet.indd 3-4                                                                                                                     15/12/2010 15:29

								
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