Cumberland Building Society: Savings > Instant Savings

Designed to encourage young people to save

Account Name	Young Savers Account
Interest rates (AER)	variable gross interest¹ / AER²	net interest³
	1.75%	1.40%
	Interest paid yearly on 31st March
Tax Status	Interest is paid net of basic rate tax. A parent or guardian may register to receive interest paid gross on behalf of the child
Conditions for bonus payment	No bonus payment applies to this account
Withdrawal arrangements	Instant access. Withdrawals not permitted by direct debit, standing order or faster payments.
Access	Local branch Telephone: 0845 601 8396 (transfer between own Cumberland accounts)

minimum balance £1
maximum balance £5,000 (excluding interest)
pay into the account at any time
free gift of savings starter pack (including savings chart, savings hints and tips, pen, pencil and calculator) when account is opened
withdraw up to £500 each day in cash and up to the balance of the account by crossed cheque
the Society reserves the right to check with a Parent/Guardian that large cash withdrawals are genuinely required
only available as a share account

gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law
annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year
net interest is the rate of interest which would be payable after allowing for the deduction of income tax at 20%, i.e. the rate specified by law. (net interest rates have been rounded and are for illustrative purposes only)

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