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Freedom Savings Account

The Freedom Account can be opened in branch or by post.

An account to help your child develop a saving habit, plus a cash card to help them spread their wings

Key features

  • Save from £10 up to £500,000
  • Pays a variable** rate of interest
  • Interest is paid biannually
  • Get a LINK ATM  cash card so you can get instant access 24/7
  • Choose to add a monthly withdrawal restriction for under 18s

1.15%

gross†

1.15%

AER*
Interest rates are variable**, paid biannually

Summary Box

Account Name Freedom Account
What is the interest rate?

Current rates - Effective 01 February 2017

This product pays a variable** rate of interest of:

Biannual

Gross† p.a. AER*
1.15% 1.15%

Whether you need to pay tax is dependent on your own personal circumstances and so may be subject to change in the future.

† Interest is paid gross i.e. without tax being taken off on all our savings accounts – ISA accounts pay interest tax-free.

* AER stands for the Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.

** Variable rate of interest means that the interest rate payable on your account can change and can move both up and down.

Payment of interest

  • Interest is calculated daily on cleared balances
  • Interest is paid biannually on 30 June and 31 December each year. It can be paid into the Freedom Account, another Yorkshire Building Society account or another building society or bank account

Can Yorkshire Building Society change the interest rate?

We can make changes to the interest rate on this account for particular reasons. General Terms and Conditions (424 KB) 7 and 8 set out those reasons. Term 11 tells you how we will notify you of the changes.

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

After 12 months your balance would be £1,011.53.

We have worked this out assuming a £1,000 deposit is made on account opening, no further deposits or withdrawals are made throughout the 12 months, the interest earned is added to the account and no changes are made to the current interest rate.

This projection is provided for illustrative purposes only and does not take into account your individual circumstances.

How do I open and manage my account?

Eligibility
You have to be between 12 and 20 years old and a UK resident to open the account which can only be held on your own.

Account opening and management
Accounts can be opened with a minimum of £10 in the following ways:

  • In a branch or at an agency
  • By calling 0345 1200 200 to request an application pack to be sent to you.

The account can be managed in branch or at an agency or by post.

The maximum balance is £500,000.

Account switching
If you currently have an existing Yorkshire Building Society account it may be possible to transfer to this product, subject to meeting eligibility criteria. Please check with us to see whether this is possible.

Can I withdraw money?

Withdrawals
The Freedom Account allows instant withdrawals subject to daily withdrawal limits  without loss of interest.

You can obtain a LINK ATM cash card which provides access to the LINK cash machine network, you can deposit cheques and withdraw cash using your LINK card. You can withdraw between £10 and £250 per day or undertake up to 5 withdrawals within these limits per day from any LINK cash machine subject to daily limits.

Please be aware if a withdrawal is made from the account by CHAPS a charge of £23.50 will be incurred. Proof of name ID will be required.

A parent or guardian can specify a monthly withdrawal limit for under 18s.

Maturity
When the account holder reaches 21, the account will be transferred into a Cash card saver (129 KB) account.

Additional Information

You can check your transactions and balance online. You can check your balance at any LINK cash machine. You can also receive a mini statement of your five most recent transactions at any Yorkshire Building Society cash machine.

If you have requested a LINK card it will be posted to you and should arrive within 5 days of opening the account. Your Personal Identification Number (PIN) will be posted and should arrive 4 days after receipt of the card. If you do not receive your card or PIN, you must report this to us immediately.

 

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How to apply

A Freedom Account can be opened and managed in any of our branches and agencies, or by post.

When you apply for an account with us, we’ll need to verify your identity and address , and that of your child.

Book an appointment

To visit us in branch or request a phone call, enter a town, city or postcode and select a branch of your choice.


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Call us

Speak to one of our friendly advisers and we will send you an application pack in the post.

8am - 8pm: Mon to Fri

9am - 1pm: Sat

0345 1200 100*

By post

We will send you what you need in the post to get you started.

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Not ready to apply yet?

Save for later

If you would like to look at this page again later, enter your email address and we will email you a link to this page.

Book a savings review

To ensure that you have the right account for whatever you're saving for, why not visit us in branch for a savings review? Book an appointment at one of our branches.


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