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Freedom savings accountFreedom is our savings account for 12 to 20 year olds. Although it's a savings account it comes with a cash card, allowing you to withdraw money whenever it's needed.
Opening an account An account can be opened with just £10, which is also the minimum balance. Freedom is available to UK residents aged 12 to 20 (inclusive). This account cannot be opened in joint names, nor in trust. Interest Interest is paid twice a year at the end of June and December. Withdrawing money Withdrawals can be made using the cash card at any LINK cash machine throughout the UK, or at any Yorkshire Building Society cash machine. Check the location of our branches here. Will the account be taxed? Children don't normally have to pay tax. To receive interest gross, an HM Revenue & Customs form R85 should be completed otherwise interest paid on savings in Freedom accounts will be taxed in the same way as any other account. R85 forms are available from any of our branches, or call 0845 1 200 100 to have one sent to you. It should also be noted that interest on money given by a parent of the child is only tax-free up to £100 a year, applied separately to each parent. Reaching the age of 21 When you're 21 we'll automatically move your money into a Postal Saver account. You'll still have a cash card, but your account will be managed by post. Once your account has been transferred into Postal Saver, you won't be able to transact over the counter in a branch. Choose from the following:
The Society participated in edition 8 of The Times 100 - an educational resource that links real life business issues to the business studies curriculum. View the educational case study about the Society and its Young Saver accounts. |
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