Children’s Savings Accounts
Savings accounts designed for children under the age of 16.
Tax treatment depends on individual circumstances and may be subject to change in the future
Savings accounts for under 16s. Encouraging your children to save some pocket money or birthday money is a great way to pass on the ‘saving habit’. If you want to encourage your children to save, we have two savings accounts designed for young savers.
Our Young Savers account is an easy-access children’s savings account that means you can access your money when you need it. Young Savers is straightforward, giving you the flexibility to pay money in and take money out when you need it.
Our Wild Ones Young Savers account is a 30-day notice account. This account offers a higher rate of interest than the easy-access Young Savers account but you need to give us 30 days’ notice if you wish to make a withdrawal. The Melton is giving away special Wild Ones Packs to children aged 0 to 16 years who open a Wild Ones Young Savers Account at any of our branches. The packs contain a pocket wildlife guide, wildflower seeds and more. So it encourages young people to enjoy wildlife and get into the savings habit. New Young Savers can also choose one of our limited-edition passbook wallets – will yours be a lizard, toad, rabbit, owl, harvest mouse or a seal?
Take a look at our Handy Guide to making the most of your savings.
Here to help
Not sure which account is right for you? Get in touch and our experienced staff will gladly talk you through your options and help find the best savings account for you.
How safe are your savings?
You may be worried that if you tie up your money in a savings account, it won’t be protected. However, the Financial Services Compensation Scheme is an independent body that serves as a last resort to cover most deposits, including savings up to the value of £85,000. So, if for some reason your building society failed, your money would be protected by the FSCS.
The Society’s bank account details, which are used for paying money in to your account electronically, are as follows:
Sort Code: 40-05-30
Account number: 74574915
Account type: Personal
Reference: Your Melton Building Society account number
Name on account
The Melton School Bank
The Melton School Bank service encourages pupils to save in a fun and engaging way. The Society has two savings accounts for children aged 0 to 16 – the Wild Ones Young Savers and the easy- access Young Savers. The Society works with local Wildlife Trusts to raise funds to protect wildlife and we’re giving away special Wild Ones Packs to children who open a Wild Ones Young Savers Account at any of our branches. The packs contain a pocket wildlife guide, wildflower seeds and much more. So it encourages young people to enjoy wildlife and get into the habit of saving. All pupils who open a young savers account at one of our School Banks receive a Melton piggy bank.
A member of our staff visits local primary schools regularly at the start or near the end of the day to open the Bank with the help of the children. If you would like more information about the Melton School Bank service, please contact Jamie Hyland on 01664 414141 or email productteam@mmbs.co.uk
