My Reward Saver: Flexible Savings for Young Savers

Product Details

Account name

My Reward Saver

What is the interest rate? AER*

3.80% annual interest rate on balances £10+

Interest is paid annually on 31st March.

(*AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year)

Can Dudley Building Society change the interest rate?

The interest rate on this account is variable and the Society may make changes to this rate at any time. We will notify you of any changes in accordance with the Terms & Conditions.

What would the estimated balance be?

If you were to open this account with £1,000 and no further deposits or withdrawals were made, you would earn £38.00 interest. This would result in a total balance of £1,038.00.

Please note this is an illustration only and does not reflect your specific circumstances.

How do I open and manage my account?

Who is eligible?

This account is available to open for existing and new customers between the ages of 12-16 years of age, who are personal savers resident in the UK. Only one account per person is permitted.

How do I operate my account?

Any queries regarding your account can be dealt with via branch, email or telephone. Instructions on your account are required in person, at branch or in writing.

How do I open my savings account?

You may open your account at any one of our branches or via post. Original or certified identification must be presented for the child at the point of opening the account.

What is my minimum opening and operating balance?

£10

What is my maximum operating balance?

£30,000

What is my maximum investment?

£30,000

Can I withdraw money?

Instant access withdrawals are permitted with this account.

Additional Information

Additional investments are permitted and there is no requirement to pay in every month. On the child’s 17th Birthday, the account will mature into the next savings account we have available for their age range. We will contact the operator or account holder in advance.

The product has a quarterly prize draw for account holders (the first being July 2023). To qualify, the parent or guardian of the account holder must sign the declaration and hold a minimum of £10 in their account.

An operator can be present up until the age of 16 if they wish. It will be up to the operator to decide if/ when they would like to be taken off the account before this point.

Take part in our quarterly prize draw

If you have opted in to participate in our quarterly prize draw, the prizes available to win may vary, but will have a value of approximately £50 RRP.

Click the button below to take a look at the a range of exciting prizes currently available. Please note that the prizes are subject to the terms and conditions of the manufacturer or supplier.

Prize Draw Prizes

The quarterly prize draw also has its own terms and conditions, which will apply to all customers taking part.

Prize Draw Terms & Conditions

Application forms